IFRS Restatement

28 Sep 2007 11:18

Walker Greenbank PLC28 September 2007 For immediate release 28 September 2007 WALKER GREENBANK PLC ("Walker Greenbank" or "the Company") Restatement under IFRS Walker Greenbank PLC (AIM: WGB), the designer, manufacturer and distributor of furnishing fabrics and wallpapers whose international business includes thebrands Sanderson, Morris & Co, Harlequin and Zoffany, has previously preparedconsolidated financial statements in accordance with UK Generally AcceptedAccounting Principles (UK GAAP). From 1 February 2007 the Group is required toprepare its consolidated financial statements in accordance with InternationalAccounting Standards and International Financial Reporting Standards(collectively "IFRS") as adopted by the European Union. The Group's first accounting period under IFRS will be for the financial yearended 31 January 2008, and its first interim results will be for the six monthsended 31 July 2007. The Group's date of transition to IFRS has been determined,in accordance with IFRS 1, First Time Adoption of International FinancialReporting Statements, as 1 February 2006. The adoption of IFRS represents an accounting policy change only and has noimpact on the Group's business strategy, nor on the cash flows generated by thebusiness and it does not change the underlying drivers of value of WalkerGreenbank's business model. The effect of the adoption of IFRS on the financial assets of the Group isminimal as can be seen from the table below: +-----------------+-------+-----------------------------+-----------------------------+| | | Six months to 31 July 2006 | Year to 31 January 2007 |+-----------------+-------+--------------+--------------+--------------+--------------+| | | UK GAAP | IFRS | UK GAAP | IFRS |+-----------------+-------+--------------+--------------+--------------+--------------+|Operating profit | £000 | 2,291 | 2,301 | 3,477 | 3,757 |+-----------------+-------+--------------+--------------+--------------+--------------+|Profit before tax| £000 | 1,863 | 1,783 | 2,594 | 2,694 |+-----------------+-------+--------------+--------------+--------------+--------------+|Profit for the | £000 | 1,840 | 1,760 | 2,536 | 2,636 ||year | | | | | |+-----------------+-------+--------------+--------------+--------------+--------------+|Earnings per | p | 3.26p | 3.12p | 4.49p | 4.67p ||share | | | | | |+-----------------+-------+--------------+--------------+--------------+--------------+| | | | | | |+-----------------+-------+--------------+--------------+--------------+--------------+|Net assets | £000 | 10,432 | 10,356 | 12,847 | 12,943 |+-----------------+-------+--------------+--------------+--------------+--------------+ A full statement, which presents and explains how the Group's financial performance and position under IFRS differs from that reported under UK GAAP, is available on the Company's website by following the link: www.walkergreenbank.com/Ease/servlet/DynamicPageBuild?siteID=1808&categoryID=182.Printed copies of the statement are available from the Company's registered office at Chalfont House, Oxford Road, Denham, Buckinghamshire UB9 4DX. For further information: Walker Greenbank PLC 08708 300077Alan Dix, Finance DirectorJulian Wilson, Company Secretary Landsbanki Securities (UK) Limited 020 7426 9000Tom Hulme Buchanan Communications 020 7466 5000Mark Court/Suzanne Brocks This information is provided by RNS The company news service from the London Stock Exchange