ATH Ath Resources

RNS Number:3051S
ATH Resources plc
15 April 2008




15 April 2008


                               ATH Resources plc

       ATH Resources restates its 2007 Financial Information under IFRS


ATH Resources plc ("the Group") announces the impact of the adoption of
International Financial Reporting Standards ("IFRS") on its previously published
results for the year ended 30 September 2007 and the six months ended 1 April
2007.

For all accounting periods up to and including the year ended 30 September 2007,
the Group has prepared its financial statements under UK Generally Accepted
Accounting Principles ("UK GAAP").  For accounting periods from 1 October 2007,
the Group is required under AIM rules to prepare its consolidated financial
statements in accordance with IFRS as adopted by the European Union.

The Group's first results on this basis will be its Interim Results for the six
months ended 30 March 2008, which will be announced on 10 June 2008.  The
Group's first audited annual consolidated financial statements under IFRS will
be for the year ended 28 September 2008.

As comparative figures are required in the presentation of results under IFRS,
the effective date for transition to IFRS is 1 October 2006.  Accordingly the
results presented in the interim report for the six months ended 1 April 2007,
and the annual report for the year ended 30 September 2007 have been restated
under IFRS.

The effect of the restatement under IFRS on the Group's consolidated financial
results for the six months ended 1 April 2007 and the year ended 30 September
2007 is summarised below, alongside the equivalent numbers reported under UK
GAAP for those periods.


                                        6 months ending 1 April 2007   Year ending 30 September 2007

�m (except as indicated)                       UK               IFRS            UK              IFRS
                                             GAAP        Restatement          GAAP       Restatement
                                      (unaudited)         (reviewed)     (audited)        (reviewed)

Earnings per Share (pence)                   3.87               4.55         13.08             14.76

Income Statement
Turnover                                     31.2               31.2          70.5              70.5
Operating Profit                              3.2                3.6          10.3              11.1
Profit before taxation                        2.3                2.7           7.8               8.6
Profit for the period                         1.5                1.8           5.2               5.9

                                                As at 1 April 2007           As at 30 September 2007

Balance sheet
Net assets                                   28.6               28.9          31.4              32.1




Impact on Restatement of 2006/7 Results

Whilst there is no change in the Group's cash flows, the adoption of IFRS has an
impact on the amortisation of goodwill and on the treatment of deferred tax in
respect of share option schemes.


Treatment of goodwill amortisation

IFRS 3 'Business Combinations' requires that goodwill be capitalised at cost and
is subject to an annual impairment review.  Amortisation of goodwill is
prohibited.

The Group has taken the option to apply IFRS 3 from the date of transition.
Accordingly, the goodwill value at 1 October 2006 has been frozen and the
amortisation charge arising in the year ended 30 September 2007 has been
reversed.

Impairment tests have been carried out by the Group against the goodwill held at
1 October 2006 and 30 September 2007 without impairment charges arising.

The goodwill amortisation reversed amounted to �793,000 for the year ended 30
September 2007 and �396,000 for the six months ended 1 April 2007.


Treatment of deferred tax on share options

IAS 12 'Income Taxes' includes specific guidance on the treatment and
calculation of deferred tax in respect of share option schemes.  Accordingly the
Group has recalculated the amount arising on this revised basis and an
additional deferred tax provision has arisen.

The adjustment arising increases the deferred tax charge and associated
provision by �127,000 for the six months ended 1 April 2007 and year ended 30
September 2007. No adjustment arises in the opening balance sheet at 1 October
2006.

The Group's report "2007 IFRS Restatement" contains full details of the
restatement and may be accessed by visiting the ATH Resources website at
www.ath.co.uk.





For further information please contact:

ATH Resources plc
Tom Allchurch, Chief Executive                          Tel: +44 (0)1302 760 462
tom@ath.co.uk                                                      www.ath.co.uk


Evolution Securities Limited
Joanne Lake/Peter Steel                                 Tel: +44 (0)113 243 1619





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