CPR Carpetright Plc

RNS Number:7730R
Carpetright PLC
27 September 2005


27 September 2005
                                Carpetright plc
                                  IFRS Update


Carpetright plc, Europe's leading specialist carpet and floor coverings
retailer, has today released its consolidated financial information for the 52
weeks ending 30 April 2005 restated under International Financial Reporting
Standards ("IFRS").

The headlines from these restated accounts are :
          
*    There is a small reduction in underlying profit before tax (1) of #0.8
     million for the year ended 30 April 2005.  The most significant adjustment
     arises from the treatment of lease incentives which are now required to be
     spread over the life of the lease.

*    Net assets (2) as at 30 April 2005 reduce by #1.3 million to #41.2 million.  
     The most significant adjustment arises from the treatment of deferred
     tax on property gains.

These adjustments are in line with the guidance provided within the preliminary
announcement on 28 June 2005.

Full details of the restatement and accompanying financial information is
available on the Group's website at www.carpetright.plc.uk and include :

*    Financial Results (Balance Sheet, Income Statement and Statement of
     Recognised Income and Expense) for the year to 30 April 2005 together with      
     the comparative Balance Sheet as at 2 May 2004, as restated under IFRS 
     accounting policies.  These are supported by reconciliations between UK 
     GAAP and IFRS.
     
*    An explanation of the way the new standards have been interpreted.

*    A summary of accounting policies under IFRS.

The introduction of IFRS, although an important accounting change, has no effect
on the Group's strategy, underlying business performance or its cash-flow.


For further enquires please contact :

Carpetright plc                                        Tel: 01708 525522
Ian Kenyon, Group Finance Director

Citigate Dewe Rogerson                                 Tel: 020 7638 9571
Patrick Toyne-Sewell
Sara Batchelor


Notes :

     
1.   Profit for the year ended 30 April 2005
                                                                                                  #m
          UK GAAP
          Underlying profit before tax 3                                                         62.3

          Finance leases and lease incentives                                                    (1.1)
          Share based payments                                                                   (0.1)
          Depreciation on impaired assets                                                         0.1
          Other                                                                                   0.3
                                                                                                 (0.8)
          IFRS
          Underlying profit before tax                                                           61.5

               
2.   Net assets as at 2 May 2004 and 30 April 2005

                                                                  2005       2004
                                                                   #m
                                                                              #m
         UK GAAP
         Total net assets                                         42.5       40.3

         Finance leases and lease incentives                     (4.9)       (4.2)
         Pensions                                                (1.7)       (1.8)
         Share based payments                                     0.2         0.1
         Goodwill amortisation write back                         0.9         0.0
         Deferred tax on revaluations and rolled over

          gains on property disposals                            (13.2)     (10.0)
         Reversal of proposed dividend                            19.0       18.8
         Asset impairment                                        (0.6)       (0.6)
         Other                                                   (1.0)       (1.2)
                                                                 (1.3)        1.1
         IFRS
         Total net assets                                         41.2       41.4

         Tax and deferred tax adjustments are included within the respective 
         adjustments where applicable

     
3.   Underlying profit is before amortisation of goodwill, asset impairment and 
     profit on disposal and termination.
     
4.   We have discussed the interpretation of IFRS with our auditors 
     PricewaterhouseCoopers LLP.  However, the financial information included 
     within the report has not been audited.

5.   The first results reported by Carpetright under IFRS will be the interim 
     results for the 26 weeks to 29 October 2005.  These will be published on
     13 December 2005.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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