StatPro Group PLC – Annual Report and Accounts

For immediate release
18 April 2007

STATPRO GROUP PLC

(“StatPro” or the “Group”)

Annual Report and Accounts

The StatPro Group plc Annual Report and Accounts for the year ended 31 December 2006 has been distributed to shareholders and copies are available from the address below:

The Company Secretary
StatPro Group plc
StatPro House
81-87 Hartfield Road
Wimbledon
London
SW19 3TJ

or from the StatPro website: www.StatPro.com

Note on preliminary announcement of unaudited results:
During the final audit process and following the release of the preliminary announcement of the unaudited results for the year ended 31 December 2006 announced on 12 March 2007, it was brought to the attention of the directors that under International Accounting Standard 21 – The Effects of Changes in Foreign Exchange Rates (‘IAS 21’), goodwill arising on acquisition of a foreign operation must be treated as part of the underlying investment on which it arose and revalued in line with the functional currency of the acquired entity. Previously, companies had the choice of whether to carry the goodwill as a currency asset subject to revaluation at each reporting date or at a value fixed in the functional currency of the ultimate reporting entity at the date of acquisition. In the preliminary announcement of the unaudited results for the year ended 31 December 2006 the goodwill was stated in the balance sheet at the underlying sterling value based on the valuation at the date of the relevant acquisition. As a result of the application of IAS 21, the revaluation of goodwill to the applicable year end rates, the goodwill figure amounted to £29.869 million at 31 December 2006. In the preliminary announcement, goodwill was reported as £31.577 million. There has been a corresponding reduction of £1.708 million in consolidated reserves and net assets at 31 December 2006, with exchange differences arising on the revaluation of goodwill being treated as a reserve movement in the group statement of recognised income and expense. Application of IAS 21 had no material impact on the consolidated balance sheet as at 31 December 2005. This accounting change is not considered to be an impairment of goodwill, has no impact on the reported or future income for the Group, and also has no impact on the cash position for the business. Going forward, the goodwill carrying value will be subject to revaluation at each balance sheet date and will therefore change in line with movements in currency rates.

– Ends –

Share this article