Asbestos remediation firm revises figure of £2.2m after having to comply with International Financial Reporting Standards
Silverdell has revealed a pre-tax profit of £1.4m – three months after it announced the figure was £2.2m.
The asbestos remediation firm released the original figure last December in its first results since listing on the Alternative Investment Market.
The company revealed the revised figure in a restatement report, which explained financial statements must now be written in accordance with International Financial Reporting Standards (IFRS).
Its previous results were prepared to UK GAAP accounting standards. The new pre-tax profit figure has been pushed down by a £2.1m amortisation charge.
The results were for the year ended 30 September 2007 and turnover remained at £38.5m.
Its 2008 interim report will be written to the IFRS standard.