Silverdell revises pre-tax profit down from £2.2m to £1.4m

Silverdell, the specialist asbestos removal contractor, has had a second bash at its annual financial figures.

The result is that annual pre-tax profit is now put at £1.4m whereas when the figures were first put onto the Stock Exchange several months ago profit was put at £2.2m.

Turnover is unaffected by the change, standing at £38m.

Silverdell’s latest annual results cover the 12 months to 30 September 2007.

Silverdell issued a 14-page statement on the Stock Exchange this morning explaining that for accounting periods commencing on or after 1 January 2007 there is a requirement that such financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).

Silverdell says that its 2008 interim report will be to the IFRS standard.

The group’s figures first issued for the 12 months to 30 September 2007 were to UK GAAP accounting standards.

The latest pre-tax profit figure has been pushed downwards by a £2.1m amortisation charge.

Today, Silverdell offers a restatement of its balance sheet as at 30 September 2007 which gives a reconciliation of UK GAAP to IFRS accounting standards.

When evaluated to the IFRS rules, Silverdell has net assets of £34m.

The group’s total liabilities run to £30m while assets stand much higher at £64m.

Of the group’s total assets, goodwill accounts for £37m.