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Dart Group has to restate 2006 results
Page 10
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A change in when it recognises the value of contracts is forcing Dart Group to restate its results for 2006 — turning a profit into a loss. Roanna Avison reports.
DART GROUP, which owns Fowler Welch-Coolchain, is having to restate its results for the year to 31 March after changing the way it treats contracts in its financial figures.
The move affects contracts Dart had taken out to hedge the group's exposure to fuel and foreign currency movements. Dart will now have to change the time it recognises the value of these contracts in its financial figures.
The company had used foreign exchange contracts and fuel forwarding contracts to hedge its exposure to the dollar and euro exchange rates,as well as fluctuations in fuel prices.
The change shows that Dart's total turnover in the year to 31 March was £349m rather than £352m as originally stated — and a pre-tax profit of £15.9m becomes a loss of £3.6m. • QTR Transport reported a 16.4% increase in sales to £9.5m in the year to 31 December 2006: pre-tax profits rose from £222,000 in 2005 to £282,000.
The company says it believes there is a good platform for growth in all areas of the business, and that its revenue and profitability should increase in 2007.
• WH Bowker's profits fell from £581,000 in 2005 to £373,000 in the year to 31 December 2006 after its car dealership business relocated and was hit by tough trading conditions.
The company reports that gross profit from its UK transport and warehousing operation increased by 3.3% during 2006 as a result of improved operational efficiencies. Its turnover rose from £95.2nt to £95.5m.
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