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Profits reduce at Center Parcs
Center Parcs has announced that pre-tax profits for the year ending 21 April 2005 have reduced by £9.7m to £16.3m, following the group’s adoption of a new accounting system.
As an EU listed company, Center Parcs must now publish its financial results under the International Financial Reporting Standards (IFRS), rather than using the UK Generally Accepted Accounting Principles (UK GAAP).
The group has restated its results for the last financial year under IFRS. However, Simon Lane, finance director, said that there was no change in the group’s underlying business performance.
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