Operating and financial review

Hargreaves Lansdown plc Period End 30 June 2007

Submitted by Company Reporting on Wed, 2008-01-30 09:56
Hargreaves Lansdown Annual Report Year 2008

Newly listed company's disclosures lack clarity
In the light of a majority shareholding by two directors, UK financial company Hargreaves Lansdown's statement that treasury shares purchased prior to listing were bought "in the market", contributes to a lack of transparency.

Classification of investment increases current year profit
UK financial company Hargreaves Lansdown recognises an £11.9 million gain on sale of investments that comprises 48.9% of pre-tax profit, though the appreciation in value occurred principally in prior periods.

Mitchells & Butlers plc Period End 30 September 2006

Submitted by Company Reporting on Mon, 2007-01-29 00:00

Deferred tax recognised on property gains and revaluations


UK pub company Mitchells & Butlers recognises £244 million deferred tax on revaluations and rolled over and held over gains on property. This represents 19% of equity.

 

Cheers Mitchells & Butlers, for sticking with the OFR!


UK pub company Mitchells & Butlers publishes an informative operating and financial review, in contrast to several peer companies.

Topps Tiles plc Period End 30 September 2006

Submitted by Company Reporting on Thu, 2007-01-18 00:00

Costs of share buy back included in operating result

UK retailer Topps Tiles includes in result from operations, the £1.1 million costs of a £122 million share buy back that leaves it with net liabilities of £63 million.

 

Lack of transparency on share-based payment schemes

UK retailer Topps Tiles recognises a £66,000 expense for share-based payments, but its disclosures of the underlying calculations are unclear.