Utilitywise has confirmed it will adopt IFRS 15 on 1 August 2017 and that this will have a material impact on future accounting revenue recognition and, therefore, profits. It will also result in negative distributable reserves, and a final dividend will therefore not be paid. We have recast our forecasts resulting in adjusted EPS for FY 2017E 69% lower than under previous accounting rules. Profit recognition will now be more in line with cash flow and our net debt forecast at July 2017 remai
31 Jul 2017
Move to IFRS 15, dividend cancelled
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Move to IFRS 15, dividend cancelled
Utilitywise has confirmed it will adopt IFRS 15 on 1 August 2017 and that this will have a material impact on future accounting revenue recognition and, therefore, profits. It will also result in negative distributable reserves, and a final dividend will therefore not be paid. We have recast our forecasts resulting in adjusted EPS for FY 2017E 69% lower than under previous accounting rules. Profit recognition will now be more in line with cash flow and our net debt forecast at July 2017 remai