OFFICE2OFFICE PLC 
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office2office plc
Accounting Treatments
office2office plc (the "Group"), a leading provider of office supplies and business solutions, today advises of a revision to its prior years' results.
The Directors have undertaken a review of certain accounting treatments relative to industry best practice, to provide greater transparency of the Group's financial performance and position, and to improve our financial reporting.
These improvements include the timing of the recognition of advance supplier rebates for contributions to catalogue production and for other purchasing agreements which have grown in significance in the recent past. For these, the Directors have determined that our policy will now be to recognise the advance rebate within the catalogue distribution or purchasing period with which it is associated. The Directors have also determined that customer rebate recognition should align more closely with the relevant reporting period. As a consequence of these changes, it will be necessary to restate the prior year results with the effect that the profit before tax for the year ended 31 December 2012 will be reduced by £1.5m, with a further aggregate impact of £1.2m on earlier years. In the current financial year, there is an insignificant impact.
Overall the Board believes this policy change will provide greater clarity and a more appropriate reflection of underlying financial performance.
The Group intends to give a pre-close update in early January.
office2office plc | |
Hugh Cawley | 01603 691101 |
Debbie Rodwell | 01603 691241 |
WH Ireland Limited | 0207 220 1666 |
Adrian Hadden / Nick Field |
MHP Communications | 0203 128 8100 |
Reg Hoare / Katie Hunt / Jade Neal |
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