RNS Item

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Group" or "Company")

Adoption of Financial Reporting Standard (FRS) 101

Flowtech Fluidpower plc announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its own financial statements which currently adopts United Kingdom Generally Accepted Accounting Standards (UK GAAP).  It is intended for the year ended 31 December 2015 and future years that the parent entity adopt FRS 101 'Reduced Disclosure Framework', based on International Financial Reporting Standards (IFRS) as adopted by the European Union.

The Group's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.  The adoption of FRS 101 does not require restatement of comparative year amounts and there are no changes to the presentation of Company's own financial statements compared to prior year.

Objections to the use of the disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company in writing to Bryce Brooks, Company Secretary, at its registered office Flowtech Fluidpower plc, Pimbo Road, Skelmersdale, Lancashire, WN8 9RB by, not later than 22 April 2016.