REFS is
a mine of invaluable information for the private investor.
Selecting shares without its help is like trying to
clap with one hand tied behind your back.
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Normalised
pretax profit & EPS
The pre-FRS3
basis tends to yield figures comparable with applying the normalisation
process to post-FRS3 results. This is because most normalisation
adjustments would have been labelled ‘Extra-ordinary Items’,
had they arisen before the introduction of FRS3. For comparison
purposes, therefore, Company REFS uses unmodified pre-FRS3
pretax profit and EPS alongside normalised post-FRS3 figures,
subject to adjustment for share capital changes and annualisation.
(NOTE:
The time-series may be distorted where an unmodified, pre-FRS3,
figure is calculated after charging, or crediting, items labelled
‘exceptional’ which, in a post-FRS3 situation, would be excluded
from normalised pretax profit or EPS.)
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