REG - Costain Group PLC - Final Results <Origin Href="QuoteRef">COSG.L</Origin> - Part 3
01/03/2017 07:06
- Part 3: For the preceding part double click ID:nRSA1332Yb
2016 2015
£m £m
Profit for the year 26.4 22.2
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 4.2 (1.3)
Net investment hedge - net loss (3.7) -
Cash flow hedges
Group:
Effective portion of changes in fair value during year 1.9 -
Net changes in fair value transferred to the income statement - -
Total items that may be reclassified subsequently to profit or loss 2.4 (1.9)
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit obligations (49.8) (3.3)
Tax recognised on remeasurement of defined benefit obligations 7.6 0.7
Total items that will not be reclassified to profit or loss (42.2) (2.6)
Other comprehensive expense for the year (39.8) (3.9)
Total comprehensive (expense)/income for the year attributable to equity holders of the parent (13.4) 18.3
Consolidated statement of changes in equity
Share capital Share premium Translation reserve Hedging reserve Retained earnings Total equity
£m £m £m £m £m £m
At 1 January 2015 50.6 5.5 2.8 - 51.9 110.8
Profit for the year - - - - 22.2 22.2
Other comprehensive (expense)/income - - (1.3) - (2.6) (3.9)
Issue of ordinary shares under employee share option plans 0.4 - - - (0.4) -
Transfer - - 0.3 - (0.3) -
Shares purchased to satisfy employee share schemes - - - - (1.0) (1.0)
Equity settled share-based payments - - - - 1.9 1.9
Dividends paid 0.1 0.7 - - (10.2) (9.4)
At 31 December 2015 51.1 6.2 1.8 - 61.5 120.6
At 1 January 2016 51.1 6.2 1.8 - 61.5 120.6
Profit for the year - - - - 26.4 26.4
Other comprehensive income/(expense) - - 0.5 1.9 (42.2) (39.8)
Issue of ordinary shares under employee share option plans 0.9 1.9 - - (0.3) 2.5
Shares purchased to satisfy employee share schemes - - - - (1.4) (1.4)
Equity-settled share-based payments - - - - 2.3 2.3
Dividends paid 0.1 0.7 - - (11.8) (11.0)
At 31 December 2016 52.1 8.8 2.3 1.9 34.5 99.6
Consolidated statement of financial position
As at 31 December
Notes 2016 2015
£m £m
Assets
Non-current assets
Intangible assets 7 65.9 52.3
Property, plant and equipment 42.2 37.3
Investments in equity accounted joint ventures 8 0.3 0.4
Investments in equity accounted associates 8 0.6 0.5
Loans to equity accounted associates 1.7 1.7
Other 7.7 8.2
Deferred tax 14.9 10.6
Total non-current assets 133.3 111.0
Current assets
Inventories 3.6 2.9
Trade and other receivables 299.1 271.8
Cash and cash equivalents 9 210.2 146.7
Total current assets 512.9 421.4
Total assets 646.2 532.4
Equity
Share capital 52.1 51.1
Share premium 8.8 6.2
Foreign currency translation reserve 2.3 1.8
Hedging reserve 1.9 -
Retained earnings 34.5 61.5
Total equity attributable to equity holders of the parent 99.6 120.6
Liabilities
Non-current liabilities
Retirement benefit obligations 10 73.5 36.7
Other payables 1.0 2.8
Interest bearing loans and borrowings 30.1 -
Provisions for other liabilities and charges 0.4 0.1
Total non-current liabilities 105.0 39.6
Current liabilities
Trade and other payables 397.2 329.0
Taxation 3.4 2.7
Interest bearing loans and borrowings 39.9 38.5
Provisions for other liabilities and charges 1.1 2.0
Total current liabilities 441.6 372.2
Total liabilities 546.6 411.8
Total equity and liabilities 646.2 532.4
Consolidated cash flow statement
Year ended 31 December
Notes 2016 2015
£m £m
Cash flows from operating activities
Profit for the year 26.4 22.2
Adjustments for:
Share of results of joint ventures and associates 8 (0.2) 0.1
Finance income 3 (0.6) (0.8)
Finance expense 3 4.8 4.3
Taxation 4 4.5 3.8
Depreciation of property, plant and equipment 6.4 2.9
Amortisation of intangible assets 5.2 3.9
Employment related and other deferred consideration 1.6 0.4
Shares purchased to satisfy employee share schemes (1.4) (1.0)
Share-based payments expense 2.9 2.4
Cash from operationsbefore changes in working capital and provisions 49.6 38.2
Decrease in inventories (0.7) 0.1
Increase in receivables (24.0) (37.7)
Increase in payables 61.1 26.7
Movement in provisions and employee benefits (14.7) (9.1)
Cash from operations 71.3 18.2
Interest received 0.4 0.8
Interest paid (2.4) (2.7)
Taxation paid (2.2) (0.6)
Net cash from operating activities 67.1 15.7
Cash flows from/(used by) investing activities
Dividends received from joint ventures and associates 0.2 -
Additions to property, plant and equipment (7.0) (2.0)
Additions to intangible assets (0.1) (0.2)
Proceeds of disposal of property, plant and equipment 0.1 0.1
Additions to cost of investments - (1.0)
Acquisition related deferred consideration (2.0) (5.4)
Acquisition of subsidiaries (net of acquired cash and cash equivalents) (16.3) (30.0)
Net cash used by investing activities (25.1) (38.5)
Cash flows from/(used by) financing activities
Issue of ordinary share capital 2.5 -
Ordinary dividends paid (11.0) (9.4)
Drawdown of loans 90.1 38.5
Repayment of loans (60.0) (8.1)
Net cash from financing activities 21.6 21.0
Net increase/(decrease) in cash, cash equivalents and overdrafts 63.6 (1.8)
Cash, cash equivalents and overdrafts at beginning of the year 9 146.7 148.5
Effect of foreign exchange rate changes (0.1) -
Cash, cash equivalents and overdrafts at end of the year 9 210.2 146.7
Notes to the financial statements
1 Basis of preparation
Costain Group PLC ("the Company") is a public limited company incorporated in
the UK. The consolidated financial statements of the Company for the year
ended 31 December 2016 comprise the Group and the Group's interests in
associates, joint ventures and joint operations and have been prepared and
approved by the Directors in accordance with International Financial Reporting
Standards as adopted by the EU ('Adopted IFRS') and their related
interpretations.
The financial information set out herein (which was authorised for issue by
the Directors on 1 March 2017) does not constitute the Company's statutory
accounts for the years ended 31 December 2016 or 2015 but is derived from
those accounts. Statutory accounts for 2015 have been delivered to the
Registrar of Companies, and those for 2016 will be delivered in advance of the
Company's Annual General Meeting. The Auditors have reported on those
accounts; their reports were unqualified and did not include reference to any
matters to which the Auditors drew attention by way of emphasis without
qualifying their reports and did not contain statements under section 498(2)
or (3) of the Companies Act 2006.
Whilst the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRS), this announcement does not itself contain sufficient information to
fully comply with IFRS.
Accounting policies have been consistently applied in 2016 and the comparative
period.
The Directors have acknowledged the guidance "Going Concern and Liquidity
Risk: Guidance for Directors of UK Companies 2009" published by the Financial
Reporting Council in October 2009. The Directors have considered these
requirements, the Group's current order book and future opportunities and its
available bonding facilities. Having reviewed the latest projections,
including the application of reasonable downside sensitivities, the Directors
believe that the Group is well placed to manage its business risks
successfully despite the current uncertain economic outlook.
Accordingly, they continue to adopt the going concern basis in preparing these
financial statements.
Significant areas of judgment and estimation
The estimates and underlying assumptions used in the preparation of these
financial statements are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
The most critical accounting policies and significant areas of judgement and
estimation arise from the accounting for long-term contracts under IAS 11
'Construction Contracts', the carrying value of goodwill and acquired
intangible assets and the assumptions used in the accounting for defined
benefit pension schemes under IAS 19 Employee benefits.
Long-term contracts
The majority of the Group's activities are undertaken via long-term contracts
and these contracts are accounted for in accordance with IAS 11, which
requires estimates to be made for contract costs and revenues. In many cases,
these contractual obligations span more than one financial period. Both cost
and revenue forecasts may be affected by a number of uncertainties that depend
on the outcome of future events and may need to be revised as events unfold
and uncertainties are resolved. Cost forecasts take into account the
expectations of work to be undertaken on the contract. Revenue forecasts take
into account compensation events, variations and claims to the extent that the
amounts the Group expects to recover can be reliably estimated and the receipt
is probable.
Management bases its judgements of costs and revenues and its assessment of
the expected outcome of each long-term contractual obligation on the latest
available information, this includes detailed contract valuations, progress on
discussions over compensation events, variations and claims with clients and
forecasts of the costs to complete and, in certain limited cases, assessments
of recoveries from insurers. The estimates of the contract position and the
profit or loss earned to date are updated regularly and significant changes
are highlighted through established internal review procedures. The impact of
any change in the accounting estimates is then reflected in the financial
statements
Management believes it is reasonably possible, on the basis of existing
knowledge, that outcomes within the next financial year could require material
adjustment. Given the persuasive impact of judgements and estimates on
revenue, cost of sales and related balance sheet amounts, it is difficult to
quantify the impact of taking alternative assessments on each of the
judgements above.
Carrying value of goodwill and intangible assets
Reviewing the carrying value of goodwill and intangible assets recognised on
acquisition requires judgements, principally, in respect of growth rates and
future cash flows of cash generating units, the useful lives of intangible
assets and the selection of discount rates used to calculate present values
are set out in Note 7.
Defined benefit pension schemes
Defined benefit pension schemes require significant judgements in relation to
the assumptions for inflation, future pension increases, investment returns
and member longevity that underpin the valuation. Each year in selecting the
appropriate assumptions, the Directors take advice from an independent
qualified actuary. The assumptions and resultant sensitivities are set out in
Note 10.
2 Operating segments
The Group has two core business segments: Natural Resources and Infrastructure
plus the Alcaidesa operations in Spain. The core segments are strategic
business units with separate management and have different core customers or
offer different services. This information is provided to the Chief Executive
who is the chief operating decision maker.
2016 Natural Resources Infrastructure Alcaidesa Central Total
costs
£m £m £m £m £m
Segment revenue
External revenue 361.9 1,207.2 4.6 - 1,573.7
Share of revenue of joint ventures and associates 15.4 68.9 - - 84.3
Total segment revenue 377.3 1,276.1 4.6 - 1,658.0
Segment profit/(loss)
Operating profit/(loss) (8.6) 56.6 (0.7) (6.2) 41.1
Share of results of joint ventures and associates 0.2 - - - 0.2
Profit/(loss) from operations before other items (8.4) 56.6 (0.7) (6.2) 41.3
Other items:
Amortisation of acquired intangible assets (2.8) (1.8) - - (4.6)
Employment related and other deferred consideration (1.4) (0.2) - - (1.6)
Profit/(loss) from operations (12.6) 54.6 (0.7) (6.2) 35.1
Net finance expense (4.2)
Profit before tax 30.9
2015 Natural Resources Infrastructure Alcaidesa Central Total
costs
£m £m £m £m £m
Segment revenue
External revenue 298.8 962.9 1.9 - 1,263.6
Share of revenue of joint ventures and associates 18.8 33.2 0.9 - 52.9
Total segment revenue 317.6 996.1 2.8 - 1,316.5
Segment profit/(loss)
Operating profit/(loss) (11.1) 50.9 (0.5) (6.1) 33.2
Share of results of joint ventures and associates 0.3 - (0.4) - (0.1)
Profit/(loss) from operations before other items (10.8) 50.9 (0.9) (6.1) 33.1
Other items:
Amortisation of acquired intangible assets (2.2) (1.0) - - (3.2)
Employment related and other deferred consideration (0.4) - - - (0.4)
Profit/(loss) from operations (13.4) 49.9 (0.9) (6.1) 29.5
Net finance expense (3.5)
Profit before tax 26.0
3 Net finance expense
2016 2015
£m £m
Interest income from bank deposits 0.3 0.5
Interest income on loans to related parties 0.3 0.3
Finance income 0.6 0.8
Interest payable on bank overdrafts, interest bearing loans, borrowings and other similar charges (3.3) (2.7)
Unwind of discount on deferred consideration (0.4) (0.3)
Interest cost on the net liabilities of the defined benefit pension scheme (1.1) (1.3)
Finance expense (4.8) (4.3)
Net finance expense (4.2) (3.5)
Interest income on loans to related parties relates to shareholder loan
interest receivable from investments in equity accounted joint ventures and
associates.
4 Taxation
2016 2015
£m £m
On profit for the year
UK corporation tax at 20% (2015: 20.25%) (2.8) (2.4)
Current tax charge for the year (2.8) (2.4)
Deferred tax charge for current year (1.7) (1.7)
Adjustment in respect of prior years - 0.3
Deferred tax charge for the year (1.7) (1.4)
Tax expense in the consolidated income statement (4.5) (3.8)
2016 2015
£m £m
Tax reconciliation
Profit before tax 30.9 26.0
Taxation at 20% (2015: 20.25%) (6.2) (5.3)
Share of results of joint ventures and associates at 20% (2015: 20.25%) 0.1 -
Disallowed expenses and amounts qualifying for tax relief (0.3) 0.1
Utilisation of previously unrecognised temporary differences 0.1 0.3
Research and Development tax relief for current year 0.5 0.7
Rate adjustment relating to deferred taxation and overseas profits and losses 1.3 0.1
Adjustments in respect of prior years, mainly Research and Development tax relief claims - 0.3
Tax expense in the consolidated income statement (4.5) (3.8)
5 Earnings per share
The calculation of earnings per share is based on profit of £26.4 million
(2015: £22.2 million) and the number of shares set out below.
2016 2015
Number Number
(millions) (millions)
Weighted average number of ordinary shares in issue for basic earnings per share calculation 102.8 101.7
Dilutive potential ordinary shares arising from employee share schemes 2.6 2.8
Weighted average number of ordinary shares in issue for diluted earnings per share calculation 105.4 104.5
6 Dividends
Dividend 2016 2015
per share
pence £m £m
Final dividend for the year ended 31 December 2014 6.25 - 6.3
Interim dividend for the year ended 31 December 2015 3.75 - 3.9
Final dividend for the year ended 31 December 2015 7.25 7.4 -
Interim dividend for the year ended 31 December 2016 4.30 4.4 -
Amount recognised as distributions to equity holders in the year 11.8 10.2
Dividends settled in shares (0.8) (0.8)
Dividends settled in cash 11.0 9.4
7 Intangible assets
Goodwill Customer relationships Other acquired intangibles Other intangibles Total
£m £m £m £m £m
Cost
At 1 January 2015 22.3 8.6 5.5 7.7 44.1
Acquired through business combinations 18.5 4.0 1.7 0.8 25.0
Additions - - - 0.2 0.2
Disposals - - - (0.1) (0.1)
At 31 December 2015 40.8 12.6 7.2 8.6 69.2
At 1 January 2016 40.8 12.6 7.2 8.6 69.2
Currency realignment - - - 0.1 0.1
Acquired through business combinations 13.3 2.8 2.5 - 18.6
Additions - - - 0.1 0.1
Disposals - - - (0.7) (0.7)
At 31 December 2016 54.1 15.4 9.7 8.1 87.3
Amortisation
At 1 January 2015 - 4.1 3.3 5.7 13.1
Provided in year - 1.5 1.7 0.7 3.9
Disposals - - - (0.1) (0.1)
At 31 December 2015 - 5.6 5.0 6.3 16.9
At 1 January 2016 - 5.6 5.0 6.3 16.9
Provided in year - 2.3 2.3 0.6 5.2
Disposals - - - (0.7) (0.7)
At 31 December 2016 - 7.9 7.3 6.2 21.4
Net book value
At 31 December 2016 54.1 7.5 2.4 1.9 65.9
At 31 December 2015 40.8 7.0 2.2 2.3 52.3
At 1 January 2015 22.3 4.5 2.2 2.0 31.0
8 Investments
The analysis of Group share of joint ventures and associates is set out
below:
2016 2015
Joint ventures Associates Total Joint ventures Associates Total
£m £m £m £m £m £m
Revenue 83.4 0.9 84.3 49.8 3.1 52.9
Profit/(loss) before tax - 0.3 0.3 (0.3) 0.2 (0.1)
Income tax - (0.1) (0.1) - - -
Profit/(loss) for the year - 0.2 0.2 (0.3) 0.2 (0.1)
Non-current assets - - - 0.1 - 0.1
Current assets 15.7 2.5 18.2 13.0 2.7 15.7
Current liabilities (15.4) (0.6) (16.0) (12.7) (0.9) (13.6)
Non-current liabilities - (1.3) (1.3) - (1.3) (1.3)
Investments in joint ventures and associates 0.3 0.6 0.9 0.4 0.5 0.9
Alcaidesa Holding SA was reorganised during the prior year with the assets
being split equally between the partners. Under the transaction, which
generated no profit or loss to the Group, the Group took ownership of its
share of the assets by a purchase of the partner's interest in the
restructured company, which then became a wholly owned subsidiary (Note 11).
9 Cash and cash equivalents
Cash and cash equivalents include the Group's share of cash held by joint
operations of £68.1 million (2015: £42.7 million).
10 Pensions
A defined benefit pension scheme is operated in the UK and a number of defined
contribution pension schemes are in place in the UK and overseas.
Contributions are paid by subsidiary undertakings and, to the defined
contribution schemes, by employees. The total pension charge in the income
statement was £12.1 million comprising £11.0 million included in operating
costs plus £1.1 million included in net finance expense (2015: £11.2 million,
comprising £9.9 million in operating costs plus £1.3 million in net finance
expense).
Defined benefit scheme
The defined benefit scheme was closed to new members on 31 May 2005 and from
01 April 2006 future benefits were calculated on a Career Average Revalued
Earnings basis. The scheme was closed to future accrual of benefits to members
on 30 September 2009. A full actuarial valuation of the scheme was carried out
as at 31 March 2013 and this was updated to 31 December 2016 by a qualified
independent actuary. At 31 December 2016, there were 2,820 retirees and 3,234
deferred members. The weighted average duration of the obligations is 17.3
years.
2016 2015 2014
£m £m £m
Present value of defined benefit obligations (827.5) (687.4) (701.0)
Fair value of scheme assets 754.0 650.7 659.3
Recognised liability for defined benefit obligations (73.5) (36.7) (41.7)
Movements in present value of defined benefit obligations
2016 2015
£m £m
At 1 January 687.4 701.0
Interest cost 25.5 24.6
Remeasurements - demographic assumptions - 7.9
Remeasurements - financial assumptions 153.0 (13.9)
Remeasurements - experience adjustments (6.8) -
Benefits paid (31.6) (32.2)
At 31 December 827.5 687.4
Movements in fair value of scheme assets
2016 2015
£m £m
At 1 January 650.7 659.3
Interest income 24.4 23.3
Remeasurements - return on assets 96.4 (9.3)
Contributions by employer 14.1 9.6
Benefits paid (31.6) (32.2)
At 31 December 754.0 650.7
Expense recognised in the income statement
2016 2015
£m £m
Administrative expenses paid by the pension scheme (0.2) (0.4)
Administrative expenses paid directly by the Group (2.3) (1.8)
Interest cost on the net liabilities of the defined benefit pension scheme (1.1) (1.3)
(3.6) (3.5)
Fair value of scheme assets
2016 2015
£m £m
UK equities 116.2 89.3
Overseas equities 95.9 73.2
Multi-credit fund 87.1 75.5
Index linked gilts 311.0 266.1
PFI Investments 51.6 51.6
Property 22.3 22.6
Absolute return fund 68.4 71.7
Cash 1.5 0.7
754.0 650.7
Principal actuarial assumption (expressed as weighted averages)
2016 2015
% %
Discount rate 2.70 3.80
Future pension increases 3.10 2.95
Inflation assumption 3.20 3.00
Weighted average life expectancy from age 65 as per mortality tables used to
determine benefits at 31 December 2016 and 31 December 2015 is:
2016 2015
Male Female Male Female
(years) (years) (years) (years)
Currently aged 65 22.2 24.7 22.2 24.7
Non-retirees currently aged 45 today 24.1 26.7 24.0 26.6
The discount rate, inflation and pension increase and mortality assumptions
have a significant effect on the amounts reported. Changes in these
assumptions would have the following effects on the defined benefit scheme:
Pension liability Pension cost
£m £m
Increase discount rate by 0.25%, decreases pension liability and reduces pension cost by 34.7 1.2
Decrease inflation, pension increases by 0.25%, decreases pension liability and reduces pension cost by 30.7 1.2
Increase life expectancy by one year, increases pension liability and increases pension cost by 28.1 2.8
In accordance with the pension regulations, a triennial actuarial review of
the Costain defined benefit pension scheme was carried out as at 31 March
2016. In February 2017, the valuation and an updated deficit recovery plan
were agreed with the scheme Trustee resulting in cash contributions of £10.0
million for the 12 months to 31 March 2017 and then £9.6 million per annum
(increasing annually with inflation) until the deficit is cleared, which would
be in 2031 on the basis of the assumptions made in the valuation and agreed
recovery plan.
In addition, as previously implemented, the Group will continue to make an
additional contribution so that the total deficit contributions match the
total dividend amount paid by the Company each year. Consequently, the total
amount of contribution is anticipated to be at a similar level to that under
the previous plan. Any additional payments in this regard would have the
effect of reducing the recovery period in the agreed plan. The Group will also
pay the expenses of administration in the next financial year.
Any surplus of deficit contributions to the Costain Pension Scheme would be
recoverable by way of a refund, as the Group has the unconditional right to
any surplus once all the obligations of the Scheme have been settled.
Accordingly, the Group does not expect to have to make provision for these
additional contributions arising from this post balance sheet agreement in
future accounts.
Defined contribution schemes
Several defined contribution pensions are operated. The total expense relating
to these plans was £8.5 million (2015: £7.7 million).
11 Acquisitions
On 5 July 2016, the Group purchased the share capital of Simulation Systems
Limited (now Costain Integrated Technology Solutions Limited) . The business
is based in the UK and provides innovative technology based solutions,
primarily in the highways sector.
The initial consideration was £17.6 million. A further payment of £1.5 million
was deferred over three years. This is dependent on continued future service
and, in accordance with IFRS 3, will be expensed to the income statement.
Costain's strategy is to focus on major customers spending billions of pounds
addressing national needs in energy, water and transportation. These customers
are consolidating their supply chains and seeking an increasingly integrated
service offering from their service providers through larger, longer-term
collaborative contracts. The Group believes the acquisition will further
enhance its technology capability as part of its focus on delivering a broad
range of innovative integrated services.
The contributions to revenue and operating profit before amortisation of
acquired intangibles and employment related consideration within the Group's
results of this acquisition was revenue £11.5 million, operating profit £0.5
million, including integration costs.
The acquisition had the following effect on the Group's assets and
liabilities:
£m
Cash consideration 17.6
Acquired intangible assets - Customer relationships 2.8
Acquired intangible assets - Other 2.5
Property, plant and equipment 0.1
Cash 1.6
Other current assets 2.6
Other current liabilities (3.9)
Deferred tax (1.1)
Fair value of assets acquired and liabilities recognised 4.6
Goodwill arising on acquisitions 13.0
Based on the provisional assessment of the recognised values of assets and
liabilities, the goodwill arising on the acquisitions is expected to be £13.0
million.
The acquisition of Rhead Group Holdings Limited, acquired in July 2015, was
adjusted by £0.3 million with a corresponding increase in the goodwill. There
was no change to the acquisition fair values of Alcaidesa Holding SA, the
joint venture that became a wholly owned subsidiary in 2015, following a
reorganisation in which the assets were split between the two partners.
12 Related party transactions
The Group has related party relationships with its major shareholders,
subsidiaries, joint ventures and associates and joint operations, in relation
to the sales of construction services and materials and the provision of
staff, with The Costain Pension Scheme and with two directors of a subsidiary
and another employee in relation to office leases acquired. The total value of
these services in 2016 was £195.1 million (2015: £133.2 million) and
transactions with The Costain Pension Scheme are included in Note 10.
13 Forward-looking statements
The announcement contains certain forward-looking statements. The
forward-looking statements are not intended to be guarantees of future
performance but are based on current views and assumptions and involve known
and unknown risks, uncertainties and other factors that may cause actual
results to differ from any future results or developments expressed or implied
from the forward-looking statements.
14 Responsibility statements
The responsibility statement set out below has been prepared in connection
with (and will be set out in) the Annual Report and Accounts for the year
ended 31 December 2016.
"Each of the Directors of the Company confirms that, to the best of his or her
knowledge:
· The Group accounts, which have been prepared in accordance with
International Financial Reporting Standards as adopted by the European Union,
give a true and fair view of the assets, liabilities, financial position and
profits/losses of the Company (and of the Group taken as a whole); and
· The Strategic Report includes a fair review of the development and
performance of the business and the position of the Company (and of the Group
taken as a whole), together with a description of the principal risks and
uncertainties that they face."
The Directors of the Company are Paul Golby (Chairman), Andrew Wyllie (Chief
Executive), Tony Bickerstaff (Finance Director), James Morley (Senior
Independent Director), Jane Lodge (Independent Non-Executive Director), Alison
Wood (Independent Non-Executive Director) and David McManus (Independent
Non-Executive Director).
On behalf of the Board:
PAUL GOLBY
Chairman
ANDREW WYLLIE
Chief Executive
519653503
This information is provided by RNS
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