REG-Halfords Group PLC Annual Financial Report
04/08/2020 07:10
============
Halfords Group PLC (HFD)
Annual Financial Report
04-Aug-2020 / 07:10 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Halfords Group plc
Annual Report and Accounts for period ended 3 April 2020
including the Notice of Annual General Meeting ("AGM") - convened for 15
September 2020
The Company announces that the Annual Report and Accounts for the period
ended 3 April 2020 and Notice of Annual General meeting of the Company,
have been posted or otherwise made available to shareholders and published
on its website 1 www.halfordscompany.com.
The Company's 2020 Annual General Meeting will be held at Halfords Group
plc, Support Centre, Icknield Street Drive, Washford West, Redditch, B98
0DE on Tuesday 15 September 2020, commencing at 11:30 am.
In accordance with Listing Rule 9.6.1, a copy of the Annual Report and
Accounts and the Notice of Annual General Meeting of the Company have been
submitted to the UK Listing Authority, and will shortly be available for
inspection via the National Storage Mechanism at
2 https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Tim O'Gorman
Company Secretary
Halfords Group plc
The Appendix to this announcement is a supplement to our preliminary
statement of Financial Results made on 7 July 2020 (the "Final Results
Announcement"). It contains the information required pursuant to
Disclosure Guidance and Transparency Rule 6.3.5 that is in addition to the
information communicated in the Final Results Announcement, and should be
read together with the Final Results Announcement.
Appendix
The Chief Financial Officer's Report in the preliminary statement of the
Final Results Announcement issued on 7 July 2020 includes a commentary on
the principal commercial and financial risks and uncertainties to
achieving the Group's objectives.
Further details of other principal risks and uncertainties relating to the
Halfords Group are set out on pages 68 to 78 of the 2020 Annual Report and
Accounts. Specific financial risks (e.g. liquidity, foreign currency) are
detailed in note 22 to the Financial Statements on pages 182 to 186 of the
2020 Annual Report and Accounts.
The following is extracted in full and unedited form from the 2020 Annual
Report and Accounts.
Risk Title Risk Description Current Mitigation Focus in 2020
Priorities in 2021
Strategy
Strategic
priorities have
been clearly
defined following
an in-depth
strategic review,
supported by
comprehensive
customer,
colleague, market
and competitor
research and with
powerful insights
from our Single
Customer View.
A Transformation
Board provides
governance over the
change programme
necessary for the
delivery of the
Strategy. The Board
ensures there is a
robust approval
process for each
project, allocates Accelerated
resource and growth in our
monitors progress. motoring services
Project Managers business.
are in place within
the business to
whom projects can Specialist
be assigned and resource brought
this has been in to boost
supplemented by existing
If we do not have specialist resource capability.
sufficient to boost
capacity and capability. In Robust
capability (in effecting change, business case
Capability and terms of our Halfords is template and
capacity to people, processes requiring all Capital
effect and systems) to contributing allocation model
significant successfully colleagues to developed.
levels of implement the observe the
business change changes necessary principles of New
across the Responsible, capability from
(no change) business, we will Accountable, IT restructure.
not realise the Consulted and
expected benefits Informed ("RACI"). Annual
of our strategy strategic plan
and the business COVID-19 'refresh' to
will not be involve review of
sustainable. In response to progress to date
COVID-19 we have and pivot for
adapted the COVID-19
short-term opportunities and
strategic plan to threats.
focus on those
activities that Focus on
either respond to Free Cash Flow to
emerging customer maintain
trends, such as the sufficient
significant shift capital for
to digital investment.
channels, or
improve the
long-term health of
the business, such
as colleague
engagement and
fixed cost
reduction. This
level of focus will
ensure we utilise
our resources on
the most important
programmes only in
the year ahead,
with the objective
of further
strengthening the
business
foundations before
embarking on some
of the more
transformative, and
capital intensive,
aspects of the
plan.
Progress against
our strategic
objectives is
shared with
colleagues on a
weekly and monthly
basis through team
huddles and they
also receive a Series of
weekly blog from conferences
the CEO and a relaying strategy
monthly newsletter. to our colleagues
Quarterly updates and suppliers.
with Q&A are given
by our CEO, live
streamed to all Presentation of
distribution accelerated
centres, stores and services strategy
autocentres. to investment
community
Throughout the year
If we fail to we engaged with our
secure and suppliers, keeping Colleagues and
maintain our them informed of shareholders.
stakeholders' our strategic plans
Stakeholder (investors, as key partners and Revised
support and suppliers, listening to their internal
confidence in colleagues) insights and communications
strategy support for our observations to strategy.
strategy, they may enhance our working
(decrease) lose confidence in relationship. Replaced
the business and financial PR
withdraw their We maintain regular advisors.
resources. contact with key
investors via a Launch
series of written new 'Investment
communications, Case' to the
roadshows and analyst and
regular one-to-one investor
meetings. community.
COVID-19
Communicate to
The Board holds all stakeholders
regular meetings our 'fast start'
with shareholders FY21 investment
and their plans and
representatives. guidance on the
Recent discussions impact of
have focused on the COVID-19.
impact of COVID-19
on our strategic
ambitions and the
opportunities and
risks this creates
for the Group in
the short and
long-term.
Our brand purpose
is to "Inspire and
Support a Lifetime
of motoring and
cycling". Our focus
on ensuring
relevance is
centred around
having a
proposition that
meets the needs and
wants of our
customers and
ensuring that they
are aware of our
offer.
During the year we
enabled greater
awareness of our
Group proposition
through the launch
of our newly
integrated digital
platform providing
customers with
seamless access to
all our brands.
Giving customers
improved
accessibility to
services that they
may not previously
have known we
provided was
further supported A new
by the flexibility digital web
afforded by our platform offering
financial services seamless access
offering through to the brands'
all channels. services and
products.
As the pre-eminent
voice of the Enhancing
cycling and motor our services
services sector, we proposition and
have lobbied awareness with a
Government on greater emphasis
expediting on serving the
E-scooter trials, growth in
expansion of the electrification.
Cycle-to-Work
scheme and more Reaching
recently the new audiences
COVID-19 related through our
MOT extension. We partnerships,
also take a lead on marketing
product innovation, activity and
investing in new channel
Brand appeal If we continue to E-mobility and optimisation.
and lose brand providing servicing
market share relevance, we will for hybrid
be unable to vehicles, serving Development of
(no change) maintain and grow the growth in our customer
our customer base electrification. strategy to adapt
and build market and optimise the
share. We have experience across
significantly all touch points.
improved our social
engagement this Grow
year, seen a momentum in our
greater mix of new Group services
customers as well offer and enhance
as more female our convenience
customers and a with improvements
younger audience to our delivery
with our proposition.
proposition
enhancements and As we
marketing emerge from
investments. lockdown,
continue our PR
Our HME expansion momentum and
has added strength social
to our convenience engagement,
credentials as has building an
our emerging built industry voice as
bikes to door a customer
initiative. champion and
keeping the
COVID-19 nation moving.
Status as an
essential retailer
is a responsibility
we have taken
seriously and one
which our
colleagues have
embraced with
pride. 'Essential'
status has allowed
us to promote
awareness of our
services offering
whilst serving the
nation and key
workers during the
crisis.
A £2 billion pound
package provided by
the Government as
part of its cycling
and walking
investment strategy
was announced in
May. We anticipate
high demand for the
'fix your bike'
voucher scheme,
having experienced
significant growth
in our cycle repair
business over the
period.
To differentiate
ourselves in a
competitive retail
market our vision
is to consolidate
Halfords as a
super-specialist in
motoring and
cycling. Our
strategy emphasises
the importance of
creating value for
the customer by
delivering services
alongside the sale
of a product.
During the year we
grew our UK
services footprint
with the
acquisition of
McConechy's, based
in Scotland and the
North of England.
The UK market for
motoring services
is fragmented with Additional
no clear market services capacity
leader. With the via the
average age of UK acquisition of
cars increasing, we McConechy's and
are well positioned Tyres on the
to become the UK's Drive.
leading independent
provider of MOT and Launched
servicing to new service
motorists across offerings e.g.
the country. WeCheck.
During the year we Developed
also acquired the our Financial
assets of Tyres on Services offering
Customers are not the Drive to across the Group.
persuaded by our significantly
value proposition bolster our mobile Grow
Value and we lose market services offering, Halfords Mobile
Proposition share to online which provides Expert,
retailers and convenience and increasing to
(new) discounters. peace of mind to over 200 vans.
Purely competing our customers,
on price leads to demonstrated by Develop
a diminution of strong customer our digital offer
financial returns. demand and high via the
Trustpilot scores. optimisation of
the new Group web
With our Klarna platform with a
partnership focus on
offering financial improving
solutions across convenience to
channels and for customers.
the Group, our
products and Enhancing
services are more solution selling
accessible for many for key product
customers. categories
alongside
COVID-19 momentum in
growing
Demand for our service-related
cycling range has sales.
been unprecedented
throughout
lockdown, during
which time, as the
UK's leading cycle
retailer, we were
able to demonstrate
our role in
enabling more
people to ride more
often.
During the lockdown
period there has
been high demand
for home delivery
fulfilment,
particularly
bikes. We grew our
bike to door
initiative. We also
launched 'Payment
online', providing
full online
functionality and
ease of purchase
for customers.
Financial
In January the UK
withdrawal
agreement from the
EU received Royal
Assent, triggering
a transition period
that is due to
expire on 31
December 2020.
Throughout the year
preparations were
maintained for a
no-deal scenario.
We have a Brexit
steering committee
that evaluates the
risk factors to the
business in support
of the Group's
post-Brexit
readiness. Actions
taken to date
include:
• Authorised
Economic
Operator
("AEO") status
secured in
full, allowing
lower friction
customs
procedures;
• Comprehensive
Customs
Guarantee
("CCG") granted
in conjunction
with AEO
allowing
deferral of all
VAT and Duty
payments with Delivery
a lower against our
guarantee corporate
level; strategy to
• an ongoing strengthen our
18-month appeal to
hedging policy; consumers and
• buffer stocks reduce our
Changes to maintained exposure to
consumer within Halfords currency risk.
confidence, the and with
cost of doing vendors to Explore
business or mitigate border revised tariff
Brexit the way in which delays; and duty
we run our • lead times regulations to
(no change) operation as a extended for identify new
result of Brexit European sourcing
results in vendors; opportunities.
materially lower • support
profits or provided to our Stock
organisational EU workers build, where
strain. based appropriate, to
in the UK. mitigate
short-term supply
In the period to issues.
December, we will
continue to work on Ongoing
our readiness and monitoring of
have identified negotiations in
areas of focus. readiness for
Vendor negotiations change.
are ongoing and
terms changes are
likely to be
required as we move
out of the
transition period.
We have modelled
the costs our
suppliers are
likely to incur,
enabling us to
engage in
constructive
negotiations.
Duty and other at
the border costs
related to
administrative
burden and time
delays will affect
all importers and
exporters, resource
and shift changes
have been adopted
to minimise any
additional cost.
Our Republic of
Ireland stores will
become an export
and we anticipate
border controls
across the Irish
Sea. To allow
continued
replenishment and
returns for all
Irish stores we
have adapted our
logistics
processes.
A number of
strategic
initiatives are
well advanced to
reduce our exposure
to changes in the
UK economy that
adversely impact
'business as usual'
and the delivery of
our Strategy:
procurement
savings
programmes in
place for direct
and indirect
costs;
supply
chain
efficiencies
under review with
opportunities for
strategic
sourcing
alliances;
developing
opportunities to
lower warehouse
and distribution
costs; Ongoing
focus on building
our services
working capital business, leading
reduction to a more
programme resilient
targeted at business and one
reducing stock less exposed to
holding and foreign exchange
aligning trade variation.
Changes in the UK creditor terms;
economy (including Customer
consumer a propositions
confidence and the formal hedging designed to
value of the programme has secure revenue
Pound) could been extended to from existing
materially impact reduce foreign customer base
our revenue and / exchange risk; (e.g. Financial
or costs, and Services,
therefore the Motoring and
Sustainable profitability of initiatives to Cycling Services,
business model the business. drive revenue by B2B).
extending our
(increase) Unless we can service offering Strategic
reduce our to our existing sourcing tie-ups
exposure to these customer base (e.g. Mobivia).
economic variables through financial
(e.g. our foreign services products Strategic
exchange exposure) and B2B; and cost reduction
and improve our programmes
ability to move targeting a
quickly on fixed continued reduction in
assets and evaluation of the property cost,
property costs, we impact of the supply chain and
will not create a UK's departure goods not for
sustainable from the European resale spend.
business model. Union
and the impact on Planned
trade tariffs. improvements in
cycling
COVID-19 profitability.
The occurrence of Working
the pandemic, has capital reduction
elevated this risk via strategic
and financial stock reduction
resilience has programmes.
therefore, become
central to our
decision-making and
will remain a key
consideration into
the foreseeable
future. Early in
the crisis we were
able to access
substantial
liquidity by
drawing down fully
on our overdraft
and Revolving
Credit Facility.
Recognition as an
essential retailer
has enabled us to
trade well through
the lockdown
period, albeit at
reduced levels.
Postponing capital
commitments,
reducing our
variable cost base
and optimising our
working capital
position are some
of the measures we
have taken as we
navigate through
this period.
Operational
In response to
COVID-19, the Board
took swift and
decisive action to
mitigate the
potential impact,
including a series
of operational and
financial measures
to safeguard the
business.
As a provider of
essential products
and services to the
UK public, we have
remained open
during the lockdown
period. We were
able to keep open
most of our Retail Continue
estate on a to build
'dark-store' basis, operational
enabling us to resilience by
serve customers iterating the
safely from the retail and garage
front of the store, operating
whilst also environments to
ensuring our ensure the
colleagues could ongoing safety of
operate in safe our colleagues
working conditions. and customers.
As lockdown
restrictions began Target a
to lift, we enabled gradual
a 'Retail Lite' improvement in
programme to sales volumes and
gradually start profitability by
reopening stores to successfully
customers in meeting the
accordance with increased demand
The viability of social distancing generated by the
the business is at requirements. We changing customer
risk if we do not were able to open behaviour coming
adapt our over 300 garages out of lockdown -
operations to across our notably the trend
COVID-19 safeguard our Autocentres and to more cycling
customers, McConechy's brands, journeys and a
(new) colleagues and and operate all 77 likelihood of
wider community, mobile vans, a more motorists on
as well as taking services the road.
the necessary proposition that
steps to minimise was particularly Target a
cost and preserve popular during series of 'fast
liquidity. lockdown. start' programmes
to aggressively
Proactive measures take cost out of
have been applied the business.
to obtain greater
oversight and Continue
control of to stress test
liquidity and cash and reverse
management. We have stress test our
negotiated terms business model to
with our commercial ensure access to
partners, reduced sufficient
discretionary spend liquidity.
and paused capital
investment. We have Perform a
accessed Government 'lessons learned'
support where review of our
available, such as COVID-19 response
the Job Retention and renew our
Scheme and business business
rate relief. We continuity
have been in active planning.
dialogue with our
existing lending
syndicate to
provide additional
flexibility as
required.
An economic
contraction is
likely, impacting
consumer confidence
and discretionary
income. Our
financial services
proposition has
performed well and
will be a valuable
option for
customers seeking
to spread their
costs.
Extensive controls
are in place to
maintain the
integrity of our
systems and to
ensure that systems
changes are
implemented in a
controlled manner.
Halfords' key
trading systems are
hosted securely
within data centres
operated by a
specialist company
and in specialist
cloud services
operated by Introduction of
Failure in our IT Microsoft. These new Group website
IT system(s) may systems are hosted through
infrastructure cause significant supported by Salesforce.
failure disruption disaster recovery
to, or prevention arrangements, Continue
(no change) of, normal including progression
business-as-usual comprehensive towards a fully
activities. backup and patching cloud-based
strategies. IT hosting
recovery processes structure.
are tested
regularly.
COVID-19
Our cloud-based
systems enabled
minimal disruption
as many of our
colleagues
transitioned to
home working.
Support from our
service providers
has ensured system
stability for our
remote workers.
We have a strategy
that relies on
attracting and
retaining
colleagues who can
inspire and support
our customers and
encourage them to
build a lifetime
relationship with
the brand.
Our in-house
resourcing team
have developed a
recruitment website
which highlights
the importance of
the Halfords
behaviours and
details the skills
and experience
required of our
colleagues. There
are clear and
detailed
recruitment
processes in place
which are reviewed
regularly to
respond to changes
in the business.
In our stores, our
Gears training
programme provides
our colleagues with
structured training
taking them through
their first 18-24
months. We use our
training programme
to enhance skills,
reinforce our
behaviours, keep
colleagues engaged
and reach a
competitive hourly
rate of pay.
Pathway
We also review our development
skills mix enabling young
frequently to talent to join
ensure that all our business.
We may be unable stores have the
to recruit, retain right skill levels Update
and develop enough to provide the recruitment
Skills shortage people to have the services needed to collateral
different mix of satisfy our in-line with our
(no change) skills that we customer needs. The new values and
need at all levels analysis from these behaviours
across the exercises leads us programme.
business, in the to target specific
near and longer skills needed as a Move more
term. priority to ensure of our eLearning
we keep any skills training into
gap minimal. Using video learning.
an experienced
internal training
team, we then
develop and deliver
a targeted plan to
increase skill
levels in any
identified areas.
In our Autocentres,
training is a
fundamental part of
our business and a
great attraction
tool for
applicants. We
support the
training of
colleagues ranging
from our
apprentices right
through to a Level
3 Technician. We
provide in-house
Hybrid and MOT
tester courses
ensuring that we
can service the
full car parc. We
apply a targeted
approach to further
enhance skill
levels for centres
as we do with
stores, by mapping
against the optimal
skills mix.
COVID-19
To support FY21
requirements we
translated some of
our skills
development
material into
Virtual Classroom
content, allowing
us to train
colleagues whilst
they remained in
store.
Colleague
engagement is vital
to our success as a
business.
Engagement is a
metric in the
Executive bonus
scheme and is
monitored by the
Board, under the
direction of Helen
Jones, the
Non-Executive
Director
responsible for
Colleague Voice.
An annual
engagement survey,
administered and
analysed by a third
party, provides us
with reports at
team level. We
create an
environment which
encourages
colleagues to feed
back to us about
how we can make
Halfords an even
better place to
work and this is
clearly successful
as last year we had
a survey response
rate of 93%. Our Responsive action
engagement index of taken to address
79% demonstrates observations of
that the majority colleagues from
of our colleagues our engagement
enjoy working at survey.
Halfords.
Continued
The feedback development of
received from the business
colleagues through tools available
both our annual to our
internal engagement colleagues, to
survey, and the improve their
Colleague Our employment Sunday Times Top 25 experience in the
engagement / model may not be Large Employer workplace.
culture sufficiently surveys formed the
attractive to basis of functional
(no change) recruit and retain engagement plans Significant
the talent that we across the increase in the
need. business. Regular number of
listening groups listening groups
are held - with a held across the
total of 111 across business.
the Group as a
whole. Launch of
our new colleague
A full review of values and
the culture of our behaviours
business was framework.
undertaken during
the year, resulting
in the definition Identification
of a revised and development
colleague values of top talent to
and behaviours strengthen
framework. This succession.
framework was built
with input from
c1,300 of our
colleagues from
across the business
and is due to be
launched in 2021.
Further details can
be found in the
Corporate
Governance Report
on pages 94 and 95.
The identification
and development of
top talent, so
strengthening
succession was also
a key focus. This
will remain a focus
throughout 2021 and
beyond.
COVID-19
A wellbeing
newsletter was
issued across the
business on a
weekly basis,
ensuring colleague
engagement has
formed a key part
of our response to
the pandemic.
Extensive research
is conducted into
quality and ethics
before the Group
procures products
from any new
country or
supplier. The
Group's strong
management team in
the Far East blends
expatriate and
local colleagues.
It understands the
local culture,
market regulations
and risks and we
maintain very close
relationships with Refreshed
both our suppliers our Business
and shippers to Continuity
ensure that planning.
disruption to
production and Continued
supply are managed development of
appropriately. relationships
with current and
We work with potential new
suppliers in suppliers.
several territories
to reduce the risks Post
of disruption, and COVID-19
we monitor sourcing lockdown,
opportunities immediate switch
nearer to the UK. to home working
for Support
We maintain firm Centre
security and colleagues,
protection measures supported by
at our distribution enabling
Critical Severe damage or centres. We have technology.
physical failure of business continuity
infrastructure physical plans to manage any
failure infrastructure may incidents that may Adaptations to
(including disrupt our supply occur. Our critical work
supply chain chain and / or logistics are environments -
disruption) business as usual overseen by an e.g. Distribution
activities and experienced, Centres - to
(no change) prevent the dedicated warehouse enable safe
fulfilment of and logistics team working
customer orders. who maintains conditions for
contacts with a colleagues.
range of logistics
businesses who
could be utilised Alternative
if necessary. As suppliers
the conclusion of identified to
the Brexit address potential
transition period disruption in the
draws closer, we supply chain
are continuing arising from the
preparations for ongoing
changes in the implications of
nature of the the pandemic.
border between the
UK and the Republic Review
of Ireland. our Business
continuity
COVID-19 planning with
lessons learned
We have worked following the
exhaustively with impact of
our supply chain to COVID-19.
respond to the
unique challenges
presented by the
COVID-19 pandemic.
Since the virus was
first reported in
China, and during
the current
lockdown
restrictions in the
UK, we have
maintained supply
to our customers
despite the
constraints and
significant demand
for some of our
product lines.
Compliance
We have a
compliance team
with a wide remit
to set policy and
verify that
business activities
are compliant with
legal and
regulatory Strengthened the
obligations. In the central
past year, the compliance
Group has also function to
established a ensure focus on
dedicated all relevant
Compliance activities.
Committee with
A failure to senior input and Increase
adhere to our attendance from all colleague
legal and/or areas of the awareness and
regulatory business to drive understanding of
obligations for localised ownership personal
some or all of the and actions. responsibilities
Regulatory and Group's activities via improved
Compliance leads to an The senior visibility of
inability to meet leadership team Company policies
(no change) our communicates tone and development
responsibilities from the top to of new training
to stakeholders provide guidance to resources.
and/or the colleagues on all
imposition of policy commitments. Increase
financial the number and
penalties, placing Regular horizon frequency of
a strain on the scanning to capture onsite compliance
business. new regulations and audits to assess
guidance. adherence to
Company
COVID-19 standards.
We have adhered to Reinforce
the 2020 Health the need for a
Protection culture of
Regulations compliance by
throughout the default and
lockdown period, design.
only opening our
stores and
autocentres when
guidance was clear
and we were
satisfied it was
safe.
All our colleagues
are provided with
dedicated training
and adhere to
established quality
control and safety
procedures with
compliance audits
by management. We
also have a
dedicated
compliance team
monitoring our
Autocentre
operations.
We provide
centralised
training for our
retail colleagues
through our Gears 1
and 2 programme to
ensure they are
consistently
knowledgeable about
our products and
able to deliver a
quality service to
our customers.
Colleagues also
complete an annual
assessment of their
understanding of
our quality
procedures. We have Ongoing
four equipped investment in
training academies training across
delivering training Retail and
for Autocentre Autocentres.
technicians and the
technician grading
assessment is Significant
linked to quality investment in
of workmanship as garage
well as skills and technology, via
qualifications. workflow and
The service we self-audit
provide to Our products are capability, to
Service quality customers may fail risk assessed and support quality
to meet regulatory rigorously tested job completion.
(no change) / safety for quality and
requirements safety by qualified
resulting in harm engineers in our Monitoring of
to customers and / dedicated quality customer
or legal / team. We monitor satisfaction
financial penalty. customer comments through detailed
and complaints and, review analysis.
when necessary, we
have established Continued
recall processes. development of
our colleagues
We continue to and our estate to
invest in our provide high
estate, and this is levels of
enabling us to customer service.
enhance our service
offering to
customers by
evolving the layout
of our stores in
addition to further
developments in IT
infrastructure,
training and online
functionality.
COVID-19
Our evolving 'Lite'
model will apply to
stores and
autocentres for the
foreseeable future,
facilitating social
distancing as we
emerge
from the COVID-19
lockdown.
We also enabled
remote working for
many of our
colleagues not
working in store,
joining forces with
our customer
service team to
respond to record
levels of customer
contact.
Following on from a
review of our IT
Operating Model, we
have a Head of
Information
Security, sitting
on the IT Process
Leadership Group, reviews and
to manage the IT recommended
security framework improvements to
and ongoing increase overall
development and security posture.
review of our IT
Security strategy Enhanced
and road map. Our involvement of
IT Security security at the
partner, TCS, have start of project
been successfully development
onboarded and (security by
provide valuable design).
If we fail to support by managing
sufficiently vulnerability scans Awareness
detect, monitor, and our email and training
or respond to website security. delivered to all
cyber-attacks colleagues on
against our A perpetual information
systems they may training programme security and
Cyber security result in exists for the cyber security
disruption of benefit of our threats.
(no change) service; colleagues, raising
compromise of awareness Advanced
sensitive data; and promoting good programme of
financial loss; security hygiene. penetration
reputational testing and
damage. The Audit Committee vulnerability
is briefed by assessments.
senior IT
management on the Continued
business' IT support and
security framework training for our
and continues to colleagues to
closely monitor maintain good
this area. cyber hygiene
COVID-19 Work
towards fully
We maintained managed Security
testing of our Operations Centre
defences in (SOC) on target
anticipation of a for 2021 to
heightened threat. increase
A major COVID-19 visibility of
ransomware attack threat landscape.
was successfully
blocked, applying
intelligence
obtained from
various security
threat advisories.
Directors' Responsibilities
The Annual Report and Accounts for the period ended 3 April 2020 contains
the following statements regarding responsibility for the financial
statements in compliance with DTR 4.1.12. Responsibility is for the full
Annual Report and Accounts for the period ended 3 April 2020.
Statement of Directors' Responsibilities in Respect of the Annual Report
and the Financial Statements
The Directors are responsible for preparing the annual report and the
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for
each financial year. Under that law they are required to prepare the Group
financial statements in accordance with International Financial Reporting
Standards ("IFRSs") as adopted by the European Union ("EU") and have
elected to prepare the parent company financial statements in accordance
with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). Under company law the Directors
must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the group and
company and of the profit or loss for the group for that period.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and
prudent;
• for the group financial statements, state whether they have been
prepared in accordance with IFRSs as adopted by the European Union,
subject to any material departures disclosed and explained in the
financial statements;
• for the parent Company financial statements, state whether applicable
UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the parent company financial
statements;
• prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the group and the parent company will
continue in business; and
• prepare a directors' report, a strategic report and a directors'
remuneration report which comply with the requirements of the
Companies Act 2006.
The Directors are responsible for keeping adequate accounting records that
are sufficient to show and explain the company's transactions and disclose
with reasonable accuracy at any time the financial position of the company
and enable them to ensure that the financial statements comply with the
Companies Act 2006 and, as regards to the group financial statements,
Article 4 of the IAS Regulation. They are also responsible for
safeguarding the assets of the company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the annual report and the
financial statements are made available on a website. Financial
statements are published on the company's website in accordance with
legislation in the United Kingdom governing the preparation and
dissemination of financial statements, which may vary from legislation in
other jurisdictions. The maintenance and integrity of the company's
website is the responsibility of the Directors. The Directors'
responsibility also extends to the ongoing integrity of the financial
statements contained therein.
Directors Responsibilities Pursuant to DTR4
The Directors confirm to the best of their knowledge:
• the group financial statements have been prepared in accordance with
the International Financial Reporting Standards ("IFRSs") as adopted
by the European Union and Article 4 of the IAS Regulation and give a
true and fair view of the assets, liabilities, financial position and
profit and loss of the group.
• the annual report includes a fair review of the development and
performance of the business and the financial position of the group
and the parent company, together with a description of the principal
risks and uncertainties that they face.
Approved by order of the Board.
Keith Williams
Chairman
6 July 2020
══════════════════════════════════════════════════════════════════════════
ISIN: GB00B012TP20
Category Code: ACS
TIDM: HFD
LEI Code: 54930086FKBWWJIOBI79
OAM Categories: 1.1. Annual financial and audit reports
Sequence No.: 79529
EQS News ID: 1108531
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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