TIDMECEL
RNS Number : 7735V
Eurocell plc
16 April 2021
16 April 2021
EUROCELL plc
(the 'Company')
PUBLICATION OF 2020 ANNUAL REPORT
AND NOTICE OF 2021 ANNUAL GENERAL MEETING
The Company announces that it has published its full Annual
Report for the year ended 31 December 2020 and Notice of the 2021
Annual General Meeting, which is to be held at 3pm on Thursday 13
May 2021 at Eurocell Head Office and Distribution Centre, High View
Road, Alfreton, Derbyshire, DE55 2DT.
(Please note:
At the time of publication of this document, UK Government
legislation prohibits public gatherings and non-essential travel
and therefore shareholders, proxies and other attendees will not be
permitted to attend the AGM in person. Anyone seeking to attend the
AGM will be refused entry and therefore shareholders are strongly
recommended to vote by proxy. In the event that the AGM
arrangements change, the Company will issue a further
communication.)
Copies of the documents listed below have been posted to
registered shareholders today:
1. Annual Report 2020
2. Notice of 2021 Annual General Meeting
3. Form of Proxy for the 2021 Annual General Meeting
The above documents are also available on the Eurocell plc
website at investors.eurocell.co.uk.
In accordance with LR 9.6.1R of the Listing Rules , a copy of
each of the above documents has been submitted to the UK Listing
Authority via the National Storage Mechanism and are/will be
available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism.
Further to the Company's Preliminary Results announcement on 12
March 2021 (RNS number: 0279S ), and in accordance with DTR
6.3.5(2)(b), set out below are the following extracts from the
Annual Report 2020 in full unedited text form:
-- Principal Risks
-- Statement of Directors' Responsibilities in respect of the financial statements
PRINCIPAL RISKS
MACROECONOMIC CONDITIONS
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Principal risk and Mitigation Risk change in reporting period
impact
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Our products are used
in the residential and * Notwithstanding macro conditions, we expect our * The UK economy is experiencing a severe downturn due
commercial building strategic priorities and self-help initiatives to to the ongoing impact of the COVID-19 pandemic.
and construction support sales and profit growth and drive good cash
markets, conversion.
both within the RMI
sector, for new * Now that key aspects of the UK's trading relationship
residential housing * Initiatives include: growing market share, expanding with the EU have been defined, and the first two
developments and for the branch network, delivering sustained operational months of 2021 have passed without significant
new construction excellence and increasing recycling. interruption to raw material imports for our business
projects. ,
Our private RMI Brexit related uncertainty has reduced. The
business is strongly * Actions taken in response to the COVID-19 pandemic medium-term impact of Brexit on the UK economy
correlated to the have secured our financial position. remains unclear.
level of household
disposable incomes.
Our new-build business * We operate comfortably within the terms of our bank * CPA now forecast the private housing RMI market to
is particularly facility and related financial covenants. grow 14% in 2021 (after a 14% decline in 2020).
influenced by the
level of activity in
the house-building * The UK is also experiencing high levels of mortgage
industry. approvals.
As such, our business
and ability to fund
ongoing operations is * UK base rate is at its lowest ever level.
dependent on the level
of
activity and market
demand in these
sectors, itself often
a function of general
economic conditions
(including interest
rates and inflation)
in the UK.
Government economic
and social policy can
also have a
significant impact on
our business.
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CYBER SECURITY
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Principal risk and Mitigation Risk change in reporting period
impact
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A breach of IT
security (externally * Ongoing investment in cyber risk detection and * Increased home working in response to the COVID-19
or internally) could prevention tools. pandemic has elevated cyber risk.
result in an inability
to operate
systems effectively * Physical security of servers at third-party off-site * This remains a high-profile area and continues to
(e.g. viruses) or the data centre, with full disaster recovery capability. receive considerable management attention.
release of
inappropriate
information (e.g. * Password and safe-use policies in place, internet
hackers). usage monitored and anti-malware used.
* External cyber review and internal audit reviews
conducted periodically, resulting in significant
enhancements in defence.
* Cyber awareness/IT security campaign active for all
employees.
* Enhanced monitoring and vigilance in response to
increased remote working in 2020.
* Financial crime protection and cyber liability
insurance in place.
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REGULATORY RISKS, INCLUDING HEALTH & SAFETY
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Principal risk and Mitigation Risk change in reporting period
impact
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We may be adversely
affected by the * Procedures and policies in place to support * COVID-19 has significantly increased health & safety
crystallisation of compliance with all relevant regulations. risks.
unexpected corporate
or regulatory
risks. * Regular communication and training on policy * More generally, recent developments widen the scope
These include health & compliance. and increase the penalty regime for breaches in these
safety, data, areas. For example: Corporate Criminal Offence of
reputational and Failure to Prevent the Facilitation of Tax Evasion
environmental risks * Monitoring procedures in place, including near miss ('CCO') legislation came into force on 30 September
(including regulations and potential hazard reporting for health & safety 2017, and General Data Protection Regulations
related to our matters. ('GDPR') came into effect in May 2018.
recycling operations),
or other legal,
taxation and * Introduction of a range of COVID-safe protection
compliance matters. measures, in line with recommended guidance and
designed and implemented collaboratively with input
from the workforce.
* Employees returning to work post H1 2020 shut-down
provided with training and personal protective
equipment where necessary.
* Internal and third-party site audits to test
compliance with our policies.
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RAW MATERIAL SUPPLY
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Principal risk and Mitigation Risk change in reporting period
impact
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There are only a
limited number of PVC * We generally operate with at least two suppliers for * A number of European PVC resin suppliers issued force
resin and certain all critical raw materials, including PVC resin, to majeure notices on material supply in H2 2020,
other raw material support security of supply. following plant outages and other operational issues.
suppliers and
we operate with
limited raw material * On-going raw material tests to identify potential * Strong demand for PVC resin exacerbated supply
storage capacity. alternative suppliers. constraints in H2 2020.
The recycling
feedstock supply
market is fragmented * A spot market exists for resin, that we are able to * Knock-on effect into recycling feedstock supply
and can be access at certain times. market also tightening in 2020.
unpredictable.
Failure to receive raw
materials on a timely * Contractual arrangements for certain key suppliers * The PVC resin supply market remains tight at the
basis could impact on include liquidated damages for failure to supply. beginning of 2021, which is also impacting pricing
our ability to (see below).
manufacture
products and meet * Regular reviews to test financial stability of key
customer demand. suppliers.
* Potential remains for increased resin supply
originating from the US to come on line and deliver
into Europe.
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RAW MATERIAL AND TRADED GOODS PRICES
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Principal risk and Mitigation Risk change in reporting period
impact
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Our manufacturing
operations depend on * We generally operate with at least two suppliers for * Raw material prices fluctuated throughout 2020,
the supply of PVC all critical raw materials and traded goods, primarily due to the impact of COVID-19 on the
resin, a material including PVC resin, to provide competitive pricing. relevant markets.
derivative of ethylene
which in turn is a
derivative of crude * Where possible we pass through raw material or traded * Supply-side constraints resulted in increasing prices
oil. goods price increases to our customers. for PVC resin and recycling feedstock in H2 2020,
The price of PVC resin continuing on into 2021.
can therefore be
subject to * Increasing the use of recycled material in our
fluctuations based on manufacturing partially mitigates exposure to resin * We have elected not to enter into a fixed price
the markets for crude prices, although prices for recycling feedstock can contract for PVC resin so far in 2021, as the premium
oil and ethylene, as also be volatile. currently required by suppliers is prohibitive.
well as the market for
resin itself.
In addition, although * We consider fixed price supply arrangements with
we pay for resin in suppliers where it is economic to do so.
sterling, crude oil
and ethylene are
priced in US
dollars and euros
respectively. As such,
the price of resin in
sterling is also
impacted by
international currency
markets.
Our ability to pass on
resin and other raw
material or traded
goods price increases
to our
customers will depend
on market conditions
at the time.
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CUSTOMER CREDIT RISK
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Principal risk and Mitigation Risk change in reporting period
impact
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Default by a large
customer or multiple * Regular process for in-depth credit reviews for * Increased bad debt risk due to the impact of COVID-19
smaller customers existing and new customer accounts. on our customer base, with some business failures and
could result in a a deterioration in the age profile of receivables
material bad debt(s). during the first lockdown in H1.
The loss of a major * Following onset of COVID-19 pandemic and first
customer(s) could lockdown, increased frequency of credit reviews and
limit our ability to greater involvement of relevant Executive Committee * Some improvement in bad debt experience and age
continue to grow the members in managing position on key accounts. profile of receivables in H2, although significant
business. uncertainty remains.
* Significant increase in bad debt provisions recorded
in H1. Year end provisions remain at a similar level,
reflecting continued prudent assessment of bad debt
risk.
* Credit insurance in place to the extent available for
selected large accounts.
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SUSTAINABILITY
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Principal risk and Mitigation Risk change in reporting period
impact
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Demonstrating
improving business * Strong underlying position driven by window recycling * Continued rise in importance of sustainability for
sustainability is operation, which drives significant carbon savings all stakeholders.
becoming increasingly compared to the use of virgin PVC resin.
important to all
stakeholders.
We have a strong * Publication of verified carbon savings data in the
underlying position, 2020 annual report.
driven by our
expanding window
recycling operation. * Work in progress to define and implement a Group-wide
We intend to widen sustainability strategy, with long-term goals linked
this narrative into a to relevant UN Sustainable Development Goals and the
Group-wide UK Government's transition towards a net zero carbon
sustainability economy.
strategy, which will
encompass
all aspects of
business
sustainability.
Failure to do so could
lead to regulatory
challenges (e.g. if
sustainability
regulation is
tightened) and
potentially reduced
access to capital and
difficulties with
recruitment and
retention.
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MANUFACTURING CAPACITY CONSTRAINTS
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Principal risk and Mitigation Risk change in reporting period
impact
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Demand running above
our manufacturing * Investment in 2019 to increase co-extrusion and foam * Customer demand in H2 2020 increased to such an
capacity may result in capacity by 30% and 15% respectively. extent that the business was running close to
production related existing manufacturing capacity.
inefficiencies,
as well as customer * Strengthened management team in critical areas,
service issues if a including Chief Operating Officer (joined Q3 2019). * Competitor weakness has resulted in a clear
backlog of customer Team ensured peak periods in H2 2020 were navigated opportunity to acquire new customers.
orders develops. successfully.
A shortage of capacity
may also prevent the * Investment in new extrusion capacity planned for
acquisition of new * COO has an improvement plan with c.100 actions 2021.
customers, thereby targeting productivity gains in extrusion, foiling,
limiting warehousing and distribution.
our ability to
continue to grow the
business. * New warehouse facility (see below) is a catalyst to
free up space in the existing footprint to
future-proof extrusion capacity.
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WAREHOUSING AND DISTRIBUTION CAPACITY CONSTRAINTS
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Principal risk and Mitigation Risk change in reporting period
impact
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We exceeded the
capacity of our * Strengthened management team in critical areas, * Despite strong customer demand in H2 2020, and
existing warehouse in including Chief Operating Officer and Head of Supply existing capacity constraints, measures taken
2018/19, resulting in Chain (joined Q3 2019). Team ensured peak periods in (including extra labour and temporary overflow site)
significant H2 2020 were navigated successfully from existing to ensure safe and successful operation from the
inefficiencies facilities. existing warehouse.
and additional labour
and distribution
costs. * COO has an improvement plan with c.100 actions * Fit-out of the new warehouse continued safely
A new central targeting productivity gains in extrusion, foiling, throughout 2020, despite COVID-related constraints,
warehouse and warehousing and distribution. with the new site becoming operational early in 2021.
distribution centre
was approved early in
2020, which will * Fully resourced team hired to deliver new warehouse * Transition to continue in 2021, with the final stages
deliver fit-out, including project management and technical expected to complete in Q2.
>50% increase in expertise, supported by third party subject matter
capacity, improved specialists.
efficiency and a safer
operation.
On-time execution of
the fit-out project
and successful
operation from the new
site are critical
to unlocking future
growth potential and
the delivery of
anticipated
improvements in
operating
efficiencies.
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UNPLANNED PLANT DOWNTIME
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Principal risk and Mitigation Risk change in reporting period
impact
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The business is
dependent on the * Regular planned maintenance to reduce the risk of * Potential for COVID-19 to spread amongst the
continued and plant failure, including maintenance capital workforce and result in significant and extended
uninterrupted investment of >GBP5 million per annum across the absence.
performance of our Group.
production
facilities.
Each of the facilities * Extrusion facilities spread over three manufacturing
is subject to sites.
operating risks, such
as: industrial
accidents (including * Recycling facilities spread over two sites.
fire); extended power
outages; withdrawal of
permits and licences * Group-wide disaster recovery plans in place.
(e.g. the regulated
operation
of the recycling * Introduction of a range of COVID-safe protection
facility); breakdowns measures, in line with recommended guidance and
in machinery; designed and implemented collaboratively with input
equipment or from the workforce.
information systems;
prolonged
maintenance activity; -- Employees returning to work post H1 2020 shut-down
strikes or other provided with training and personal
extended workforce protective equipment where necessary.
absences; natural
disasters; and
other unforeseen
events.
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ABILITY TO ATTRACT AND RETAIN KEY PERSONNEL AND HIGHLY SKILLED INDIVIDUALS
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Principal risk and Mitigation Risk change in reporting period
impact
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Our success depends
inter alia, on the * Developing successful track record and clear * Guaranteed long-term incentive plan awards issued to
efforts and abilities strategic direction provides an attractive backdrop senior team in 2020 (excluding Executive Directors)
of certain key to joining the senior team at Eurocell. to help mitigate impact of COVID-19 on existing
personnel and in-flight schemes.
our ability to attract
and retain such * Market rate compensation for all personnel, including
people, with the leadership team. * Progressive implementation of people plan.
appropriate skills and
experience.
* Equity-based long-term incentive plans in place for
senior team.
* People plan includes focus on improving employee
engagement and communication.
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SHORTAGES OR INCREASED COSTS OF APPROPRIATELY SKILLED LABOUR
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Principal risk and Mitigation Risk change in reporting period
impact
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We are subject to
supply risks related * Market level or better salaries and good benefits * Sufficient labour secured in H2 2020 via fixed-term
to the availability package. contract initiative.
and cost of labour,
both in our
manufacturing * Induction and training programme. * Fifth SAYE scheme planned for 2021.
operations and in our
branch business. Our
headquarters and * Annual SAYE share-save scheme available to all * Progressive implementation of people plan.
several manufacturing personnel.
and operational sites
are located in areas
of generally full * Use of fixed-term contracts to secure sufficient
employment. labour through H2 2020 without longer-term commitment,
We may also experience due to inherent levels of uncertainty.
labour cost increases
(including those
related to the Minimum * People plan includes focus on improving employee
Wage) engagement and communication.
or disruptions in
circumstances where we
have to compete for
employees with the
necessary
skills and experience
in tight labour
markets.
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FAILURE TO DEVELOP NEW PRODUCTS
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Principal risk and Mitigation Risk change in reporting period
impact
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Failure to innovate
could reduce our * We invest continuously in research and development * Recent successes for Profiles include: introduction
growth potential or through our in-house team. of a flush window sash for the Logik product range, a
render existing new sliding patio door system (Syncro) and
products obsolete. development of a through-colour grey substrate
The launch of new * The team is highly focused on new ways to develop profile.
products and new existing products and to be innovative with new ones.
variants of existing
products is an * In Building Plastics, the Equinox conservatory roof
inherently uncertain * We work closely with customers and technical advisers system has been developed to include a skylight
process. We cannot on product development. (Vega) and our new suite of outdoor living products,
guarantee that we will including the Kyube garden room, has been very well
continuously develop received.
successful new * We have a strong product pipeline with more than 25
products or projects in development.
new variants of
existing products.
Nor can we predict how
customers and
end-users will react
to new products or how
successful
our competitors will
be in developing
products which are
more attractive than
ours.
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COMPETITOR ACTIVITY
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Principal risk and Mitigation Risk change in reporting period
impact
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We have a number of
existing competitors * Strong market and customer awareness, with good * During the first lockdown period in H1 2020, the
who compete on range, intelligence around competitor activity. business prepared well for re-opening, from both an
price, quality and operational and commercial perspective. These
service. activities supported further gains in market share
Increased competition * Absolute focus on customer proposition and points of delivered in H2 2020.
could reduce volumes differentiation in product and service offering.
and margins on
manufactured and * The more uncertain market environment may have
traded products. * We have developed a strong new customer pipeline. weakened some of our competitors.
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FAILURE TO IDENTIFY, COMPLETE AND INTEGRATE ACQUISITIONS
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Principal risk and Mitigation Risk change in reporting period
impact
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We may not be able to
identify and complete * Public communication of bolt-on acquisitions being a * Whilst we continue to assess and consider acquisition
appropriate bolt-on strategic priority. opportunities, our focus in 2020 and 2021 is
acquisitions (one of delivering operational efficiencies from recent
our strategic investments in manufacturing and warehousing
priorities). * Good knowledge of companies operating in our sector capacity.
Any future acquisition and related sectors.
we do make poses
integration risks * Previously reported delays with the project to expand
which may affect our * Six acquisitions completed since our IPO in 2015. Eurocell Recycle North (acquired in 2018) further
results or impacted by H1 2020 shut-down. Performance is now
operations. improving towards delivering acceptable operational
The acquisition and * Tried and tested procedure for the integration of new and financial performance.
integration of acquisitions and a good track record of recent
companies is a success.
complex, costly and
time-consuming process
involving a number of
possible risks. These
include diversion of
management attention,
failure
to retain personnel,
failure to maintain
customer service
levels, disruption to
relationships
with various third
parties, system risks
and unanticipated
liabilities.
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DIGITAL AND IT SYSTEMS DEVELOPMENT
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Principal risk and Mitigation Risk change in reporting period
impact
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We have introduced a * Increasing importance of digital for stakeholders.
new strategic priority * Strengthened IT function with recruitment of New
to develop a Director of IT with strong sector and digital
sector-leading digital experience (joined March 2020).
proposition.
Stakeholders in most
organisations * Developed three-year IT road map, including
increasingly require significant investment in additional resources and
full end-to-end application landscape to support development of
digital solutions; business efficiency and digital proposition.
a trend exacerbated by
the COVID pandemic.
Failure to develop a
leading digital
proposition could lead
to a competitive
disadvantage,
hinder progression of
our other priorities
and detract from the
supplier, customer and
employee
experience of working
with Eurocell.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE
FINANCIAL STATEMENTS
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the group financial statements in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006 and international financial
reporting standards adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union and company financial
statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 101 "Reduced Disclosure Framework", and applicable
law).
Under company law, 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 of the Group for that period. In preparing the
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable international accounting standards
in conformity with the requirements of the Companies Act 2006 and
international financial reporting standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union
have been followed for the Group financial statements and United
Kingdom Accounting Standards, comprising FRS 101 have been followed
for the Company financial statements, subject to any material
departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the group and company
will continue in business.
The Directors are also responsible for safeguarding the assets
of the Group and Company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's and
Company's transactions and disclose with reasonable accuracy at any
time the financial position of the Group and Company and enable
them to ensure that the financial statements and the Directors'
Remuneration Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance and integrity
of the Company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Directors' confirmations
The Directors consider that the annual report and accounts,
taken as a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the Group's
and Company's position and performance, business model and
strategy.
Each of the Directors, whose names and functions are listed in
the corporate governance section on pages 64 and 65 confirm that,
to the best of their knowledge:
-- the Group financial statements, which have been prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and international
financial reporting standards adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union, give a true and
fair view of the assets, liabilities, financial position and loss
of the Group;
-- the Company financial statements, which have been prepared in
accordance with United Kingdom Accounting Standards, comprising FRS
101, give a true and fair view of the assets, liabilities,
financial position and loss of the Company; and
-- the Directors' Report includes a fair review of the
development and performance of the business and the position of the
Group and Company, together with a description of the principal
risks and uncertainties that it faces.
In the case of each Director in office at the date the
Directors' Report is approved:
-- so far as the Director is aware, there is no relevant audit
information of which the Group's and Company's auditors are
unaware; and
-- they have taken all the steps that they ought to have taken
as a Director in order to make themselves aware of any relevant
audit information and to establish that the Group's and Company's
auditors are aware of that information.
The Directors' Responsibility Statement was approved by the
Board on 11 March 2021.
Mark Kelly Michael Scott
Chief Executive Officer Chief Financial Officer
Enquiries:
Paul Walker
Group Company Secretary
01773 842100
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