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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Morgan Sindall Group Plc | LSE:MGNS | London | Ordinary Share | GB0008085614 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20.00 | 0.86% | 2,355.00 | 2,345.00 | 2,355.00 | 2,365.00 | 2,315.00 | 2,345.00 | 76,406 | 16:29:47 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gen Contractor-nonres Bldgs | 4.12B | 117.7M | 2.4853 | 9.48 | 1.12B |
From May 2019 to May 2024
TIDMMGNS
RNS Number : 6046A
Morgan Sindall Group PLC
27 March 2017
Morgan Sindall Group plc ('the Company')
Annual Financial Report
27 March 2017
Further to the release of the Company's Preliminary Results announcement on 23 February 2017, the Company announces that it has today posted the following documents on its website at www.corporate.morgansindall.comwww.morgansindall.com:
-- 2016 Annual Report -- Circular containing the notice of the 2017 annual general meeting
The Company will hold its annual general meeting at 10.00am on Thursday 4 May 2017 at the offices of Jefferies International Limited, Vintners Place, 68 Upper Thames Street, London EC4V 3BJ.
A copy of each of the documents listed above has been submitted to the Financial Conduct Authority's national storage mechanism ('NSM') and can be accessed via the NSM website at www.hemscott.com/nsm.do.
In accordance with the requirements of Rules 4.1 and 6.3.5 of the Disclosure Guidance and Transparency Rules, a description of the principal risks and uncertainties affecting the Group is set out in Appendix 1 to this announcement. The Company's Preliminary Results announcement released on 23 February 2017 contained all other information required by DTR 6.3.5.
ENQUIRIES:
Morgan Sindall Group plc Tel: 020 7307 9200
Clare Sheridan, Company Secretary
Appendix 1
Overall the Group's risk profile has improved with focused contract selectivity, a strong balance sheet and no noticeable impact following the EU referendum.
Our approach to risk management
Risk is inherent in our business and cannot be completely eliminated if we are to achieve growth. However we view risk management as a fundamental part of our business planning process. Each year objectives and strategies are set that align with the risk appetite defined by the Board.
The Board is responsible for risk management and assesses the principal risks to the Group that threaten our business model and performance.
In accordance with our decentralised philosophy, each division identifies the risks facing its business and takes measures to mitigate the impacts. Twice a year every division carries out a detailed risk review, recording significant matters in its risk register. Senior managers take ownership of specific risks and ensure that tolerance levels are not exceeded. Each risk is evaluated, both before and after the effect of mitigation, on its likelihood of occurrence and severity of impact on strategy. The risk registers record the activities needed to manage each risk, with mitigating activities embedded in day-to-day operations for which every employee has some responsibility.
It is critical that we have rigorous reporting procedures in place to ensure that significant risks throughout the divisions are effectively managed at Group level. The divisional risk registers are reviewed and collated by the Group's head of audit and assurance, who refers to them when preparing the Group risk register. The Group register also contains matters identified by the heads of key Group functions, including legal, regulatory, finance, tax, treasury and sustainability. Both the divisional and Group registers are reviewed by the risk committee before being presented to the Board and audit committee. This approach ensures that principal risks and controls throughout the Group are under regular review at all levels.
With regard to decision-making, the Group's finance director and head of audit and assurance have produced a formal document which delegates approval for material decisions to appropriate levels of management. The document applies particularly to project selection, the pricing and submitting of tenders, and capital requirements. Board approval is required before undertaking the largest and most complex projects. This approval system is implemented throughout the Group and regularly reviewed.
Overview of the Group's risk profile
Overall the Group's risk profile has improved due to a continued focus on contract selectivity, bolstered by a strong balance sheet. The result of the EU referendum introduced some uncertainty into our markets with a corresponding rise in risk at the half year point of 2016. However, we have not witnessed any noticeable impacts to the business since then and do not foresee any in the short term. Based on current trading patterns, our high-quality secured order book and a visible pipeline of opportunities, the outlook for 2017 looks positive. It is still too early to predict the medium- to long-term effects of the UK's decision to withdraw from the EU, and we will continue to monitor Government and commercial reactions in light of the uncertainty still affecting our markets.
Our diversity of offering through our construction and regeneration activities protects the business from cyclical changes in individual markets. All businesses are focusing on long-term partnerships and procurement routes remain favourable. Our regeneration activities are underpinned by a pipeline which is long term and development portfolios that are mostly non-speculative. Residential schemes have shown no short-term impacts since the result of the EU referendum, with sales, reservations and building targets continuing to be met. With low interest rates and Government support for housing, we remain confident that our products will continue to be both in demand and affordable. Should this not be the case the schemes are subject to economic viability measures and robust risk and capital controls which will help mitigate any negative fluctuations that might arise. In Construction & Infrastructure, improvements made in project selectivity have resulted in a strong order book deriving significantly from committed public sector schemes and frameworks. Projects have sensible risk profiles, entry margins and contract terms. Fit Out, while more susceptible to GDP fluctuations, has a particularly strong secured order book for 2017 and beyond, providing higher visibility of future workload than in previous years.
In terms of resourcing our medium and long-term plans, we have committed banking facilities until 2018, a significantly improved cash profile and robust cash and capital controls in place. Our People Promise, initiated to attract and retain talented people, is gathering momentum. Voluntary staff turnover is falling at various rates across the business and new people are being recruited who will help us achieve our strategic objectives.
Principal risks
The principal risks to the business are set out below. It is not an exhaustive list of all the risks the Group faces, but those currently considered most significant in terms of potential impact.
The risks are set out as they relate to the Group's strategic priorities, indicating any change in severity and likelihood of impacts compared to 2015 and describing mitigating actions being taken.
Viability statement
As required by provision C.2.2 of the UK Corporate Governance Code, the directors have assessed the prospects and financial viability of the Group and have concluded that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of the assessment. This assessment took account of the Group's current position and principal risks and has been made using a period of three years commencing on 1 January 2017, which is consistent with the Group's budgeting cycle.
The Group is subject to a number of principal risks, and the directors have considered the Group's solvency and liquidity using cash flow projections. These are compiled on a bottom up basis incorporating each division's detailed business plans. At Group level, the base case financial projections assume modest revenue growth and an improvement in gross margin.
Operating cash flows are assumed to broadly follow forecast profitability in the Group's construction activities, but are much more independently variable in regeneration, driven by the timing of construction spend and programmed completions on schemes.
The Group's main committed bank facility matures in September 2018. The directors draw attention to the key assumption that there is a reasonable expectation that this will be renewed at the appropriate time or the term extended for sufficient facilities to meet the Group's funding requirements over the period of assessment.
The impact of a number of downside scenarios on the Group's headroom against its committed facilities and the financial covenants thereon has been modelled based on the Group's principal risks. The scenarios are focused on the risks that are scored as most likely to occur or that would have the greatest potential severity should they occur and include lower revenue growth, failure to improve gross margin from current levels, a decline in gross margin and deterioration in working capital, specifically client receivables.
The Board has also considered a range of potential mitigating actions that may be available if one or more of the scenarios arose.
Win in targeted markets
The markets we operate in are affected to varying degrees by global and UK economic conditions which could potentially impact our longer-term strategy.
Hot Features
Premium
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
-------------- ------------------------------------------------------------ ---------------------------------------------------------------------------
Changes in No change
the economy * While the EU referendum result has not to date had a * Targeting sectors identified for Government
The number significant impact, worldwide economic influences investment, such as infrastructure, housing and urban
of (including the triggering of Article 50, outcomes regeneration.
opportunities from the elections in the US and Europe and the
in our chosen impact of exchange rate fluctuations) remain
markets could difficult to predict and could affect investor * Monitoring changes in the global economy, which helps
be reduced confidence. us detect shifts in spending and adapt our strategy
or become if necessary.
less
profitable. * Government indicators are encouraging in terms of
Allocation housing policy and infrastructure spending, as * Strategic focus on market spread, geographical
of resources highlighted in the autumn statement. capability and diversification to protect against the
and capital cyclical effect of individual markets.
to the
pursuit * Our business model is designed to provide a mix of
of declining earnings across different market cycles and is now * Business planning that focuses on markets and
markets or benefiting from historic investment in regeneration. opportunities consistent with our risk appetite.
less
attractive
opportunities * Opportunities have continued to flow in all our * Committing only to viable development schemes,
would reduce markets and there is high demand for our development allowing us to maximise our residential portfolio
the Group's schemes. This is partly tempered by competition while responding quickly to any market changes.
profitability levels in construction and expected
and cash exchange-rate-driven inflation although procurement
generation. routes, margins and contract terms remain favourable. * Selecting opportunities that will provide sustainable
margins and repeat business.
* Infrastructure has been reshaped and resized to
handle any short-term delays owing to political * Scale of operations that enables us to compete in
uncertainty while taking into account expected growth areas with higher barriers to entry.
in regulatory work for the rail, road and airport
sectors which constitutes around half of
Infrastructure's workload. * Divisions working together, which adds value for
clients.
* Regular monitoring and reporting of financial
performance, work won, prospects and pipeline of
opportunities.
-------------- ------------------------------------------------------------ ---------------------------------------------------------------------------
Exposure No change
to UK housing * There have been encouraging signals from the * Monitoring key UK statistics, including unemployment,
market Government in terms of housing policy and stimulus, lending and affordability.
The UK which supports our business model.
housing
sector is * A residential portfolio that supports the
strongly * Sales volumes, pace and inflation have held up since Government's demand for affordable housing.
influenced the EU referendum in both the investor and private
by Government markets.
stimulus * Rigorous three-stage approval process before
and consumer committing to development schemes.
confidence. * Dialogue is increasing with housing associations and
If mortgage local authorities, which is not yet reflected in our
availability pipeline. * Development vehicles structured to be largely
and non-speculative, minimising any negative impacts from
affordability market fluctuations.
are reduced * Demand remains high across our property portfolio
this could given the pressures on housing.
make existing * Where possible, subjecting forward purchase of land
schemes to economic viability test before committing.
difficult
to sell and
future * When feasible, forward selling sections of large
developments scale residential schemes to institutional investors.
unviable,
reducing
profitability * Regular reporting on work won and pipeline and
and tying regular development forecasting.
up capital.
-------------- ------------------------------------------------------------ ---------------------------------------------------------------------------
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
--------------- ------------------------------------------------------------ ---------------------------------------------------------------------------
Poor contract Decrease
selection * The majority of our larger projects continue to be * Business planning to target optimal markets, sectors
In a volatile secured with longer- term repeat clients with whom we and clients.
market where have good relationships.
competition
is high, * Divisions select projects according to pre-agreed
a division * The quality and volume of our order book continues to types of work, contract size and risk profile.
might accept improve. It includes a high proportion of public
a contract sector clients, resulting in a healthier risk
outside its profile. * A documented approval process of bid selection,
core including tender review boards.
competencies
or for which * A strong order book allows the divisions to be more
it has selective when bidding for contracts. * Staff planning to ensure appropriate levels of
insufficient qualified resource.
resources.
* Improved pipeline and software tools for selecting
Failure to the right work have de-risked Construction & * Initiatives to select supply chain partners who match
understand Infrastructure and provided greater visibility of our expectations in terms of quality, sustainability
the project projects likely to be more successful. and availability.
risks may
lead to poor
delivery * A greater understanding of medium-term pipeline * Regular reporting on sales, pipeline and order book,
and ultimately quality and early indication of longer-term changes using customer relationship management software.
result in enables us to predict trends more accurately and
reputational adjust our strategy in response. Market stability has
damage and meant continued attractive procurement routes and * Communication of feedback from supply chain.
loss of contract terms.
opportunities.
--------------- ------------------------------------------------------------ ---------------------------------------------------------------------------
Safety or Increase
environmental * New sentencing guidelines for health and safety have * Individuals in each division and on the Board with
incident come into force which can impose significant fines. specific responsibility for HSE matters.
Health, safety We have no historical material issues that might
and attract a fine and we continue to focus on managing
environmental HSE issues to the standards required to protect * Communication of each division's HSE policy to all
(HSE) impacts individuals, the community and the environment. staff and senior managers appointed to ensure they
will always are implemented.
feature
significantly * Construction & Infrastructure has embedded its
in the risk cultural development programme and introduced a new * A Group health and safety forum with representatives
profile of initiative, Human Factors. Human Factors is also from all divisions that continues to share best
a construction being introduced into joint venture projects. practice and exchange information on emerging risks.
business.
We carry
out a * Partnership Housing set up its PAVES system. * Established safety systems, site visits, monitoring
significant and reporting procedures including near-miss and
portion of potential hazard reporting.
our work * We held health and safety leadership team meetings
in public during the year to discuss safety matters and trends
areas impacting the business. The meetings were attended by * Investigations and root cause analysis of accidents
and complex divisional managing directors and health and safety or incidents and near misses.
environments, directors.
requiring
strict * Regular HSE training that includes behavioural
observation change.
of Health
and Safety
Executive * Major incident management plans and business
standards. continuity plans that are periodically reviewed and
tested.
Incidents
that cause
harm to an * HSE report to the Board each month, HSE audits on
individual projects and training schedules and incident
or the investigation reports if necessary.
community
could result
in legal
action, fines,
costs and
insurance
claims as
well as
project
delays and
damage to
reputation.
Poor HSE
performance
could also
affect our
ability to
secure future
work and
achieve
targets.
--------------- ------------------------------------------------------------ ---------------------------------------------------------------------------
Develop and retain talented people
We undertake high profile projects and operate in sectors that are technically complex and require innovative solutions. We recognise that talented, motivated people improve our performance and reputation, and that attracting and retaining them is key to our planned growth.
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
------------- ------------------------------------------------------------ -------------------------------------------------------------
Failure to Decrease
attract and * In divisions where voluntary staff turnover was * Continued implementation of the People Promise to
retain higher than it should have been, efforts have been help employees fulfill their potential.
talented made to improve the working environment, for example
people by developing technology and providing leadership
Talented training. Staff turnover rates have fallen as a * Annual appraisals providing two-way feedback on
people are result, although there is room for further performance.
needed to improvement.
provide
excellence * Training and development plans to build skills and
in project * Our investment in graduate, trainee and experience.
delivery apprenticeship schemes is gaining momentum with a
and customer number of participants now progressing to more senior
service. positions. * Remuneration packages benchmarked where possible.
Skills
shortages * The relatively new leadership development programme * Monitoring future skills requirements.
in the launched in 2015 is progressing well in its target to
construction train 400 leaders by 2018.
industry * Succession plans in all businesses.
remain an
issue for * We are building our reputation as an attractive
the employer, with Partnership Housing achieving an * Debriefs with leavers and joiners to understand the
foreseeable 'Investors in People' gold award. reasons for their decision.
future.
* Divisional 'people boards' that meet twice a year to
review talent in the business.
* Monthly HR reports to the Board including a report on
leavers and joiners.
* Monitoring recruitment.
------------- ------------------------------------------------------------ -------------------------------------------------------------
Disciplined use of capital
The long-term success of the business depends not only on disciplined use of capital within the Group, but also on the liquidity of clients, partners and suppliers, which could be affected by overtrading in an increasingly uncertain market.
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
-------------- ------------------------------------------------------------ -------------------------------------------------------------
Insolvency No change
of key * Disciplined project selectivity has included focusing * A business strategy focused on the public sector and
client, on sectors and clients with a secure financial commercial clients in sound market sectors.
subcontractor outlook.
or supplier
A client's * Rigorous due diligence and credit checks.
insolvency * A high proportion of our current order book is public
could result sector focused.
in bad debt * Obtaining financial security where necessary, such as
and specific preferential payment terms or escrow
significant * Construction & Infrastructure continues to develop accounts.
financial long-term relationships with financially sound
loss. subcontractors.
Insolvency * Formal approval process before entering contracts,
of a supplier supported by tender review boards.
could disrupt
project
works, * Working with preferred or approved suppliers wherever
cause delay possible, which ensures visibility of both financial
and incur and workload commitments.
the costs
of finding
a * Regular meetings with key supply chain members to
replacement. exchange feedback and maintain dialogue, resulting in
meaningful relationships and a greater certainty of
There is project outcomes.
a risk that
credit checks
undertaken * Monitoring pipeline and order book.
in the past
may no longer
be valid. * Monitoring work in progress (uninvoiced income),
debts and retentions.
-------------- ------------------------------------------------------------ -------------------------------------------------------------
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
-------------- ------------------------------------------------------------ -------------------------------------------------------------------------
Inadequate Decrease
funding * Debt availability and terms continue to be favourable * Securing medium-term committed banking facilities.
A lack of for the Group, our clients and our supply chain.
liquidity
could impact * A three-stage process for approving development and
our ability * There has been a significant improvement in average investment-related schemes, which gives an early
to continue cash in the period, increasing confidence in future indication of potential long-term balance sheet
to trade investment opportunities. commitments.
or restrict
our ability
to achieve * We have significant headroom due to our bank * A disciplined allocation process for significant
market growth facilities and strong cash performance. project-related capital which considers all future
or invest requirements and return on investment.
in
regeneration * A strengthened balance sheet gives us the opportunity
schemes. to explore further investment in new regeneration * Daily monitoring of cash levels and regular
schemes. forecasting of future cash balances and facility
headroom.
* Regular stress-testing of long-term cash forecasts.
-------------- ------------------------------------------------------------ -------------------------------------------------------------------------
Mismanagement Decrease
of working * Working capital continues to improve as a result of * Monitoring and management of working capital with
capital working through the low-margin legacy projects, acute focus on any overdue work in progress, debtors
Poor better contract terms and timing of completions in or retentions.
management regeneration schemes together with the continued
of working benefits from cash optimisation and controls.
capital leads * Ongoing cash management.
to inadequate
liquidity * There has been improved cash management with average
and funding net debt significantly down for the period and * Cash profiling of key opportunities at an early stage
problems. changed to average net cash. to ensure they meet the Group's expectations.
* Daily monitoring of cash levels and weekly cash
forecast reports.
-------------- ------------------------------------------------------------ -------------------------------------------------------------------------
Maximise efficiency of resources
Contract terms need to reflect risks arising from the nature and duration of the works. Projects must be properly resourced to ensure successful delivery for clients
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
-------------- ------------------------------------------------------------ -----------------------------------------------------------
Mispricing Decrease
a contract * Improved contract procurement routes and terms are * A well-established bidding process with experienced
If a contract reflected in our forward order book and pipeline. estimating teams.
is
incorrectly
costed this * We have maintained our drive to select projects that * Robust review of pipeline at key stages, with
could lead are right for the business and match our risk rigorous due diligence and risk assessment.
to loss of appetite.
profitability
that reduces * Tender reviews at three key stages of
overall gross * We are anticipating an increase in some of our supply pre-qualification, pre-tender and final tender
margin. It chain costs due to exchange rate inflation which will submission, with each stage approved by senior
might also need to be carefully managed to avoid surprises. management via tender review boards.
damage the
relationship
with the * Good progress made on legacy contracts with lower * Using the tender review process to mitigate any
client and margin projects largely worked through by year end. impacts of rising supply chain costs.
supply chain.
-------------- ------------------------------------------------------------ -----------------------------------------------------------
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
-------------- ------------------------------------------------------------ -------------------------------------------------------------
Changes to Decrease
contracts * The high proportion of two-stage and negotiated work * Carrying out work under standard terms wherever
and contract in our current order book has reduced the likelihood possible.
disputes of unforeseen changes and disputes.
Changes to
contracts * Reviewing contract terms at tender stage and ensuring
and contract * Improved early warning tools and metrics are flagging variations are approved by the appropriate level of
disputes potential issues in Construction earlier than before. management.
could lead
to costs
being * Development is continuing on electronic project * Well-established systems of measuring and reporting
incurred management and commercial controls to improve trend project progress and estimated outturns that include
that are analysis and early warning intervention. contract variations.
not
recovered,
loss of * Continued use and development of early warning tools.
profitability
and delayed
receipt of * Building Information Modelling (BIM) to identify any
cash. design issues before costs are incurred.
Ultimately
we may need
to resort * Regular project reviews including feedback from peers
to legal ,
action to to learn from experience and put procedures in place
resolve to prevent or mitigate issues on future projects.
disputes
which can
prove costly * Where legal action is necessary, taking appropriate
with advice and making suitable provision for costs.
uncertain
outcomes,
as well as * Monthly monitoring of financial and operational
damaging performance on projects.
relationships
.
* Electronic dashboards for project management and
commercial metrics.
-------------- ------------------------------------------------------------ -------------------------------------------------------------
Poor project Decrease
delivery * New early warning tools are flagging problems in * Incentivising project teams on Perfect Delivery
Failure to project delivery, enabling earlier intervention. outcomes to achieve high levels of client
meet client satisfaction.
expectations
could incur * Improved project selectivity has de-risked the order
costs that book and reduced the probability of poor performance. * Strategic supply chain trading arrangements to help
erode profit ensure consistent quality.
margins and
lead to the * Various initiatives in Construction are underway that
withholding focus on improvements in product quality, * Electronic project management tools which help
of interim predictability and customer experience. improve quality and efficiency.
cash payments
which impacts
working * Fit Out is using a sophisticated initiative to drive * Continued application of early warning tools to
capital. customer service and experience. highlight delivery issues.
It may also
result in
reduction * We have used electronic snagging technology to * An escalation process to ensure senior management
of repeat improve the way we manage project close outs. intervention at an early stage if necessary.
business
and client
referrals. * Urban Regeneration has established a team * Formal internal peer reviews that highlight areas of
specifically engaged to enrich customer experience improvement and share best practice and lessons
both pre- and post-occupation. learned exercises.
* Collection and analysis of client feedback.
* Monthly monitoring of project performance and
electronic dashboards for project management and
commercial metrics.
-------------- ------------------------------------------------------------ -------------------------------------------------------------
Pursue innovation
Innovation drives quality, efficiency and competitive advantage. Continued developments in technology give us opportunities to improve our delivery and service. Business continuity depends on secure and resilient IT systems and the persistent threat of cyber-risks continues to present a challenge.
Risk and Risk change in reporting Mitigating activities
potential period(1)
impact
------------ ------------------------------------------------------------ --------------------------------------------------------------
Failure Decrease
to innovate * The divisions have continued to develop solutions to * One of our core values is to challenge the status quo
A failure improve efficiency, customer service and employee and innovation is strongly encouraged. New ideas are
to produce satisfaction. Examples range from engineering welcomed from every employee, partner and supplier.
or embrace solutions such as Construction & Infrastructure's
new uphill excavator to the social enterprise initiative
products set up in Basildon. * Business improvement and IT forums review, sponsor
and and promote new innovations across the business.
techniques
could
diminish
our
delivery
to clients
and reduce
our
competitive
advantage.
It could
also make
us less
attractive
to existing
or
prospective
employees.
------------ ------------------------------------------------------------ --------------------------------------------------------------
Failure No change
to invest * We have continued to invest in IT as part of a * A centralised IT service that improves efficiency,
in Group-wide strategy, with a centralised team working oversight, reporting, security and performance, with
information to ensure a stable and resilient IT environment. This localised divisional resource providing
technology has allowed us to focus with confidence on delivering business-specific product support.
Investment new and improved technology into the business.
in IT is
necessary * Group-wide and divisional IT forums that discuss and
to meet * New software was introduced to parts of the business report IT strategy and operations.
the future where it was needed, including customer relationship
needs of management, data analytics, workflow management,
the business intelligence and project-specific commercial * Continuing investment to improve infrastructure,
business and operational tools. More new technology is in the application service and new technology.
in terms pipeline.
of expected
growth, * A dedicated information security team certified and
security * We upgraded our Group-wide financial software with accredited with key industry bodies in data
and the option to add additional construction-specific protection and information security.
innovation, features as required.
and enables
its * Group-wide risk and security strategies that address
long-term * Security levels and data resilience were improved as creating awareness, threat alert, risk and
success. a result of Group- wide initiatives that included a vulnerability prioritisation and response.
new dedicated and accredited information security and
compliance team, the rollout of endpoint encryption,
initiation of formal threat analysis including active * Government-accredited security installations and
monitoring of external web-based threats, and data certification to hold protectively marked information,
protection and information security training. including under the Government's Cyber Essentials
Scheme.
------------ ------------------------------------------------------------ --------------------------------------------------------------
(1) Risk change in reporting period signifies the Board's opinion of pre-mitigation risk movement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSUBSWRBWAOURR
(END) Dow Jones Newswires
March 27, 2017 04:52 ET (08:52 GMT)
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