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FAN Volution Group Plc

434.60
7.00 (1.64%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Volution Group Plc LSE:FAN London Ordinary Share GB00BN3ZZ526 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  7.00 1.64% 434.60 435.00 436.80 440.20 424.60 439.00 314,810 16:35:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Equip Rental & Leasing, Nec 328.01M 37.37M 0.1889 23.03 860.4M

Volution Group plc Annual Report & Accounts 2017 (9571U)

30/10/2017 10:09am

UK Regulatory


Volution (LSE:FAN)
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TIDMFAN

RNS Number : 9571U

Volution Group plc

30 October 2017

Monday 30 October 2017

Volution Group plc

Annual Report and Accounts 2017 and Notice of Annual General Meeting

Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction markets, announces that following the release by Volution on 10 October 2017 of the Company's Preliminary Results Announcement for the year ended 31 July 2017, it has today posted and made available to shareholders on its website, http://www.volutiongroupplc.com/ the documents listed below:

   --      Annual Report and Accounts 2017 
   --      Notice of Annual General Meeting 2017 
   --      Form of Proxy for the Annual General Meeting 2017 

Copies of these documents are also being submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.hemscott.com/nsm.do

The Company's Annual General Meeting will be held at 12.00 noon on Wednesday 13 December 2017 at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ.

A condensed set of financial statements and information on important events that have occurred during the year ended 31 July 2017 and their impact on the financial statements, were included in the Company's Preliminary Results Announcement made on 10 October 2017, which is available on the Company's website referred to above. That information together with the information set out below in the appendices to this announcement (which is extracted from the Annual Report and Accounts 2017), constitute the material required by Disclosure Guidance & Transparency Rule 6.3.5(2)(b) which is required to be communicated to the media in full unedited text through a Regulatory Information Service. This announcement is not a substitute for reading the full Annual Report and Accounts 2017.

- ends -

Enquiries:

Volution Group plc

   Michael Anscombe, Company Secretary                        +44 (0) 1293 441662 

Note to Editors:

Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction markets in the UK, the Nordics and Central Europe.

The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin-Sifan) division. The Ventilation Group consists of 13 key brands - Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Fresh, PAX, VoltAir System, Welair, inVENTer, Brüggemann and Ventilair, focused primarily on the UK, the Nordic and Central European ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM (Torin-Sifan) division supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.

For more information, please go to: www.volutiongroupplc.com

Legal Entity Identifier: 213800EPT84EQCDHO768

APPICES

Appendix A: Directors' Responsibility Statement

The following Directors' Responsibility Statement is extracted from page 88 of the Annual Report and Accounts 2017 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5 (2) (b). The statement relates to the full Annual Report and Accounts 2017 and not the extracted information contained in this announcement:

The Directors are responsible for preparing the Annual Report and the Group and parent company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and parent company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with IFRS as adopted by the EU and applicable law and have elected to prepare the parent company financial statements in accordance with IFRS as adopted by the EU.

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 parent company and of their profit or loss for that period. In preparing each of the Group and parent company financial statements, the Directors are required to:

 
 --   select suitable accounting policies and then apply them consistently; 
 --   make judgements and estimates that are reasonable and prudent; 
 --   state whether the Group and parent company financial statements 
       have been prepared in accordance with IFRS as adopted by the 
       EU; and 
 --   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. 
 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a strategic report, directors' report, directors' remuneration report and corporate governance statement that complies with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We confirm that to the best of our knowledge:

-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole; and

-- the Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

-- the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

By order of the Board

Ronnie George

Chief Executive Officer

10 October 2017

Ian Dew

Chief Financial Officer

10 October 2017

Appendix B: Principal Risks and Uncertainties

The following is extracted from pages 32 to 37 of the Annual Report and Accounts 2017 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5 (2) (b). The information relates to the full Annual Report and Accounts 2017 and not the extracted information contained in this announcement:

The Board is committed to protecting and enhancing the Group's reputation and assets, while safeguarding the interests of shareholders. It has overall responsibility for the Group's system of risk management and internal control.

The Group's businesses are affected by a number of risks and uncertainties. These may be impacted by internal and external factors, some of which we cannot control. Many of the risks are similar to those found by comparable companies in terms of scale and operations.

The risks and uncertainties facing the Group have also been considered in the context of the UK leaving the European Union. Whilst negotiations continue between the UK and the European Union, it is still too early to judge the long-term implications, and at the current time we consider that the principal risks affecting the Group are unchanged. The Board will, however, continue to closely monitor market conditions and will react accordingly.

Our approach

Risk management and maintenance of appropriate systems of control to manage risk are the responsibilities of the Board and are integral to the ability of the Group to deliver on its strategic priorities. The Board has developed a framework of risk management which is used to establish the culture of effective risk management throughout the business by identifying and monitoring the material risks, setting risk appetite and determining the overall risk tolerance of the Group. This framework of risk management has been enhanced this year and additional processes have been introduced across the Group which will assist the Board to monitor and assess the principal risks throughout the year. In addition, to enhance risk awareness, embed risk management and gain greater participation in managing risk across the Group, a programme of employee communication commenced during the year.

The Group's risk management systems are monitored by the Audit Committee, under delegation from the Board. The Audit Committee is responsible for overseeing the effectiveness of the internal control environment of the Group.

BDO LLP (BDO) continued to act in the capacity of internal auditor and provide independent assurance that the Group's risk management, governance and internal control processes are operating effectively. BDO continued to act in this capacity throughout the financial year ended 31 July 2017.

Identifying and monitoring material risks

Material risks are identified through a detailed analysis of individual processes and procedures (bottom-up approach) and a consideration of the strategy and operating environment of the Group (top-down approach).

The risk evaluation process begins in the operating businesses with a biannual exercise undertaken by management to identify and document the significant strategic, operational, financial and accounting risks facing the businesses. This process ensures risks are identified and monitored and management controls are embedded in the businesses' operations.

The risk assessments from each of the operating businesses are then considered by Group management, which evaluates the principal risks of the Group with reference to the Group's strategy and operating environment for review by the Board.

Our principal risks and uncertainties

The UK Corporate Governance Code (the Code) states that the Board is responsible for determining the nature and extent of the principal risks it is willing to take in achieving its strategic objectives and that it should maintain sound risk management and internal control systems. In accordance with provision C.2.1 of the Code, the Directors confirm that they have carried out a robust assessment of the principal risks facing the Group, including those which would threaten the business model, future performance, solvency or liquidity.

Set out in this section of the Strategic Report are the principal risks and uncertainties which could affect the Group and which have been determined by the Board, based on the robust risk evaluation process described above, to have the potential to have the greatest impact on the Group's future viability. These risks are similar to those reported last year, although with some movement on the direction of the perceived risk. For each risk there is a description of the possible impact of the risk to the Group, should it occur, together with strategic consequences and the mitigation and control processes in place to manage the risk. This list is likely to change over time as different risks take on larger or smaller significance.

 
 Risk            Impact                 Strategic         Likelihood   Potential   Risk Direction   Mitigation 
                                         consequence                    impact 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Economic        Demand for             Our ability       Possible     High        Stable           Geographic spread 
 risk             our products           to achieve                                                 from our 
 including        serving the            our ambition                               Trading         international 
 the UK exit      residential            for continuing                             patterns        acquisition 
 from the         and commercial         organic growth                             during          strategy helps 
 EU.              construction           would be                                   the year        to mitigate 
                  markets would          adversely                                  have remained   the impact of 
 A decline        decline. This          affected.                                  stable          local fluctuations 
 in general       would result                                                      including       in economic 
 economic         in a reduction                                                    any which       activity. 
 activity         in revenue                                                        may be 
 and/or a         and profitability.                                                attributed      New product 
 specific                                                                           to the          development, 
 decline                                                                            decision        the breadth 
 in activity                                                                        to leave        of our product 
 in the                                                                             the EU.         portfolio and 
 construction                                                                                       the strength 
 industry,                                                                                          and specialisation 
 including,                                                                                         of our sales 
 but not                                                                                            forces should 
 exclusively,                                                                                       allow us to 
 an economic                                                                                        outperform against 
 decline                                                                                            a general decline. 
 caused by 
 the UK                                                                                             We are heavily 
 leaving                                                                                            exposed to the 
 the European                                                                                       RMI market, 
 Union.                                                                                             which is more 
                                                                                                    resilient to 
                                                                                                    the effects 
                                                                                                    of general economic 
                                                                                                    decline affecting 
                                                                                                    the construction 
                                                                                                    industry. This 
                                                                                                    remains true 
                                                                                                    even under current 
                                                                                                    circumstances 
                                                                                                    where conditions 
                                                                                                    specific to 
                                                                                                    the public RMI 
                                                                                                    market mean 
                                                                                                    that our sales 
                                                                                                    in that sector 
                                                                                                    have recently 
                                                                                                    declined. 
 
                                                                                                    Our business 
                                                                                                    is not capital 
                                                                                                    intensive and 
                                                                                                    our operational 
                                                                                                    flexibility 
                                                                                                    allows us to 
                                                                                                    react quickly 
                                                                                                    to the impact 
                                                                                                    of a decline 
                                                                                                    in volume. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Acquisitions.   Revenue and            Our strategic     Possible     Medium      Stable           The ventilation 
                  profitability         ambition                                                    industry in 
 We may fail      would not             to grow by                                 We continue      Europe is fragmented 
 to identify      grow in line          acquisition                                to implement     with many 
 suitable         with management's     may be                                     our strategy,    opportunities 
 acquisition      ambitions             compromised.                               completing       to court acquisition 
 targets          and investor                                                     two              targets. 
 at an            expectations.                                                    acquisitions 
 acceptable                                                                        during           Senior management 
 price or         Failure to                                                       the year.        has a clear 
 we may fail      properly integrate                                                                understanding 
 to complete      a business                                                                        of potential 
 or properly      may distract                                                                      targets in the 
 integrate        senior management                                                                 industry and 
 the              from other                                                                        a track record 
 acquisition.     priorities                                                                        of ten acquisitions 
                  and adversely                                                                     over the past 
                  affect revenue                                                                    five years. 
                  and profitability. 
                                                                                                    Management is 
                  Financial                                                                         experienced 
                  performance                                                                       in integrating 
                  could be impacted                                                                 new businesses 
                  by failure                                                                        into the Group. 
                  to integrate 
                  acquisitions                                                                      Our policy of 
                  and to secure                                                                     rigorous due 
                  possible synergies.                                                               diligence prior 
                                                                                                    to acquisition 
                                                                                                    and a structured 
                                                                                                    integration 
                                                                                                    process post 
                                                                                                    acquisition 
                                                                                                    has been maintained. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Foreign         The commerciality      Our ambition      Likely       Medium      Increasing.      Significant 
 exchange        of transactions        to grow                                                     transactional 
 risk.           denominated            internationally                            Our policy       risks are hedged 
                 in currencies          through                                    on foreign       by using forward 
 The exchange    other than             acquisition                                currency         currency contracts 
 rates between   the functional         exposes us                                 risk has         to fix exchange 
 currencies      currency of            to increasing                              remained         rates for the 
 that we         our businesses         levels of                                  unchanged.       ensuing financial 
 use may         and/or the             translational                                               year. 
 move            perceived              foreign                                    Our exposure 
 adversely.      performance            exchange                                   to the           Revaluation 
                 of foreign             risk.                                      translation      of foreign 
                 subsidiaries                                                      effect           currency-denominated 
                 in our                                                            of foreign       assets and 
                 Sterling-denominated                                              earnings         liabilities 
                 consolidated                                                      has increased    is partially 
                 financial                                                         following        hedged by 
                 statements                                                        the              corresponding 
                 may be adversely                                                  acquisition      foreign currency 
                 affected by                                                       of VoltAir       bank debt. 
                 changes in                                                        System 
                 exchange rates.                                                   in Sweden 
                                                                                   during 
                                                                                   the year. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 IT Systems      Failure of             We could          Possible     Medium      Increasing       Disaster recovery 
 including       our IT and             temporarily                                                 and data backup 
 cyber breach.   communication          lose sales                                 We believe       processes are 
                 systems could          and market                                 there            in place, operated 
 We may be       affect any             share and                                  is an            diligently and 
 adversely       or all of              could                                      increasing       tested regularly. 
 affected        our business           potentially                                risk as 
 by a            processes              damage our                                 the frequency    A significant 
 breakdown       and have significant   reputation                                 and              Enterprise Resource 
 in our IT       impact on              for customer                               sophistication   Planning system 
 systems         our ability            service.                                   of               upgrade is underway 
 or a failure    to trade,                                                         cyberattacks     for several 
 to properly     collect cash                                                      on businesses    key sites, managed 
 implement       and make payments.                                                has been         by a dedicated 
 any new                                                                           increasing.      team of experienced 
 systems.                                                                                           senior employees 
                                                                                                    from the business. 
                                                                                                    A disaster failover 
                                                                                                    site has been 
                                                                                                    implemented. 
 
 
                                                                                                    We have a 
                                                                                                    three-layered 
                                                                                                    system of network 
                                                                                                    security protection 
                                                                                                    against cyberattack 
                                                                                                    or breaches 
                                                                                                    of security. 
                                                                                                    This infrastructure 
                                                                                                    is maintained 
                                                                                                    to withstand 
                                                                                                    the increasingly 
                                                                                                    sophisticated 
                                                                                                    worldwide cyber 
                                                                                                    threats. We 
                                                                                                    also undertake 
                                                                                                    regular cyber 
                                                                                                    security testing. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Customers.      Any deterioration      Our organic       Possible     Medium      Stable           We have strong 
                  in our relationship   growth                                                      brands, recognised 
 A significant    with a significant    ambitions                                  Our underlying   and valued by 
 amount of        customer could        would be                                   risk of          our end users, 
 our revenue      have an adverse       adversely                                  losing           and this gives 
 is derived       significant           affected.                                  the revenue      us continued 
 from a small     effect on                                                        of any           traction through 
 number of        our revenue                                                      one customer     our distribution 
 customers        from that                                                        continues        channels and 
 and from         customer.                                                        unchanged;       with consultants 
 our                                                                               however,         and specifiers. 
 relationships                                                                     our recent 
 with heating                                                                      acquisitions     We have a very 
 and                                                                               have further     wide range of 
 ventilation                                                                       served           ventilation 
 consultants.                                                                      to diversify     and ancillary 
 We may fail                                                                       our customer     products that 
 to maintain                                                                       base.            enhance our 
 these                                                                                              brand proposition 
 relationships                                                                                      and make us 
 .                                                                                                  a convenient 
                                                                                                    "one--stop-shop" 
                                                                                                    supplier. 
 
                                                                                                    We continue 
                                                                                                    to develop new 
                                                                                                    and existing 
                                                                                                    products to 
                                                                                                    support our 
                                                                                                    product portfolio 
                                                                                                    and brand 
                                                                                                    reputation. 
 
                                                                                                    We provide an 
                                                                                                    excellent level 
                                                                                                    of customer 
                                                                                                    service. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Legal and       The shift              Our organic       Possible     Medium      Stable           We participate 
 Regulatory      towards higher         growth                                                      in trade bodies 
 environment.    value-added            ambitions                                  There            that help to 
                 and more               may be                                     has been         influence the 
 Changes         energy-efficient       adversely                                  no significant   regulatory 
 in laws         products may           affected.                                  new              environment 
 or regulation   not develop                                                       legislation      in which we 
 relating        as anticipated         We may need                                or regulation,   operate and 
 to the carbon   resulting              to review                                  or changes       as a consequence 
 efficiency      in lower sales         our acquisition                            to current       we are also 
 of buildings,   and profit             criteria                                   legislation      well placed 
 the             growth.                to reflect                                 or regulation,   to understand 
 efficiency                             the dynamics                               which            future trends 
 of electrical   If our products        of a new                                   has had,         in our industry. 
 products,       are not compliant      regulatory                                 or could 
 or compliance   and we fail            environment.                               have,            We are active 
 may change.     to develop                                                        a material       in new product 
                 new products           We may have                                impact           development 
                 in a timely            to redirect                                on the           and have the 
                 manner we              our new product                            business.        resource to 
                 may lose revenue       development                                                 react to and 
                 and market             activity.                                                   anticipate necessary 
                 share to our                                                                       changes in the 
                 competitors.                                                                       specification 
                                                                                                    of our products. 
                 Failure to 
                 manage certain                                                                     We employ internal 
                 compliance                                                                         specialist 
                 risks adequately                                                                   expertise, 
                 could lead                                                                         supported where 
                 to death or                                                                        needed by suitably 
                 serious injury                                                                     qualified and 
                 of an employee                                                                     experienced 
                 or third party,                                                                    external providers. 
                 and/or penalties                                                                   Local operational 
                 for non-compliance                                                                 compliance audits 
                 in health                                                                          are undertaken. 
                 and safety, 
                 anti-bribery,                                                                      We have training 
                 data protection                                                                    and awareness 
                 or competition                                                                     programmes in 
                 law.                                                                               place such as 
                                                                                                    health and safety 
                                                                                                    and anti-bribery. 
                                                                                                    We have a 
                                                                                                    whistleblowing 
                                                                                                    hotline managed 
                                                                                                    by an independent 
                                                                                                    third party 
                                                                                                    providing employees 
                                                                                                    with a process 
                                                                                                    to raise 
                                                                                                    non-compliance 
                                                                                                    issues. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Supply chain    Sales and              Organic growth    Unlikely     Medium      Stable           We establish 
 and raw          profitability         may be reduced.                                             long-term 
 materials.       may be reduced                                                   Our pattern      relationships 
                  during the            Our product                                of purchasing    with key suppliers 
 Raw materials    period of             development                                and              to promote 
 or components    constraint.           efforts may                                relationships    continuity 
 may become                             be redirected                              with our         of supply and 
 difficult        Prices for            to find                                    long-term        where possible 
 to source        the input             alternative                                supplier         we have alternative 
 because          material may          materials                                  base remains     sources identified. 
 of material      increase and          and components.                            unchanged. 
 scarcity         our costs 
 or disruption    may increase.                                                    Our policy 
 of supply.                                                                        of ensuring 
                                                                                   a resilient 
                                                                                   supply 
                                                                                   base remains 
                                                                                   a priority. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 Innovation.     Scarce development     Our organic       Possible     Low         Stable           Our product 
                 resource may           growth                                                      innovation is 
 We may fail     be misdirected         ambitions                                  We continue      driven by a 
 to innovate     and costs              depend in                                  to demonstrate   deep understanding 
 commercially    incurred               part upon                                  innovation       of the ventilation 
 or              unnecessarily.         our ability                                with new         market and its 
 technically                            to innovate                                product          economic and 
 viable          Failure to             new and                                    launches,        regulatory drivers. 
 products        innovate may           improved                                   and a            The Group starts 
 to maintain     result in              products                                   number           with a clear 
 and develop     an ageing              to meet and                                of awards        marketing brief 
 our product     product portfolio      create market                              were received    before embarking 
 leadership      which falls            needs. In                                  during           on product 
 position.       behind that            the medium                                 the year.        development. 
                 of our competition.    term, failure 
                                        to innovate 
                                        may result 
                                        in a decline 
                                        in sales 
                                        and 
                                        profitability. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 People.         Skilled and            Our               Possible     Low         Stable           Regular employee 
                  experienced           competitiveness                                             appraisals allow 
 Our              employees             and growth                                 There            two-way feedback 
 continuing       may decide            potential,                                 have been        on performance 
 success          to leave the          both organic                               no significant   and ambition. 
 depends          Group, potentially    and inorganic,                             changes 
 on retaining     moving to             could be                                   to the           A Management 
 key personnel    a competitor.         adversely                                  supply           Development 
 and                                    affected.                                  and retention    Programme was 
 attracting       Any aspect                                                       of quality       initiated in 
 skilled          of the business                                                  employees.       2013 (with the 
 individuals.     could be impacted                                                                 latest to be 
                  with resultant                                                                    launched in 
                  reduction                                                                         late 2017) to 
                  in prospects,                                                                     provide key 
                  sales and                                                                         employees with 
                  profitability.                                                                    the skills needed 
                                                                                                    to grow within 
                                                                                                    the business 
                                                                                                    and to enhance 
                                                                                                    their contribution 
                                                                                                    to the business. 
 
                                                                                                    The Group aims 
                                                                                                    to reward and 
                                                                                                    incentivise 
                                                                                                    employees 
                                                                                                    competitively. 
--------------  ---------------------  ----------------  -----------  ----------  ---------------  --------------------- 
 

Appendix C: Related Party Transactions

The following description of related party transactions involving the Company and its subsidiaries during the financial year ended 31 July 2017 is extracted from page 137 of the Annual Report and Accounts 2017 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5 (2)(b):

Transactions between Volution Group plc and its subsidiaries, and transactions between subsidiaries, are eliminated on

consolidation and are not disclosed in this note. A breakdown of transactions between the Group and its related parties is disclosed

below. No related party loan note balances exist at 31 July 2017 or 31 July 2016.

There were no material transactions or balances between the Company and its key management personnel or members of

their close family. At the end of the period, key management personnel did not owe the Company any amounts.

The Companies Act 2006 and the Directors' Remuneration Report Regulations 2013 require certain disclosures of Directors' remuneration.

The details of the Directors' total remuneration are provided in the Directors' Remuneration Report (see pages 67 to 84).

Compensation of key management personnel

 
                                        2017  2016 
==================================== 
                                      GBP000  GBP000 
====================================  ======  ====== 
Short-termemployeebenefits             2,714   2,292 
Share-basedpaymentchange(seenote32)      512     389 
====================================  ======  ====== 
Total                                  3,226   2,681 
====================================  ======  ====== 
 

Key management personnel is defined as the CEO, the CFO and the ten (2016: nine) individuals who report directly to the CEO.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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