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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Weir Group Plc | LSE:WEIR | London | Ordinary Share | GB0009465807 | ORD 12.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.00 | -0.09% | 2,112.00 | 2,110.00 | 2,112.00 | 2,118.00 | 2,108.00 | 2,114.00 | 98,201 | 11:43:13 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Pumps And Pumping Equipment | 2.64B | 227.9M | 0.8759 | 24.09 | 5.49B |
TIDMWEIR
RNS Number : 2116I
Weir Group PLC
31 March 2020
The Weir Group PLC
31 March 2020
2019 Annual Report and 2020 Annual General Meeting
The following documents have today been posted or otherwise made available to shareholders:
1. Annual Report and Financial Statements for the period ended 31 December 2019 (the "2019 Annual Report");
2. Notice of 2020 Annual General Meeting; and 3. Form of Proxy for the 2020 Annual General Meeting.
In accordance with Listing Rule 9.6.1, a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM.
The documents (except the Form of Proxy) are also available on the Company's website at www.global.weir and in hard copy to shareholders upon request to Investor Relations, The Weir Group PLC, 1 West Regent Street, Glasgow, G2 1RW.
The Company currently intends to hold its 2020 Annual General Meeting (the "AGM") at the Company's Head Office, 1 West Regent Street, Glasgow, G2 1RW, on Tuesday 28 April 2020 at 2.30pm. As set out in the Notice of AGM, the Company fully supports the Government restrictions on mass gatherings, non-essential travel and social contact currently in place. On this basis, the Board has concluded that it is appropriate to strongly urge shareholders not to attend the AGM in person this year. The Company may be required to further revise its arrangements for the AGM if attending the meeting in person is not lawful at the time the AGM is due to be held. The Company will be closely monitoring the impact of COVID-19 and how this may affect the arrangements for the AGM. Shareholders should therefore continue to monitor the Company's website and announcements for any updates in relation to the AGM.
The Company's full year results announcement of 26 February 2020 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards.
The 2019 Annual Report submitted to the National Storage Mechanism today also contains information regarding the Company's principal risks and uncertainties as at 26 February 2020 (being the date of the 2019 Annual Report) and a responsibility statement relating to the content of the 2019 Annual Report; an extract of this information is provided below as required under paragraph 6.3.5 of the DTR, however this material should be read in conjunction with and is not a substitute for reading the full 2019 Annual Report. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2019 Annual Report.
APPICES
Appendix A: Principal risks and uncertainties as at 26 February 2020 (the date of the 2019 Annual Report)
A description of the principal risks and uncertainties that the Company faces is extracted in full and unedited form pages 54 to 59 of the 2019 Annual Report.
As in any business, there are risks and uncertainties which could impact the Group's ability to achieve its objectives in the future. The Group's risk management and assurance framework is designed to make this less likely by clearly identifying and seeking to mitigate these key risks.
The Board has conducted a robust assessment of the principal risks, alongside the Risk Appetite Statement set out on page 52 meeting the Board's responsibilities in connection with Risk Management and Internal Control details in the UK Corporate Governance Code. Each of the principal risks is assigned an owner from amongst the Board or Group Senior Management team and a detailed review of each principal risk has been completed in the year.
The Group's risk registers were reviewed and validity of the existing prior year principal risks were reassessed and consideration was given as to whether any new principal risks have emerged, or certain risks are no longer considered to be a principal risk. This review resulted in changes being made to the principal risks in 2019.
The identified principal risks were subjected to a detailed assessment based on the following considerations:
-- Severity of each risk relative to the Group's stated risk appetite;
-- Existence and effectiveness of actions and internal controls which serve to mitigate the risk;
-- The overall effectiveness of the Group's control environment, including assurance and any identified control weakness; and
-- The extent to which each of the principal risks could impact the Group's viability in financial or operational terms, due to their potential effects on the business plan, solvency or liquidity.
The principal risks set out on pages 54 to 59 are those which we believe to have the greatest potential to impact our ability to achieve the Group's strategic objectives or which have the greatest potential impact on the Group's solvency or liquidity.
Principal Risks and Uncertainties Market volatility (Risk trend: Increasing) Changes in key markets, including commodity prices affecting mining and oil and gas, have an adverse impact on customers' expenditure plans. Fundamental market structure changes could alter the long-term economics of the business. Why we think this is important How we are mitigating the Changes during 2019 risk We need to remain sufficiently flexible to allow us to We continue to focus on anticipate downturns, to allow us to We maintain regular customer adjust our operations accordingly, and equally to meet engagement with our relationships, technology growth in demand when our customers' customers to understand development and Value markets are buoyant and therefore capital investment is their needs and Chain Excellence to manage high. Otherwise, we are at risk of challenges, this risk. incurring unnecessary costs during downturns, and not and ensure our business is The risk trend is maximising our potential for growth appropriately aligned. increased to reflect the in buoyant markets. shorter cycle nature of Improved demand planning our North American oil and forecasting including and gas markets and the Sales and Operations associated challenging Planning within VCE. market conditions. We have responded to this Our strategic planning with a GBP35m cost saving utilises extensive market programme and our intelligence to assist in intention to seek to forecasting opportunities maximise value from our and dips in markets. Oil & Gas Division at the We maintain contingency right time. plans for downturns. --------------------------- --------------------------- Technology (Risk trend: No change) Failure of the Group to embrace technology and innovate and continue to develop and invest in both our core product offering and technologically advanced next generation, sustainable solutions and services for our customers, leaves the Group exposed in the defence of its market leading positions and ability to deliver on its growth ambitions. Why we think this is important How we are mitigating the Changes during 2019 risk We need to continue to drive innovation across the Group This risk was updated and and collaborate with research partners The Technology Vision & expanded to reflect the to ensure there is a sustainable and evolving product Strategy is in place risk of failure to embrace offering leveraging new and adjacent defining the strategic technology. technologies. technology innovation arenas and Weir Innovation This can result in failure to achieve and maximise the Network strategic expected sales opportunities from new approach. External product launches and technological advances. partnering to provide horizon Failure to adapt our business model to capture economic technology scanning value from technological advances service. or prevent economic loss from other technological advances. Advanced Manufacturing Failure to develop products meeting the sustainable needs Centres established at key of our customers and other stakeholders. manufacturing site to
develop new intellectual property. --------------------------- --------------------------- Digital Transformation (Risk trend: Increasing) Failure to adapt to the digital transformation & changing business models in our end markets and adopt established digital foundations across the Group, results in an uncompetitive, underperforming or an incompatible digital product offering which negatively affect the Weir brand and loses connection with our customers. Why we think this is important How are we mitigating the Changes during 2019 risk The rapidly changing digital landscape, rate of Technological innovation technological advances and ever increasing Our existing research and continues to be at the levels of automation will impact the business, if we fail development initiatives forefront of the business to anticipate these changes and within the business, at due to the increasingly keep pace with market and customer expectations. Weir Advanced Research competitive market and the Centre, are enhanced pressure to provide Failure to manage this risk can result in loss of market through partnerships with customers solutions to share due to disruptive technologies certain improve the efficiency and advances in technology offerings from competitors. leading universities of their operations. around the world. Further information on These partnerships are progress made in this area designed to help the Group is set out on page 21. develop game-changing solutions to our Continued execution of the customers' Technology Vision and challenges and respond to Strategy through the year. their changing needs. The Innovation We devote skilled resource Strategy process has been to reviewing and defined, organisational responding to developing structures established, technologies, with our and Group and divisional agreements with specialist engineering strategies are external parties to in place. develop Internet of Things (IoT) technology. Engineering strategies are in place at Group and divisional levels with strategic innovation areas defined as part of the innovation strategy --------------------------- --------------------------- Competition (Risk trend: Increasing) Increasing presence of low cost competitors with improving quality in our end markets leads to significant pricing pressure and margin deterioration. Disruptive technologies or new entrants with alternative business models could also reduce our ability to sustainably win future business, achieve operating results and realise future growth opportunities. Continuing threat from third-party replicators. Why we think this is important How are we mitigating the Changes during 2019 risk Increasing presence of low cost competitors with improving This risk is new in the quality in our end markets can Horizon scanning for current year. lead to significant pricing pressures and market competitor threats deterioration. including patent searches and applications. Increased competition forces a continual release of longer wear life products resulting in Continued development of reducing our sales volumes with difficulty in realising operational efficiency and commercial benefits. improvement plans. Disruptive technologies or new entrants with alternative Technology solutions with business models could also reduce differentiation on our ability to sustainably win future business, achieve engineering expertise, operating results and realise future aftermarket service and growth opportunities. price. --------------------------- --------------------------- Value Chain Excellence (Risk trend: No change) Failure to achieve Value Chain Excellence improvements and the associated reduction in costs and enhanced capital efficiency. Why we think this is important How are we mitigating the Changes during 2019 risk If we fail to improve our value chain management, we risk: * Failing to meet our customer needs in terms of Regular KPI monitoring of Value Chain Excellence is product volume, quality and delivery, through a the value chain throughout a key area of strategic failure in internal and external supply chains the organisation. focus for the Group with resulting in a loss of reputation and sales; Value Chain Excellence Value Chain Excellence initiatives continually initiatives have been developing and the Group * Failure to optimise our inventory thus inhibiting the operating throughout the realising the benefits of Group investment strategy and creating slow moving Group to drive value these. and obsolete inventory ultimately impacting our chain improvements results; including expanding Value Chain Excellence is production in best cost embedded into the countries. divisions allowing for * Failure to manage potential above inflationary Global and divisional increases in procurement costs as commodity prices The Group's forward supply increase thereby reducing our cost competitiveness purchase commitments are chain communities to share and margins; and being closely monitored to best practice and leverage manage inventories economies of scale. at levels appropriate to * Failure to develop organisational capability to market conditions. sustain and improve operational performance results. Our credit risk management procedures are under continuous appraisal and review. We regularly monitor market activity to ensure we remain competitive. --------------------------- --------------------------- Environmental Sustainability (Risk trend: Increasing) Adverse effect of climate change and environmental events including extreme weather impacting our business, our customers and our supply chain. Failure to adapt to changes in legal, technological, social or market dynamics could affect our competitiveness, reputation, and ability to attract and retain talent. Why we think this is important How are we mitigating the Changes during 2019
risk Failure to manage this risk could have significant impacts This is a new risk in on us, our customers and our supply Our Technology Strategy in 2019. chain. These impacts could be both physical and place has a significant transitional. environmental focus and A new Chief Strategy and our new sustainability Sustainability Officer Furthermore, failure to manage these risks may have roadmap further underpins position appointed to the political and legal implications following our strategic priorities Group Executive. increased governmental focus. with clear and appropriately stretching There are also wider implications of this risk including goals. loss of market share, negative impact on reputation and failure to attract talent into the We are continuing strong organisation. engagement with stakeholders in this area. We evolve our environmental reporting processes and governance, including external rating submissions FTSE4Good, CDP, DJSI, etc to ensure robust foundations. --------------------------- --------------------------- Information Security and Resilience (Risk trend: Increasing) Failure to maintain the critical business systems and IT infrastructure required to meet the operational needs of the business. Failure to minimise disruption to business operations because of changes to business systems, including during planned transformation activities. Failure to adequately protect core business and stakeholders from cyber crime and other information security risk. Why we think this is important How are we mitigating the Changes during 2019 risk Failure to adequately protect and preserve the IT security and continuity confidentiality, integrity and availability We have an IT Governance continues to be a matter of information and systems from accidental, adversarial or Framework with a focus on of strategic priority for environmental threats could structured change the Group in lead to operational, reputational, regulatory or financial management techniques, an environment of impact. including setting project increasingly sophisticated governance levels in line cyber security threats. with risk. Progress to strengthen the Group's defences in Policies, procedures and this respect is being made baseline standards in through our IT relation to cyber risk and transformational IT security more programme. generally are continuously updated and rolled out to A new Chief Information operations. A programme of Officer position was user training appointed to the Group in relation to cyber risk Executive. We continually is in place. review the effectiveness of our key IT security All security related controls in consultation incidents are reported to with external experts. the Group Executive. We report upon any unplanned outages and Security Incident potential security Responder teams monitor breaches, with lessons our various security learned systems. across the Group. There is also a continued focus on the area from Internal Audit. --------------------------- --------------------------- Safety, Health and Environmental (SHE) (Risk trend: No change) Failure to adequately protect our people and other stakeholders from harm associated with a breach in SHE standards. Why we think this is important How are we mitigating the Changes during 2019 risk We operate in hazardous environments, and therefore have The Group continued to a fundamental duty to protect our The Weir Behavioural drive its safety agenda in people and other stakeholders from harm whilst conducting Safety system is in place 2019 which included the our business. As well as the personal to reduce the risk of prioritisation of impact on our people resulting from a failure to meet safety incidents. ESCO being fully this obligation, we would also be at integrated and aligned to risk of: In addition, there are the Weir global SHE * Reputational damage leading to a loss of customers; initiatives to prevent the standards. most common accident types. The Weir global SHE also featured * Legal action from regulators, including fines and SHE standards are prominently in the Group's penalties; and continually reviewed. global employee engagement survey programme which The SHE Excellence was rolled out in 2019. * Exclusion from markets important for our future Committee is responsible growth. for monitoring performance The Group continues to and compliance with monitor the potential Group objectives, policies impact of the Coronavirus and standards relating to (COVID -19), on its SHE. operations and people. The Chief Executive's Safety Committee meets monthly and is committed to achieving the highest of SHE standards. There is a formal SHE assurance programme with issues escalated as required through the reporting structures. --------------------------- --------------------------- Staff Recruitment, Development and Retention (Risk trend: No change) Failure to recruit, develop or retain key management and staff may lead to disruption to the Group's operations, functions and processes.
Why we think this is important How are we mitigating the Changes during 2019 risk Our people represent our biggest asset and failure to The Talent Development and attract, develop and retain key management Promotion of the Weir Succession Planning and staff would have a detrimental impact on the Group's Group Values & Behaviours, process is being further ability to deliver our key strategic Code of Conduct and HR developed. objectives. Policies sets the standards and expectations Global employee engagement for all of our staff, surveys were completed. reinforcing our stated commitment to attracting All-employee share and retaining the very ownership plan was best people. launched globally. Global HR management system being High performer assessments deployed. are undertaken to identify and develop our very best talent. Succession plans are in place and periodically reviewed for all of our key management. Personal Development Plans are set and reviewed for the effective development of all of our staff. We continue to offer competitive compensation and benefits packages. Personal development programmes including Weir University and the Weir Leadership Programme are open to participation by high potential staff members and these continue to attract high calibre individuals. --------------------------- --------------------------- Political and Social (Risk trend: No change) Adverse political action, or political and social instability, in territories in which we operate may result in strategic, financial or personnel loss to the Group. Why we think this is important How are we mitigating the Changes during 2019 risk We operate across the globe and therefore have to work The geopolitical risk within a wide range of political and Regular review of market landscape remained social conditions. Adverse events may occur in the attractiveness. Monitoring unsettled throughout 2019 territories in which we operate that may travel by Weir employees resulting in an increase require us to act swiftly to protect our people and our to higher risk in the frequency and property, and regulatory changes could locations in accordance rigour of the Group's impact our competitiveness. We need to be flexible and able with the Weir Group travel monitoring over a range of to anticipate such issues. policy. exposures including the political situation in Expansions into new territories are only undertaken after External expert risk the Middle East and the rigorous assessment of the risks, assessments and regular potential business impact including the social and political situation within the monitoring in higher risk of Brexit. territory. locations. Contingency plans and exit strategy planning. Our strategic planning assists in fore- casting potential political and social instability in regions. Continued assessment of global tariffs. Proactive monitoring of evolving policy and development of contingency plans as situations materialise. --------------------------- --------------------------- Ethics and Governance (Risk trend: No change) Interactions with our people, customers, suppliers and other stakeholders are not conducted with the highest standards of integrity which devalues our reputation and/or introduces a level of contractual risk above our appetite. Why we think this is important How are we mitigating the Changes during 2019 risk We are unwilling to accept dishonest or corrupt behaviour The governance and from our people, or external parties The Code of Conduct, legislative environment in acting on our behalf, whilst conducting supplemented with Group which the Group operates our business. If we fail to act with integrity, we are at policies on related continues to evolve risk of: topics, provides a clear and become more complex. * Reputational damage leading to a loss of customers; benchmark for how we We routinely review expect our business will operations in geographies be conducted. where ethical standards * Increased scrutiny from regulators; may not be as well Regular training is established as in other provided using a range of countries. * Legal action from regulators including fines, mechanisms including Town penalties and imprisonment; Hall style sessions, Policies continue to be online and induction updated and rolled out training. including Data Privacy and * Exclusion from markets important for our future Anti-Corruption. growth; The financial control framework is continually Compliance risk monitored for assessments have been * Failure to meet required social standards to maintain effectiveness. completed in several high licence to operate in our communities; and risk locations. Internal Audit's remit includes regular review of * Failure to comply with Group's process may lead to the anti-bribery and businesses committing to onerous contract terms or corruption and financial
conditions. controls across the Group. The Group Legal team is responsible for monitoring We expect all areas of the business to do the right thing compliance with and conduct business in compliance the Code of Conduct. with procedures, applicable laws, Weir Group operating policies and procedures, and the highest The compliance 'sub- ethical standards. function' within Group Legal continues to enhance global focus on compliance. A whistleblower hotline is available to all members of staff. Reports are investigated on a timely basis and summary reports provided to Group Executive and Board. --------------------------- ---------------------------
Appendix B: Directors' statement of responsibilities
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the Company financial statements in accordance with UK Accounting Standards and applicable law.
In preparing those 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 that the Group financial statements have complied with IFRS as adopted by the European Union, subject to any material departures being disclosed and explained.
-- State for the Company financial statements whether the applicable UK Accounting Standards have been followed, subject to any material departures being disclosed and explained.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that the Group financial statements comply with the 2006 Act and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 accounts may differ from legislation in other jurisdictions.
The Directors consider that the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for Shareholders to assess the Group's performance, business model and strategy.
Each of the Directors, as at the date of this report, confirms to the best of their knowledge that:
-- 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 of the Group.
-- The Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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