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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15.00 | 3.68% | 423.00 | 422.50 | 423.00 | 423.50 | 411.00 | 411.00 | 161,209 | 16:29:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Equip Rental & Leasing, Nec | 328.01M | 37.37M | 0.1889 | 22.39 | 836.67M |
From Apr 2019 to Apr 2024
TIDMFAN
RNS Number : 8446C
Volution Group plc
22 October 2020
Thursday 22 October 2020
Volution Group plc
Annual Report and Accounts 2020 including new Sustainability Strategy
Notice of Annual General Meeting
Volution Group plc ("Volution", the "Group" or the "Company", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, announces that following the release on 8 October 2020 of the Company's Preliminary Announcement of Final Results for the year ended 31 July 2020, it has today posted and made available to shareholders on its website, www.volutiongroupplc.com the documents listed below:
-- Annual Report and Accounts 2020 including Volution's new Sustainability Strategy -- Notice of Annual General Meeting 2020 -- Form of Proxy for Annual General Meeting 2020
Copies of these documents are also being submitted to the Financial Conduct Authority's National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
In accordance with the United Kingdom Government's public health guidelines on COVID-19 and in the interests of the safety and wellbeing of our shareholders, the AGM will be held as a closed meeting with the minimum quorum of two management shareholders present. Shareholders will not be permitted to attend. The Board recommends that shareholders appoint the Chairman of the AGM as their proxy rather than a named person who will not be permitted to attend the meeting.
As it is not possible for the Board to meet shareholders in person at the AGM, any questions that shareholders would like to raise can be sent by email to investors@volutiongroupplc.com ahead of the AGM.
A condensed set of financial statements and information on important events that have occurred during the year ended 31 July 2020 and their impact on the financial statements, were included in the Company's Preliminary Announcement of Final Results made on 8 October 2020, 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 2020), constitute the material required by Disclosure Guidance & Transparency Rule 6.3.5 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 2020.
- ends -
Enquiries:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441562
Legal Entity Identifier: 213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions.
Volution Group comprises 16 key brands across three regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair.
Australasia: Simx, Ventair.
For more information, please go to: www.volutiongroupplc.com
APPICES
Appendix A: Directors' Responsibility Statement
The following Directors' Responsibility Statement is extracted from page 104 of the Annual Report and Accounts 2020 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5. The statement relates to the full Annual Report and Accounts 2020 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 financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 Reduced Disclosure Framework and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the pro􀀀it or loss of the Group and Company for that period. In preparing the financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable IFRSs as adopted by the European Union have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 101, have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.
The Directors are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' confirmations
The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Company's position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed on pages 58 and 59, confirms that, to the best of their knowledge:
- the Company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 Reduced Disclosure Framework and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company;
- the Group financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
- the Directors' Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that they face.
In the case of each Director in office at the date the Directors' Report is approved:
- so far as the Director is aware, there is no relevant audit information of which the Group and Company's auditor is unaware;
- they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group and Company's auditor is aware of that information; and
- the financial statements on pages 114 to 163 were approved by the Board of Directors on 8 October 2020 and signed on its behalf by Ronnie George and Andy O'Brien.
By order of the Board
Ronnie George
Chief Executive Officer
8 October 2020
Andy O'Brien
Chief Financial Officer
8 October 2020
Appendix B: Principal Risks and Uncertainties
The following is extracted from pages 46 to 53 of the Annual Report and Accounts 2020 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5. The information relates to the full Annual Report and Accounts 2020 and not the extracted information contained in this announcement:
The Board is committed to protecting and enhancing the Group's reputation and assets in the interests of shareholders as a whole, while having due regard to the interests of all stakeholders. 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 other companies of similar scale and operations.
The risks and uncertainties facing the Group have been considered in the context of the continuing COVID-19 pandemic, as well as the potential implications from any changes in the trading relationship between the UK and the European Union (EU) from 1 January 2021. More detail of the specific risk associated with the new relationship yet to be negotiated between the UK and the EU can be found on pages 47 and 48. A specific assessment of the potential risks and our approach to management of these risks can be found on pages 50 to 53.
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. To enhance risk awareness, embed risk management and gain greater participation in managing risk across the Group, a programme of employee communication continues with all new employees receiving a brochure on joining Volution.
The Group's framework of risk management is 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 2020.
Identifying and monitoring material risks
Material risks (including emerging risks) that we consider may lead to threats to our business model, strategy and liquidity are identified through our framework of risk management, our 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 an annual 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 2018 UK Corporate Governance Code (the 2018 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 29 of the 2018 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. During this review we also considered the emerging risks facing the Group, the main one being the COVID-19 pandemic, and any impact on our assessment of principal risks. 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.
UK relationship with the European Union
Following the referendum outcome in June 2016, the UK left the EU on 31 January 2020. Since that date, the UK Government and European Commission have been negotiating the framework for the future relationship and any new agreement would operate from 1 January 2021. At the time of writing it is unclear what trading relationship the UK will have with the EU from 1 January 2021.
Our UK businesses, as well as those based in Continental Europe, are substantially "domestic" suppliers of goods to their own markets with relatively limited cross-border sales activity. We have reviewed the tariffs that would apply to any cross-border sales of our products between the UK and EU in the event of no trading relationship being agreed and these would be at an estimated tariff level of up to 3%. We do not believe the commerciality of these transactions would be materially impacted.
On the supply chain side, our primary non-UK supply comes from China, and so (aside from any heightened foreign exchange rate volatility) is not materially impacted. Border delays are recognised as a potential source of disruption, and as such we will continue to monitor the risk and remain agile to adjusting inventory levels and orders with our key suppliers in the run up to 31 December 2020.
We have undertaken an analysis of the risks and operational challenges to our business resulting from no trading relationship being agreed and consideration of these risks has been incorporated into the Group's principal risks as appropriate.
With a strong direct presence in the EU, the Board believes that Volution is well placed to respond to changes to future trading arrangements between the EU and the UK. Whilst it is clear that the uncertainty of a trade deal being agreed could have an impact on confidence and activity levels in the UK, our UK-based revenues account for less than 50% of the Group's overall revenues. In the longer term, as an international business with good logistics capabilities and an expanding geographic presence, we consider we have greater flexibility to withstand any UK-specific challenges.
We recognise that significant uncertainty will remain until a trade deal may be agreed and as such our understanding of potential risks and impacts is being regularly reviewed and assessed.
COVID-19 risk
At the beginning of the COVID-19 outbreak in January 2020, our initial focus, working with our Chinese supply partners, was to ensure continuation of supply of critical materials and components to our various businesses in the UK, Continental Europe and Australasia. Whilst a number of our suppliers did have to stop operating for a period of time, the agility of our supply chain teams both in China and in our operating businesses, coupled with sensible inventory holdings in our businesses, enabled us to continue uninterrupted supply to our customers.
As the scale of the pandemic escalated through March and all of our businesses began to be impacted, our local management teams, supported by Group guidance and with regular sharing of information and learnings across the Group, moved quickly and with agility to ensure a safe working environment for all of our employees. Those employees able to work remotely were supported and helped to do so, whilst our production facilities were reviewed to ensure appropriate social distancing with enhanced cleaning, hygiene and protection measures such as temperature checking being adopted to ensure the safety of our employees. At the date of this report all of our facilities are operational.
We entered the COVID-19 crisis with a robust balance sheet and significant financial headroom within our banking facilities. Our teams acted decisively across the Group to reduce costs and to protect liquidity. The finance teams have also been performing additional cash forecasting and stress testing to ensure Volution has sufficient liquidity, not just to survive the current COVID-19 crisis but also to ensure the Group emerges in a strong position, able to invest for growth going forward, whether organically or through acquisition. Further detail on our financial response and liquidity actions and position can be found in the Financial Review on page 40.
People and talent is a key risk and rightly so, because it is only with our talented employees that we are able to navigate our way through these unprecedented times. Volution's culture and values, notably commitment, professionalism and customer service, have also been critical to the resilient manner in which our teams have approached the challenges of COVID-19.
With the pandemic still very much prevalent, and ever changing government instructions and guidance, it is clear that COVID-19 will continue to affect our markets, customers, suppliers and employees. We have evaluated how COVID-19 has impacted and continues to impact our assessment of principal risks on pages 50 to 53.
Risks associated with the UK leaving the EU and negotiating a trade agreement to operate from 1 January 2021
Hot Features
Premium
Potential Risk Likelihood Potential Mitigation
impact
Increases in Likely Low The Group has considered the potential
tariffs and cost impact of World Trade Organisation
duty on goods tariffs coming into force for exports
and raw materials from the UK and imports into the UK, and
imported into the resultant cost of these potential
the UK from tariffs is not expected to be material
the EU and to the Group as a whole.
exported to
the EU
----------- ---------- -------------------------------------------------
Regulatory Likely Low In the short to medium term we do not
risks relating expect UK or EU approvals for our products
to potential to markedly change. Both CE and the proposed
changes to UKCA marking schemes will be aligned and
UK and EU-based based on the same international standards.
law and regulation
including product
approvals
----------- ---------- -------------------------------------------------
Exchange rate Likely Low To hedge against transactional foreign
volatility exchange risk we use forward foreign exchange
and reduction contracts to cover around 80-90% of our
in the value expected US Dollar purchases for a period
of Sterling of 12-18 months from inception. Our global
along with trading mix and product sourcing arrangements
the associated mean that historically we have had a natural
increase in gross margin hedge against a depreciation
the costs of in Sterling versus the Euro at a Group
goods from level.
overseas
The Group's approach to transaction risk
management is to enter into forward exchange
contracts for the purchase of the budgeted
monthly net expenditure in US Dollars
for a rolling period. The Group's treasury
function hedges this exposure by using
forward foreign exchange contracts put
in place to cover around 80-90% of these
transactions for 12-18 months from inception.
----------- ---------- -------------------------------------------------
Queues and Likely Medium We will continue to monitor this risk
delays at UK in the run up to 31 December 2020 and
and EU ports if deemed sensible will assess whether
as a result to increase supplies from our UK businesses
of increased to some of our European businesses prior
customs checks to this date.
----------- ---------- -------------------------------------------------
Labour force Unlikely Low We note the increased pressure on the
impacts, availability of lower skilled labour in
particularly recent years, and the reduction in migration
the mobility from EU countries since the Brexit referendum.
of As noted on page 52 however, we believe
the workforce that some of these workforce availability
and pressures will be reduced at least in
availability the near term, due to COVID-19 and unemployment
of talent levels in the UK. We are not critically
reliant on our workforce having to travel
extensively between the EU and the UK,
or the need to source EU workers on UK
contracts.
----------- ---------- -------------------------------------------------
Principal Risks
Risk Impact Strategic Likelihood Potential Risk Impact of Mitigation
consequence impact Direction COVID-19
Economic Demand for Our ability Possible High Pre-Covid: COVID-19 Geographic
risk our products to achieve Increasing has impacted spread from
serving our ambition and will our
A decline the for continuing Post continue international
in general residential organic Covid: to impact acquisition
economic and commercial growth Increasing economic strategy helps
activity construction would be outlook and to mitigate
and/or a markets adversely confidence the impact
specific would decline. affected in a number of local
decline This would of regions fluctuations
in activity result in in which in economic
in the a reduction we operate. activity.
construction in revenue That said New product
industry, and we believe development,
including, profitability that the breadth
but not government of our product
exclusively, responses portfolio
an economic and any and the strength
decline stimulus and
caused by packages specialisation
the COVID-19 deployed of our sales
pandemic are likely forces should
and the to be allow us to
new supportive outperform
relationship and help against a
between underpin general decline.
the UK and construction We have a
the EU from demand, and strong presence
1 January will focus in the RMI
2021. on energy market, which
efficient is more
and resilient
sustainable to the effects
technologies of general
including economic decline
ventilation affecting
systems the construction
industry.
This remains
true even
under current
circumstances.
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 Our strategic Possible Medium Pre-Covid: COVID-19 The ventilation
and ambition Stable may affect industry in
We may fail profitability to grow the cost Europe remains
to identify would not by acquisition Post- or timing fragmented
suitable grow in may be Covid: of any with many
acquisition line with compromised. Stable potential opportunities
targets management's acquisitions to court
at an ambitions but could acquisition
acceptable and investor also be an targets.
price or expectations. opportunity Senior
we may fail Failure for the Group management
to complete to properly with has a clear
or properly integrate potential understanding
integrate a business acquisitions of potential
the may distract coming to targets in
acquisition. senior the market. the industry
management Our strong and a track
from other cash position record of
priorities means we twelve
and adversely are well acquisitions
affect revenue positioned since IPO
and to benefit in June 2014.
profitability. if any Management
Financial attractive is experienced
performance opportunities in integrating
could be arise. new businesses
impacted into the Group.
by failure Our policy
to integrate of rigorous
acquisitions due diligence
and to secure prior to
possible acquisition
synergies. and a structured
integration
process
post-acquisition
has been
maintained.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
Foreign The Our ambition Possible Medium Pre-Covid: COVID-19 Significant
exchange commerciality to grow Increasing has impacted transactional
risk of internationally the customer risks are
transactions through Post-Covid: demand and hedged by
The exchange denominated acquisition Increasing supply chain using forward
rates between in currencies exposes patterns, currency
currencies other than us to which could contracts
that we the functional increasing lead to to fix exchange
use may currency levels unpredictable rates for
move of our of hedging of the ensuing
adversely. businesses translational currencies. financial
and/or the foreign We believe year.
perceived exchange that the Revaluation
performance risk. increased of foreign
of foreign economic currency
subsidiaries uncertainty denominated
in our in the assets and
Sterling context liabilities
denominated of COVID-19 is partially
consolidated (and Brexit) hedged by
financial makes it corresponding
statements likely that foreign currency
may be in the bank debt.
adversely near-term
affected exchange
by changes rates may
in exchange continue
rates. to see
heightened
levels of
volatility.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
IT Systems Failure We could Possible Medium Pre-Covid: We believe Disaster
including of our IT temporarily Increasing there is recovery
cyber breach and lose sales increased and data backup
communication and market Post-Covid: risk due processes
We may be systems share and Increasing to COVID-19 are in place,
adversely could affect could as there operated
affected any or all potentially is the diligently
by a of our damage potential and tested
breakdown business our reputation for: regularly.
in our IT processes for customer -- new risks A significant
systems and have service. linked to Enterprise
or a failure significant employees Resource
to properly impact on working from Planning
implement our ability home; and system has
any new to trade, -- an been implemented
systems. collect increase for several
cash and in targeted key sites.
make payments. phishing A disaster
campaigns failover site
and fraud has been
attempts. implemented.
We have a
three-layered
system of
network security
protection
against
cyberattack
or breaches
of security.
This
infrastructure
is maintained
to withstand
increasingly
sophisticated
worldwide
cyber threats.
We also
undertake
regular cyber
security testing
and training
of our
employees.
We have
commenced
a process
of internal
and external
penetration
testing with
quarterly
monitoring
checks.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
Customers Any Our organic Possible Low Pre-Covid: COVID-19 Our geographic
deterioration growth Stable has increased diversity
A number in our ambitions the risk reduces the
of our relationship and Operational Post-Covid: that risk associated
business with a key Excellence Increasing customers with key
derive customer may be could fall customers,
meaningful could have adversely into most of whom
amounts an adverse affected. financial only operate
of their effect on difficulties in single
revenue our revenue or change countries.
from key from that the way they We have strong
customers. customer. do business, brands,
Failure moving to recognised
to maintain more online and valued
relationships trading and by our end
with these reduction users, and
key in stock this gives
customers, levels. us continued
or with traction through
heating our distribution
and channels and
ventilation with consultants
consultants, and specifiers.
could result We have a
in revenue very wide
loss. range of
ventilation
and ancillary
products that
enhance our
brand
proposition
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 focus on
providing
excellent
customer
service.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
Regulatory The shift Our organic Possible Medium Pre-Covid: COVID-19 We participate
environment towards growth Stable has further in trade bodies
higher ambitions heightened that help
Laws or value-added may be Post-Covid: consumers' to influence
regulation and more adversely Decreasing and the regulatory
relating energy affected. regulators environment
to efficient We may /governments' in which we
the carbon products need to awareness operate and
efficiency may not review of air as a consequence
of buildings, develop our acquisition quality we are also
the as anticipated criteria and the role well placed
efficiency resulting to reflect ventilation to understand
of electrical in lower the dynamics can play. future trends
products sales and of a new We therefore in our industry.
and profit growth. regulatory believe that With the
compliance If our environment. in addition proposed
may change. products We may to the UK Future
are not have to already Homes Standard
compliant redirect supportive and
and we fail our new regulatory the European
to develop product backdrop Green Deal
new products development and drivers along with
in a timely activity. around carbon the Healthy
manner we and energy Homes Standards
may lose efficiency, in New Zealand,
revenue COVID-19 favourable
and market is likely regulatory
share to to place tailwinds
our additional have continued
competitors. emphasis to develop.
on This is
governments especially
developing true since
appropriate the outbreak
regulations of COVID-19.
in support We are active
of improving in new product
indoor air development
quality. and have the
resource to
react to and
anticipate
necessary
changes in
the
specification
of our products.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
Supply chain Sales and Organic Possible Medium Pre-Covid: At the We establish
and raw profitability growth Increasing beginning long-term
materials may be reduced may be of the relationships
during the reduced. Post-Covid: COVID-19 with key
Raw materials period of Our product Increasing outbreak, suppliers
or components constraint. development our initial to promote
may become Prices for efforts focus, continuity
difficult input may be working of supply
to source materials redirected with our and where
because may increase to find Chinese possible we
of material and our alternative supply have alternative
scarcity costs may materials partners, sources
or disruption increase. and components. was to ensure identified.
of supply, Operational continuation We will continue
including Excellence of supply to monitor
as a may be of critical stock levels
consequence adversely materials and order
of the affected. and patterns in
COVID-19 components the run up
pandemic to our to 1 January
and the various 2021 and where
new businesses deemed necessary
relationship in the UK, will adjust
between Europe and inventory
the UK and Australasia. levels to
the EU from Whilst a help mitigate
1 January number of any disruptions
2021. our suppliers in supply.
The increased did have
friction to stop
and potential operating
for "trade for a period
war" and of time,
disputes the agility
primarily of our supply
between chain teams
the US and both in China
China could and
also in our
destabilise operating
supply chain businesses,
activity. coupled with
sensible
inventory
holdings
in our
businesses,
enabled us
to continue
uninterrupted
supply to
our
customers.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
Innovation Scarce Our organic Possible Low Pre-Covid: COVID-19 Our product
development growth Stable has not innovation
We may fail resource ambitions impacted is driven
to innovate may be depend Post-Covid: our by a deep
commercially misdirected in part Stable innovation understanding
or and costs upon our process. of the
technically incurred ability ventilation
viable unnecessarily. to innovate market and
products Failure new and its economic
to maintain to innovate improved and regulatory
and develop may result products drivers. The
our product in an ageing to meet Group starts
leadership product and create with a clear
position. portfolio market marketing
which falls needs. brief before
behind that In the embarking
of our medium on product
competition. term, failure development.
to innovate
may result
in a decline
in sales
and
profitability.
Operational
Excellence
may be
adversely
affected.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
People Skilled Our Unlikely Low Pre-Covid: There have Regular employee
and competitiveness Stable been no appraisals
Our experienced and growth significant allow two-way
continuing employees potential, Post-Covid: changes to feedback on
success may decide both organic Decreasing the supply performance
depends to leave and inorganic, and retention and ambition.
on retaining the Group, could be of quality A Management
key personnel potentially adversely employees Development
and moving to affected. across the Programme
attracting a competitor. Operational wider was initiated
skilled Any aspect Excellence workforce in 2013 to
individuals. of the may be since the provide key
business adversely COVID-19 employees
could be affected. outbreak. with the skills
impacted We believe needed to
with resultant that grow within
reduction retention the business
in prospects, is likely and to enhance
sales and to be a lower their
profitability. risk in the contribution
near term to the business.
as staff
will be less
likely to
take the
risk of
changing
employment
in these
uncertain
times.
--------------- ---------------- ----------- ---------- ------------ -------------- -----------------
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 2020 is extracted from page 151 of the Annual Report and Accounts 2020 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5:
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 2020 or 31 July 2019.
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 81 to 100).
Compensation of key management personnel
2020 2019
GBP000 GBP000
------- -------
Short-term employee benefits 2,749 2,816
------- -------
Share-based payment change (see note 34) 58 834
------- -------
Total 2,807 3,650
------- -------
Key management personnel is defined as the CEO, the CFO and the eleven (2019: ten) individuals who report directly to the CEO.
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END
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