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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Card Factory Plc | LSE:CARD | London | Ordinary Share | GB00BLY2F708 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.20 | -1.17% | 101.60 | 101.60 | 102.20 | 104.00 | 101.80 | 103.60 | 863,634 | 16:35:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Greeting Cards | 463.4M | 44.2M | 0.1289 | 7.93 | 350.36M |
From May 2022 to May 2024
TIDMCARD
RNS Number : 4693M
Card Factory PLC
23 May 2022
23 May 2022
Card Factory plc
Annual Financial Report and Notice of AGM
Card Factory plc ("Card Factory" or the "Company") announces that it has published its Annual Report and Accounts for the year ended 31 January 2022 and Notice of the Company's 2022 Annual General Meeting.
The Annual General Meeting is to be held at the Company's registered office, at Century House, Brunel Road, Wakefield 41 Industrial Estate, Wakefield, WF2 0XG at 11.00 a.m. on Thursday 23 June 2022.
Copies of the documents listed below have been posted to shareholders on Friday 20 May 2022:
1. Annual Report and Accounts 2022; 2. Notice of 2022 Annual General Meeting; and 3. Form of Proxy for the 2022 Annual General Meeting.
The Annual Report and Accounts and the Notice of the 2022 Annual General Meeting will also be accessible later today via the Company's investor relations website www.cardfactoryinvestors.com . In compliance with LR 9.6.1, the Company has today submitted electronic copies of the above documents to the National Storage Mechanism appointed by the Financial Conduct Authority and these will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Card Factory's preliminary results announcement on 3 May 2022 (which is available via the Company's investor relations website referred to above) included, in addition to the preliminary financial results for the year ended 31 January 2022, information on important events that occurred during the year and their impact on those financial results. That information, together with the information set out in the Appendix below is provided in compliance with the requirements of DTR6.3.5(2)(b). This information is not a substitute for reading the full Annual Report and Accounts for the year ended 31 January 2022.
For further information:
Ciaran Stone, Group General Counsel Tel: 01924 839150 and Company Secretary Card Factory plcS
Appendix
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Card Factory group (the "Group") are set out below, together with details of how these are currently mitigated. For further information on how the Group manages risk, see pages 38 to 41 of the Strategic Report and also pages 66 and 67 of the Corporate Governance Report within the Annual Report and Accounts 2022 ("Annual Report").
Hot Features
Premium
Risk Description Mitigation
Financial Risks
Shipping Shipping delays: Delays Shipping delays: Stock
realised on incoming stock orders brought forward
Since 2021: from the Far East arising to address anticipated
New from capacity constraints, delays and use of multiple
delaying supply of stock shipping partners to secure
to customers. shipping capacity.
Shipping costs: Significant Shipping costs: Retail
increase in container importation pricing increases applied
costs (from c. USD2,000 and being planned, with
to current average of USD12,000) ongoing review of country
impacts profitability. of supply (including on-shoring
supply), container volumes
and fill to reduce overall
costs.
----------------------------------- -------------------------------------
Geopolitical Suppliers : Specific categories Suppliers : Diversification
Instability of product rely on one of supply base, including
supplier, region or country. on-shoring supply to the
Since 2021: China remains as a substantial UK. No product exposure
Unchanged source of supply. to Russia or Ukraine. Planned
global review of supply
Customers : Restricted chain to identify alternatives.
supply may impact availability
or require price increases Customers : Diversification
for the consumer. Profitability of supply mitigates availability,
could be impacted from with price increases being
lost or reduced sales. implemented with analysis
on price elasticity.
Tariffs : Duties and tariffs
could force need for alternative Tariffs : Ongoing identification
supply. of changes to duties and
tariffs to respond as required.
----------------------------------- -------------------------------------
Impact of New variants or outbreaks Processes, training, signage
Covid-19 may require mandatory store and PPE capable of being
closure or reduce store deployed as required. Planned
Since 2021: footfall, impacting revenue omnichannel and growth
Reduced and profitability, however, of retail partnerships
risk of further government will provide additional
restriction is considered revenue outside of our
increasingly remote. store estate. Headroom
in banking covenants provides
some scope to absorb impact
of mandatory store closures.
----------------------------------- -------------------------------------
Finance & Bank facilities: Future Bank facilities: Headroom
Treasury lockdowns or restrictions in banking covenants and
on trade causing underperformance cash flow forecasts are
Since 2021: could cause cash flow constraints kept under review, with
Unchanged or risk breach of banking contingency planning to
covenants. address any identified
issues.
FX/Commodities: The Group
is exposed to foreign currency FX/Commodities : Hedging
exchange rate fluctuations for US Dollars currency
and commodity pricing (including requirements and energy
wood pulp and energy). effected for up to three
years.
Margin pressure: Inflation
and price increases may Margin pressure: Regular
impact operating margins review of retail pricing
for the business. and maintain margins and
efficiency improvements
and cost controls adopted
to manage overheads.
----------------------------------- -------------------------------------
Operational Risks
ERP Implementation Ongoing design and phased Initial phase implementation
implementation of ERP systems (including finance and
Since 2021: (Enterprise Resource Planning) master data) completed
Unchanged to replace end-of-life without any material disruption.
core IT infrastructure. Re-phasing to include incremental
Significant risk of business implementation phases has
disruption, data loss or been undertaken to reduce
inefficiencies if design, risks on cut-over
planning, testing and transition and to reduce reliance
are not successful. Risks on legacy systems at risk
that the solution may not of failure in advance of
fully realise the expected peak trading seasons and
benefits and provide the to enable realisation of
required platform to realise key components of the strategic
the strategic plan, including plan. Additional focus
development of the omnichannel on business process engineering,
offer to customers, improvement resourcing and change management
of engagement with retail being deployed support
partners and operational successful implementation.
efficiencies in our retail
stores.
----------------------------------- -------------------------------------
IT Infrastructure IT infrastructure: Unsupported IT infrastructure: The
& Security and legacy software, some IT strategy implementation
of which is subject to is ongoing, which includes
Since 2021: material tailoring, requires ongoing specialist support
Unchanged ongoing support to maintain for legacy systems and
functionality and significant migration to new systems,
transactional volumes. including the ERP implementation
Realisation of strategic (see above).
objectives is partially
restricted by current system IT security: Cyber expertise
limitations. is employed within the
business, with appropriate
IT security: Reliance on measures and future plans
IT systems to support all to continue to address
operations could be exposed multiple cyber risks, alongside
to cyber risks. further risk mitigations
arising from replacement
of legacy systems.
----------------------------------- -------------------------------------
Business Production failure : The Production failure : Business
continuity business places significant Continuity and Disaster
reliance on its Printcraft Recovery plans have been
Since 2021: (single site) facility fully assessed and updated
Increased which prints 70% of cards with scenario planning
and a significant proportion and training scheduled.
of personalised online This includes identification
orders. If this site is of alternative suppliers
unable to operate, there for impacted production
could be a significant processes, although outsourcing
impact on operations. will impact profitability.
Insurance is also maintained.
Online fulfilment : Online
orders are primarily fulfilled Online fulfilment : Short-term
from the same Printcraft outages can be mitigated
single site, with reliance by adjustment of delivery
on specialist packaging times for online orders.
equipment. Capacity limitations, Business Continuity plans
if not addressed, may limit include use of third parties,
sales opportunities in with the ongoing IT infrastructure
peak seasons. improvements and ERP implementation
expected to further improve
IT resilience and functionality.
Planning permission has
been obtained to construct
an additional building
to create capacity for
online fulfilment, to relieve
capacity constraints.
----------------------------------- -------------------------------------
Loss of key Loss of key personnel: Loss of key personnel :
personnel Risk that the business A number of changes to
and organisational doesn ' t have the expertise the management team have
culture and capacity to meet the been effected with additional
requirements of the business, capacity constraints having
Since 2021: in particular to deliver been identified and appropriate
Unchanged complex change to realise appointments prioritised.
the strategic targets.
Organisational culture
Organisational culture : Improvements to pay and
: Failure to maintain and benefits, values review,
develop a cohesive culture leadership framework and
capable of realising the DE&I consultations and
Group ' s strategic objectives. strategy developments,
demonstrate progress against
colleague engagement feedback.
----------------------------------- -------------------------------------
Supplier Supply base audits : Risk Supply base audits: Processes
CSR breach of failure by suppliers adopted for suppliers to
to maintain compliance agree to appropriate standards,
Since 2021: standards in their supply which are subject to regular
Unchanged chains (e.g. Modern Slavery, audit to validate compliance,
Anti Bribery & Corruption) with a strict ' no audit
and for products supplied - no order ' policy in
(e.g. safety and labelling place.
standards) which could
damage Card Factory ' s Getting Personal: The risk
reputation. profile for most suppliers
to Getting Personal is
Getting Personal : Suppliers significantly lower, with
to the Getting Personal limited supplies from the
business (who do not also Far East. Plans are in
supply Card Factory) have development to extend the
not been subject to the quality control and technical
same supply base requirements team ' s scope to include
adopted by Card Factory these suppliers with adoption
brands. of appropriate requirements
to mitigate risks.
----------------------------------- -------------------------------------
Retail Partner Underperformance : Card Underperformance : Following
exposure Factory may not realise a period of transition,
the growth in profitable a Business Development
Since 2021: revenue from retail partners, team is being formed to
New which is a significant build relationships with
component for future growth existing partners and develop
of the business. a pipeline of future partners.
Brand impact : Card Factory Brand impact : Brand standard
' s brand or reputation requirements are being
could be damaged by actions developed to provide a
by retail partners. clear framework for partners,
with regular reviews adopted.
Enhanced requirements will
be incorporated in any
future retail partner requirements.
----------------------------------- -------------------------------------
Strategic Risks
Investor Risk that investor regard Additional investor relations
Relations for Card Factory investment expertise recruited to
is restricted, with limited improve investor communications,
Since 2021: conviction that the strategy to ensure clearer articulation
Unchanged and targets can be achieved. of the strategy and to
demonstrate progress made
and to share additional
data and insight in respect
of the card and gifting
markets.
----------------------------------- -------------------------------------
ESG Compliance Investors : Failure to Investors : Ongoing development
and climate develop sufficiently ambitious of ESG planning and target
change risks targets and demonstrate setting, including material
progress could result in progress on DE&I strategy.
Since 2021: reduced investment appetite
Unchanged in Card Factory, depressing Customers : Ongoing brand
share price. strategy development will
include articulation of
Customers : Customer demand ESG policy and developments
may be impacted if ESG to customers.
brand perceptions are not
realised, impacting long-term Energy and GHG emissions
prospects. : Electricity prices fixed
for a number of years with
Energy and GHG emissions specialist third party
: Availability, reliability expertise engaged to assess
of energy supply and increased and develop a trajectory
costs could impact trade. towards being carbon neutral.
----------------------------------- -------------------------------------
Adapting Product and range development: Product and range development
to customer Realisation of strategic : Design, buying and merchandising
preferences targets relies upon successful teams are using increased
adaptation to changing insight and data analysis
Since 2021: customer preferences for to inform product and range
Unchanged purchase via our developing decisions, with greater
sales channels, including customer and competitor
increased focus on omnichannel analysis.
and retail partners.
Customer and marketing
Customer and marketing insight : Marketing and
insight : Card Factory insight capabilities are
has historically adopted being developed, with support
no meaningful customer from partners such as Kantar
and marketing insight to and Brandvue Savanta to
drive empirical decision improve understanding of
making. our customers and to embed
customer insight into decision
Customer service and fulfilment making.
: Realisation of a true
omnichannel experience Customer service and fulfilment
for customers will require : Development of systems
enhanced fulfilment and and capabilities is in
service expectations, which progress to launch click
must be achieved for successful and collect during FY23,
ongoing growth. with further enhancements
scheduled thereafter.
----------------------------------- -------------------------------------
Brand customer Brand perception : Card Brand perception : A customer
experience Factory ' s brand recognition marketing function is in
has fallen since 2019. development to develop
Since 2021: If not addressed it could and implement a brand strategy
New lead to transactional decline. to elevate the brand '
VFM proposition: Card Factory s key attributes.
' s strength in its value
offering has been impacted VFM proposition : The newly
by Covid-19 and increased formed customer marketing
competition from supermarkets. team will increase marketing
Price increases may also activity, to elevate the
impact the value proposition VFM messaging and perception.
to customers.
LFL declines : Implementation
LFL declines: The UK card of the strategic plan is
market is realising reduced designed to address LFL
volume demand, and if not declines, including an
addressed, growth targets increase in range and sales
may not be achieved. of complementary categories,
increasing customer retention
and use of marketing to
extend brand appeal to
new customers.
----------------------------------- -------------------------------------
Directors' Responsibility Statement
The Annual Report and Accounts 2022 contains a statement of directors' responsibility by Darcy Willson-Rymer, Chief Executive Officer, and Kristian Lee, Chief Financial Officer, by order of the Board in the following form:
"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 Company and the undertakings included in the consolidation taken as a whole; and
-- the Strategic Report includes 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.
We consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy."
Related Party Transactions
Details of the only material transactions with related parties during the financial year ended 31 January 2022 are set out in note 28 of the financial statements on page 151 of the Annual Report and Accounts.
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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END
ACSBKNBNBBKDAPB
(END) Dow Jones Newswires
May 23, 2022 08:39 ET (12:39 GMT)
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