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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 0.39% | 103.00 | 102.40 | 103.20 | 105.00 | 102.40 | 105.00 | 415,785 | 14:58:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Greeting Cards | 463.4M | 44.2M | 0.1289 | 8.01 | 353.79M |
TIDMCARD
RNS Number : 0789A
Card Factory PLC
19 May 2023
19 May 2023
Card Factory plc
Annual Financial Report and Notice of AGM
Card Factory plc ("cardfactory" or the "Company") announces that it has published its Annual Report and Accounts for the year ended 31 January 2023 and Notice of the Company's 2023 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 22 June 2023.
Copies of the documents listed below have been posted to shareholders on Thursday 18 May 2023:
1. Annual Report and Accounts 2023; 2. Notice of 2023 Annual General Meeting; and 3. Form of Proxy for the 2023 Annual General Meeting.
The Annual Report and Accounts and the Notice of the 2023 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 .
cardfactory's preliminary results announcement on 3 May 2023 (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 2023, 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 2023.
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 cardfactory 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 58 to 62 of the Strategic Report and also pages 72 and 73 of the Corporate Governance Report within the Annual Report and Accounts 2023 ("Annual Report").
Risk Description Mitigation Strategic Risks ESG compliance Failure to meet requirements An ESG strategy has been and of institutional investors, devised with five key work climate change customers and other stakeholders streams. Management will risks when it comes to ESG requirements, focus on these to achieve including provision of the ambition of growing sustainable products and the business in a socially reducing waste and plastics and environmentally responsible (includes climate change way. risks). Various actions in environmental and social have been implement. Please refer to the ESG section of the Annual Report on pages 36 to 43 for further actions being taken. ------------------------------------ ------------------------------------- Adapting Failure to anticipate and Broader delivery of the to customer adapt to changes in customer overarching commercial preferences preferences and shopping strategy must ensure continual habits, market dynamics adaptation to changing and competitor activity-channel customer preferences; in shift. store, online and through our business partners. Historically, the business has had limited access to meaningful customer and marketing insight to drive improved decision making. The creation of a marketing and insight function has improved decision making. The commercial planning process continually reviews and responds to changing customer purchasing behaviour. As the business becomes fully omnichannel, the customer demands for fulfilment and service will increase as a connected, seamless experience becomes an expectation rather than a desire. In response, Click & Collect and multi-ship have been rolled out. Future developments are being scoped. ------------------------------------ ------------------------------------- Brand customer Failure to manage and promote Brand strategy in place experience the brand which could result which fully articulates in loss of market share. cardfactory brand proposition and strategic framework to elevate the brand's key attributes and to create clarity around the omnichannel proposition with cross channel campaigns being developed to support awareness and growth including celebrate life's moments. We have significantly improved customer insight and data which is shaping our thinking and decision making across the business and we have invested in, trialled and launched a customer Service Excellence programme, which will continue to evolve. Market data shows that cardfactory has been successful in retaining and attracting customers through the strength and value for money we offer coupled with an increase in range and sales of gifts and celebration essentials. Additionally, the communication plan has a focus on investor relations with an increased focus on working with Corporate Affairs agency to proactively tell the cardfactory story. See the 'Our brand' section on pages 12 and 13 of the Annual Report for further information on our activities.
------------------------------------ ------------------------------------- Operational Risks Enterprise Undergoing a design and To minimise these risks, Resource phased implementation of we have successfully completed Planning a new ERP systems to replace the initial implementation (ERP) aging core IT infrastructure. phase, which encompassed implementation This process carries inherent finance and master data risks, including potential without any material disruption. business disruption, data loss, inability to achieve We have also restructured expected benefits, and the project to adopt a failure to provide the more incremental approach, necessary foundation for which allows for smoother executing our strategic transitions between phases, plan. Key aspects of this reduced reliance on vulnerable plan include developing legacy systems during peak an omnichannel customer trading seasons, and enables experience, enhancing engagement the achievement of critical with retail partners, and strategic plan components. driving operational efficiencies Furthermore, we have increased in stores. our focus on business process engineering, dedicated resources and change management strategies to support a successful ERP implementation. ------------------------------------ ------------------------------------- IT infrastructure Unsupported and legacy The IT strategy implementation and security software, some of which includes ongoing specialist is subject to material support for legacy systems tailoring, requires ongoing and migration to new systems, support to maintain functionality including the ERP implementation and significant transactional with dedicated teams in volumes. There is a reliance place to manage the transition. on IT systems to support all operations, which could Cyber expertise is employed be exposed to cyber risk. within the business and appropriate cyber controls are in place. Plans designed to continue to address multiple cyber risks, alongside further risk mitigations arising from replacement of legacy systems, are also in place. ------------------------------------ ------------------------------------- Business Prolonged loss or server A business continuity and continuity disruption to Printcraft disaster recovery plan print and production facilities, is in place, which includes web fulfilment centre and the use of alternative supply chain. suppliers for any impacted production processes. In relation to online fulfilment, any short-term outages can be mitigated by adjustment of delivery times for online orders. Business continuity plans are in place, which include the use of third parties. Planning permission has been obtained and groundworks completed on an additional building to create capacity for online fulfilment, to relieve capacity constraints. ------------------------------------ ------------------------------------- Supplier Supplier CSR breach resulting Processes for suppliers CSR breach in a potential breach of to agree to appropriate legislation (eg. Modern standards, which are subject Slavery, Anti Bribery & to regular audit and inspection Corruption) and for products by cardfactory teams (or supplied (eg. Safety and receipt of alternative labelling standards), which adequate independent report) could damage cardfactory's to validate compliance, reputation and reduce sales. with a strict 'no audit - no order' policy adopted. Testing and pre-shipment sampling of production models is being undertaken. All product testing and quality control inspections is undertaken by authorised accredited providers. A dedicated quality control team is in place to test pre-shipment sampling of production models. The risk profile for most suppliers to Getting Personal is significantly lower, with limited supplies from the Far East. Plans are being developed to extend the quality control and technical teams' scope to include these suppliers with adoption of appropriate requirements to mitigate risks. ------------------------------------ ------------------------------------- Retail partner cardfactory may not realise A business development exposure the growth in profitable team has been formed to revenue from retail partners, build relationships with which is a significant existing partners and develop component for future growth a pipeline of future partners. of the business and the brand or reputation could Brand standard requirements be damaged by the actions are in place to provide of retail partners. a clear framework for partners, with regular reviews adopted. Enhanced requirements will be incorporated in any future retail partner requirements. ------------------------------------ ------------------------------------- Financial Risks Geopolitical Geopolitical instability Suppliers: instability leading to - Diversifying the supply restrictions on trade base by bringing more production Suppliers: Operating with back to the UK while also
a supply base whereby we exploring other geographical have the total business territories. or specific categories - Buyers have extensive solely dependent on industry knowledge, know one supplier, region or of alternative suppliers country carries significant if mitigation needs arise stock supply risk. China and manage any supply issues remains our biggest supply or problems. route. Customers: Moving supply Customers: Restrictions to new territories and on supply from certain using UK-based suppliers countries may impact availability (non-exclusive product) and retail selling prices. will mitigate the supply Geographies and governments: issue at the shelf edge, New legislation and import but could potentially drive tariffs may force resourcing increased cost, with price decisions. elasticity assessments to provide insights on consequences of future price increases. Geographies and governments: Continual review of the import tariff duties and 'live' government legislative changes to ensure we are always sourcing from the best source to support the overall business. ------------------------------------ -------------------------------------
Directors' Responsibility Statement
The Annual Report and Accounts 2023 contains a statement of directors' responsibility by Darcy Willson-Rymer, Chief Executive 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 2023 are set out in note 28 of the financial statements on page 142 of the Annual Report and Accounts.
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May 19, 2023 09:34 ET (13:34 GMT)
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