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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ferguson Plc | LSE:FERG | London | Ordinary Share | JE00BJVNSS43 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -110.00 | -0.65% | 16,815.00 | 16,810.00 | 16,820.00 | 16,830.00 | 16,445.00 | 16,740.00 | 121,192 | 16:35:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Plumb,heat Eq-hydronics-whsl | 29.73B | 1.89B | 9.3140 | 18.05 | 34.09B |
From Apr 2019 to Apr 2024
TIDMFERG
RNS Number : 8156D
Ferguson PLC
12 October 2018
FERGUSON PLC
(the "Company")
Publication Announcement: Annual Report and Accounts 2018
Further to the release of the Company's full year results announcement on 2 October 2018, the Company announces that it has today published its Annual Report and Accounts 2018 ("Annual Report 2018") on the Company's website www.fergusonplc.com. Hard copies of the Annual Report 2018 will be posted to shareholders on or around 26 October 2018 in advance of the Company's Annual General Meeting.
In accordance with LR 9.6.1 and DTR 6.3.5(3) a copy of the Annual Report 2018 has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm and can also be downloaded in pdf format from the Company's website at http://www.fergusonplc.com/en/investors-and-media/annual-report-2018.html
Annual Report 2018
A condensed set of Ferguson plc financial statements and information on important events that have occurred during the year and their impact on the financial statements were included in the Company's final results announcement on 2 October 2018. That information together with the information set out below which is extracted from the Annual Report 2018 constitute the requirements of DTR 6.3.5 which is to be communicated via an RIS in unedited full text. This announcement is not a substitute for reading the full Annual Report 2018. Page and note references in the text below refer to page numbers in the Annual Report 2018. To view the final results announcement, visit the Company website: www.fergusonplc.com.
Extract from Annual Report 2018
Principal risks and uncertainties
Principal risks:
A. New competitors and technology B. Market conditions C. Pressure on margins D. Information technology E. Health and safety F. Regulations G. Talent management and retention H. Macro political tax risk
The materialisation of these risks could have an adverse effect on the Group's results or financial condition. If more than one of these risks occur, the combined overall effect of such events may be compounded. There are two risks that are no longer included in the list of principal risks. Following the disposal of the Stark building materials business, our Strategic change risk has decreased. Litigation risk has also declined due to smaller footprint in the EU and tort reform efforts in the US. Litigation and Strategic change risks continue to be monitored. The chart shows management's assessment of material risks before mitigating controls and actions. Various strategies are employed to reduce these inherent risks to an acceptable level. These are summarised in the tables on the following pages. The effectiveness of these mitigation strategies can change over time, for example with the acquisition or disposal of businesses. Some of these risks remain beyond the direct control of management. The risk management programme, including risk assessments, can therefore only provide reasonable but not absolute assurance that risks are managed to an acceptable level. The Group faces many other risks which, although important and subject to regular review, have been assessed as less significant and are not listed here. These include, for example, natural catastrophe and business interruption risks and certain financial risks. A summary of financial risks and their management is provided on page 33.
Risks to the drivers of profitable growth
The symbols shown at the bottom of this page are displayed alongside each risk on the following pages to indicate which of the strategic drivers of growth are most threatened by that risk.
Hot Features
Premium
A. New competitors and technology Risk is unchanged
Inherent risk Definition and Changes during Mitigation
level: High impact the year The Group develops
Trend: No change Wholesale and A dedicated team and invests in
distribution and increased new business
businesses in resources were models, including
other industry allocated to e-commerce, to
sectors have the exploration respond to changing
been disrupted and incubation customer and
by the arrival of new business consumer needs.
of new competitors models and new This will allow
with lower-cost technologies. the Group to
transactional The creation accelerate the
business models of Ferguson Ventures time to market
or new technologies allows us to for new revenue
to aggregate partner with streams and gain
demand away from start ups and insight on new
incumbents. our innovation disruptive technologies
lab explores and trends.
The Board is emerging technologies.
attuned to both The Group remains
the risks and One example, vigilant to the
opportunities Ferguson Ventures' threats and opportunities
presented by partnership with in this space.
these changes GTP Services, The development
and is actively is set out on of new business
engaged as the page 19. models in our
Group takes action market place
to respond. is closely evaluated
- both for investment
potential and
threats.
B. Market conditions Risk is unchanged
Inherent risk Definition and Changes this Mitigation
level: High impact year The Group cannot
Trend: No change This risk relates The Group has control market
to the Group's maintained a conditions but
exposure to short-term strong balance believes it has
macroeconomic sheet throughout effective measures
conditions and the year and in place to respond
market cycles other measures to changes. Ferguson
in our sector have been taken continues to
(i.e. periodic to manage the reinforce existing
market downturns). cost base in measures in place,
line with forecast including:
Some of the factors growth.
driving market - the development
growth are beyond The Group has of our business
the Group's control again tested model;
and are difficult its financial - cost control,
to forecast. forecasts, including pricing and gross
cash flow projections, margin management
Further information against the impact initiatives,
on the market of a severe market including a focus
trends can be downturn. See on customer service
found in our page 45. and productivity
regional reviews improvement;
on pages 34 to The UK's withdrawal - resource allocation
39. from the European processes; and
Union continues - capital expenditure
to create a level controls and
of uncertainty procedures.
affecting the
UK economy, although
this is not expected
to have a material
impact on the
Group. See page
45.
C. Pressure on margins Risk is unchanged
Inherent risk Definition and Changes during Mitigation
level: High impact the year The Group's strategy
Trend: No change The Group's ability Pressure on margins for tackling
to maintain attractive remained high this issue remains
profit margins during the period unchanged. This
can be affected under review, includes continuous
by a range of primarily due improvements
factors. These to levels of in customer service,
include levels competition. product availability
of demand and and inventory
competition in In response, management. Revenues
our markets, the Group has from e-commerce
the arrival of continued to and other growth
new competitors manage its cost sectors continue
with new business base in line to expand and
models, the flexibility with changes the Group has
of the Group's in expected growth made acquisitions
cost base, changes rates. in these areas
in the cost of Business unit during 2017/18.
commodities or performance, Refer to page
goods purchased, including margins 134 for more
customer or supplier achieved, were information on
consolidation monitored on acquisitions
or manufacturers a monthly basis during the year.
shipping directly throughout the
to customers. year. The performance
of each business
There is a risk Ongoing gross unit is closely
that the Group margin was 30 monitored and
may not identify basis points corrective action
or respond effectively ahead with growth taken when appropriate.
to changes in driven by improved
these factors. product mix and Resource allocation
If it fails to procurement in processes invest
do so, the amount USA, Canada and capital in those
of profit generated Central Europe. businesses capable
by the Group of generating
could be significantly the best returns.
reduced.
-------------------------- ------------------------- ---------------------------
D. Information technology Risk has been added to the list
of top Group risks this year
---------------------------------------------- ------------------------------------------------------
Inherent risk Definition and Changes during Mitigation
level: High impact the year Business leadership
Trend: New With the appointment IT risks have is implementing
of a new Chief remained material a comprehensive
Information Officer, and are being change management
the Group now closely monitored programme designed
has a clearly as we implement to transition
defined global the global technology current business
technology strategy strategy and practices and
and roadmap (see roadmap (see norms to adopt
page 27). page 27). new business
capabilities.
Technology systems A new Chief Information
and data are Officer and Chief A Business Technology
fundamental to Information Security Centre of Excellence
the future growth Officer have is in place to
and success of been appointed drive organisational
the Group. Information during the year. discipline around
Technology (IT) the prioritisation
risks are categorised The IT function of business projects
as strategic has been reorganised to ensure alignment
and operational. to align resources with Ferguson's
and focus on strategic framework.
Strategic risks the strategic
are threats that plan. An assessment
could prevent of information
execution of Internal Audit security capabilities
the IT strategic and IT are partnering is underway with
plan such as to transition the intent of
inadequate leadership, IT General Control driving a rolling
poor allocation/ testing to Internal three-year global
management of Audit. roadmap of investments
resources and/or in processes,
poor execution Briefings on resources and
of the organisational the status of technical defences
change of management the Group's IT necessary to
necessary to strategy were continuously
adopt and apply provided to the address emerging
new business Board, the Audit security threats.
processes. Committee and Group level compliance
the Executive processes continue
Operational risks Committee throughout to remain in
include business the year. place.
disruption resulting
from system failures, Regular Board Disaster recovery
fraud or criminal update checkpoints systems, secondary
activity. This have been established data centres,
includes security to provide monitoring resources and
threats and oversight processes have
and/or failures of execution been implemented
in the ability of the IT strategic to ensure business
of the organisation plan. critical systems
to operate, recover are recoverable
and restore operations in the event
after such disruptions. of a major disaster.
While cyber security Testing of critical
threats have infrastructure
resulted in minimal and application
impact to date, systems are in
this risk continues place and have
to persist and been consistently
evolve. executed across
the Group.
Insurance coverage
is in place,
including data
protection and
cyber liability.
-------------------------- ------------------------- ---------------------------
E. Health and safety Risk is unchanged
---------------------------------------------- ------------------------------------------------------
Inherent risk Definition and Changes this Mitigation
level: Medium impact year Leadership of
Trend: No change The nature of A new Vice President health and safety
Ferguson's operations of Health and is key. Health
can expose its Safety joined and safety performance
associates, contractors, this year. The is reported to
customers, suppliers Group has developed and discussed
and other individuals a functional at all Executive
to health and strategic plan Committee and
safety risks. with clear objectives Board meetings.
to address performance
Health and safety challenges. The The Group maintains
incidents can hiring and deploying a health and
lead to loss of Health and safety policy
of life or severe Safety professionals and detailed
injuries. in the field minimum standard,
will provide which sets out
businesses with requirements
technical resources which all Ferguson
to more effectively businesses are
mitigate risk. expected to meet.
The overall performance Branches are
across the Group audited against
is showing a this standard.
slight improvement. Businesses are
Page 29 provides implementing
further information. key changes to
transform our
culture which
are summarised
on pages 25 and
26.
-------------------------- ------------------------- ---------------------------
F. Regulations Risk is unchanged
---------------------------------------------- ------------------------------------------------------
Inherent risk Definition and Changes this Mitigation
level: High impact year The Group monitors
Trend: No change The Group's operations The most significant the law across
are affected change in the its markets to
by various statutes, level of regulation ensure the effects
regulations and applying to the of changes are
standards in Group this year minimised and
the countries is the EU's adoption the Group complies
and markets in of the General with all applicable
which it operates. Data Protection laws.
The amount of Regulation (GDPR).
such regulation The Group has The Group aligns
and the penalties adopted procedures company-wide
can vary. and controls policies and
required by the procedures with
While the Group legislation to its key compliance
is not engaged ensure compliance. requirements
in a highly regulated and monitors
industry, it Anti-bribery their implementation.
is subject to and anti- corruption
the laws governing practices in Briefings and
businesses generally, all businesses training on mandatory
including laws were reviewed topics and compliance
relating to competition, during the year requirements
product safety, and the findings including anti-trust,
data protection, reported to the anti-bribery
labour and employment Executive Committee and corruption
practices, accounting and to the Audit are undertaken.
and tax standards, Committee.
international
trade, fraud, Further information
bribery and corruption, on the Group's
land usage, the ethics and compliance
environment, programme can
health and safety, be found on page
transportation 26.
and other matters.
Violations of
certain laws
and regulations
may result in
significant fines
and penalties
and damage to
the Group's reputation.
-------------------------- ------------------------- ---------------------------
G. Talent management and retention Risk is unchanged
---------------------------------------------- ------------------------------------------------------
Inherent risk Definition and Changes during Mitigation
level: Medium impact the year All of the Group's
Trend: No change As the Group There has been businesses have
develops new no material change established performance
business models in the level management and
and new ways of associate succession planning
of working, it turnover during procedures. Reward
needs to develop the year; however packages for
suitable skill-sets a number of senior associates are
within the organisation. management changes designed to attract
have occurred and retain the
Furthermore, throughout the best talent.
as the Group Group. These
continues to have included New Group Chief
execute a number the appointment Financial Officer
of strategic of key Group and new CEO,
change programmes, Services roles USA transitions
it is important and a new Managing complete.
that existing Director and
skill--sets and Chief Financial A new talent
talent are retained. Officer of Wolseley review process
UK. will be launched
Failure to do across the Group.
so could delay Talent management
the execution procedures were The Group continues
of strategic reviewed during to invest in
change programmes, the year. associate development.
result in a loss
of "corporate Page 24 provides
memory" and reduce further information.
the Group's supply
of future leaders.
-------------------------- ------------------------- ---------------------------
H. Macro political tax risk Risk has been added to the list
of top Group risks this year
---------------------------------------------- ------------------------------------------------------
Inherent risk Definition and Changes during Mitigation
level: High impact the year The Group is
Trend: New The wider macro Group Tax has engaged with
political and allocated further the relevant
economic situation resources to tax authorities
is uncertain ensure the macro to proactively
in many of the political uncertainties assess any proposed
territories in are being appropriately changes in tax
which Ferguson monitored and policy.
operates and mitigation plans
changes could updated when Once policy changes
affect the Group's the need arises. are fully assessed
future tax rate. the Group will
A combination ensure any changes
of growing international are reflected
trade pressures, in Ferguson's
withdrawal of tax strategy.
quantitative
easing by central
banks and rising
debt levels,
is creating political
uncertainty which
could lead to
changes to the
prevailing tax
regime. As a
result, we anticipate
that the effective
tax rate may
increase over
the medium term.
-------------------------- ------------------------- ---------------------------
Related Party Transactions
There are no related party transactions requiring disclosure under IAS 24 "Related Party Disclosures" other than the compensation of key management personnel which is set out in note 11.
The aggregate emoluments for all key management are set out in the following table:
2018 Restated
2017
Key management personnel compensation (including $m $m
Directors)
Salaries, bonuses and other short-term employee
benefits 14 14
Post-employment benefits 1 -
Termination benefits 4 -
Share-based payments 9 5
Total compensation 28 19
Further details of Directors' remuneration and share options are set out in the Remuneration Report on pages 70 to 96.
Directors' Responsibilities Statement
This statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from the Annual Report 2018. It is not connected to the extracted information presented in this announcement or the preliminary results announcement released on 2 October 2018.
The Directors are responsible for preparing the Annual Report and Accounts 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 are required to prepare the Group financial statements in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union and Article 4 of the IAS Regulation and have elected to prepare the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 "Reduced Disclosure Framework". Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing the parent company financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
In preparing the Group financial statements, International Accounting Standard 1 requires that Directors:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-- make an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Company 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 corporate and financial information included on the Company's website. Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors of Ferguson plc as at the date of this Annual Report and Accounts are as follows:
Gareth Davis, Chairman ---------------------------------------------- John Martin, Group Chief Executive ---------------------------------------------- Michael Powell, Group Chief Financial Officer ---------------------------------------------- Kevin Murphy, Chief Executive Officer, USA ---------------------------------------------- Alan Murray, Senior Independent Director ---------------------------------------------- Tessa Bamford, Non Executive Director ---------------------------------------------- Darren Shapland, Non Executive Director ---------------------------------------------- Nadia Shouraboura, Non Executive Director ---------------------------------------------- Jacqueline Simmonds, Non Executive Director ----------------------------------------------
Each Director confirms that, to the best of their knowledge:
-- the financial statements, prepared in accordance with the relevant financial reporting framework, 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;
-- the management report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
-- the Annual Report and Accounts, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
For further information please contact
Ferguson plc
Graham Middlemiss Tel: +41 (0) 41723 2230 Group Company Secretary
Notes to editors
About Ferguson plc
Ferguson plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors principally operating in North America and the UK. Ongoing revenue for the year ended 31 July 2018 was $20.8 billion and ongoing trading profit was $1.5 billion. Ferguson plc is listed on the London Stock Exchange (LSE: FERG) and is in the FTSE 100 index of listed companies. For more information, please visit www.fergusonplc.com or follow us on Twitter
https://twitter.com/Ferguson_plc.
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.
END
ACSQFLFFVBFXFBL
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October 12, 2018 02:00 ET (06:00 GMT)
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