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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Halfords Group Plc | LSE:HFD | London | Ordinary Share | GB00B012TP20 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.80 | -0.52% | 154.00 | 154.00 | 154.60 | 154.90 | 153.00 | 154.90 | 66,351 | 08:23:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Retail Stores, Nec | 1.59B | 34M | 0.1553 | 9.97 | 338.9M |
Halfords Group PLC (HFD) Annual Financial Report 04-Aug-2020 / 07:10 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Halfords Group plc Annual Report and Accounts for period ended 3 April 2020 including the Notice of Annual General Meeting ("AGM") - convened for 15 September 2020 The Company announces that the Annual Report and Accounts for the period ended 3 April 2020 and Notice of Annual General meeting of the Company, have been posted or otherwise made available to shareholders and published on its website www.halfordscompany.com [1]. The Company's 2020 Annual General Meeting will be held at Halfords Group plc, Support Centre, Icknield Street Drive, Washford West, Redditch, B98 0DE on Tuesday 15 September 2020, commencing at 11:30 am. In accordance with Listing Rule 9.6.1, a copy of the Annual Report and Accounts and the Notice of Annual General Meeting of the Company have been submitted to the UK Listing Authority, and will shortly be available for inspection via the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism [2] Tim O'Gorman Company Secretary Halfords Group plc The Appendix to this announcement is a supplement to our preliminary statement of Financial Results made on 7 July 2020 (the "Final Results Announcement"). It contains the information required pursuant to Disclosure Guidance and Transparency Rule 6.3.5 that is in addition to the information communicated in the Final Results Announcement, and should be read together with the Final Results Announcement. Appendix The Chief Financial Officer's Report in the preliminary statement of the Final Results Announcement issued on 7 July 2020 includes a commentary on the principal commercial and financial risks and uncertainties to achieving the Group's objectives. Further details of other principal risks and uncertainties relating to the Halfords Group are set out on pages 68 to 78 of the 2020 Annual Report and Accounts. Specific financial risks (e.g. liquidity, foreign currency) are detailed in note 22 to the Financial Statements on pages 182 to 186 of the 2020 Annual Report and Accounts. The following is extracted in full and unedited form from the 2020 Annual Report and Accounts. Risk Title Risk Current Focus in 2020 Description Mitigation Priorities in 2021 Strategy Capability and If we do not Strategic capacity to have priorities have effect sufficient been clearly significant capacity and defined ? Accelerated levels of capability (in following an growth in our business change terms of our in-depth motoring people, strategic services processes and review, business. systems) to supported by (no change) successfully comprehensive implement the customer, changes colleague, necessary market and across the competitor ? Specialist business, we research and resource will not with powerful brought in to realise the insights from boost existing expected our Single capability. benefits of Customer View. our strategy and the business will not be A Transformation sustainable. Board provides ? Robust governance over business case the change template and programme Capital necessary for allocation the delivery of model the Strategy. developed. The Board ensures there is a robust approval process for each project, ? New allocates capability from resource and IT restructure. monitors progress. Project Managers ? Annual are in place strategic plan within the 'refresh' to business to whom involve review projects can be of progress to assigned and date and pivot this has been for COVID-19 supplemented by opportunities specialist and threats. resource to boost capability. In effecting change, Halfords ? Focus on Free is requiring all Cash Flow to contributing maintain colleagues to sufficient observe the capital for principles of investment. Responsible, Accountable, Consulted and Informed ("RACI"). COVID-19 In response to COVID-19 we have adapted the short-term strategic plan to focus on those activities that either respond to emerging customer trends, such as the significant shift to digital channels, or improve the long-term health of the business, such as colleague engagement and fixed cost reduction. This level of focus will ensure we utilise our resources on the most important programmes only in the year ahead, with the objective of further strengthening the business foundations before embarking on some of the more transformative, and capital intensive, aspects of the plan. Stakeholder If we fail to Progress against support and secure and our strategic confidence in maintain our objectives is strategy stakeholders' shared with ? Series of (investors, colleagues on a conferences suppliers, weekly and relaying colleagues) monthly basis strategy to our (decrease) support for through team colleagues and our strategy, huddles and they suppliers. they may lose also receive a confidence in weekly blog from the business the CEO and a and withdraw monthly their newsletter. resources. Quarterly ? Presentation updates with Q&A of accelerated are given by our services CEO, live strategy to streamed to all investment distribution community centres, stores and autocentres. Throughout the ? Colleagues year we engaged and with our shareholders. suppliers, keeping them informed of our strategic plans as key partners and listening to ? Revised their insights internal and observations communications to enhance our strategy. working relationship. We maintain ? Replaced regular contact financial PR
with key advisors. investors via a series of written communications, roadshows and regular ? Launch new one-to-one 'Investment meetings. Case' to the analyst and investor community. COVID-19 The Board holds regular meetings ? Communicate with to all shareholders and stakeholders their our 'fast representatives. start' FY21 Recent investment discussions have plans and focused on the guidance on the impact of impact of COVID-19 on our COVID-19. strategic ambitions and the opportunities and risks this creates for the Group in the short and long-term. Brand appeal and If we continue Our brand market share to lose brand purpose is to relevance, we "Inspire and will be unable Support a ? A new digital to maintain Lifetime of web platform (no change) and grow our motoring and offering customer base cycling". Our seamless access and build focus on to the brands' market share. ensuring services and relevance is products. centred around having a proposition that meets the needs and wants of our customers and ? Enhancing our ensuring that services they are aware proposition and of our offer. awareness with a greater emphasis on serving the During the year growth in we enabled electrification greater . awareness of our Group proposition through the launch of our newly integrated ? Reaching new digital platform audiences providing through our customers with partnerships, seamless access marketing to all our activity and brands. Giving channel customers optimisation. improved accessibility to services that they may not previously have known we ? Development provided was of our customer further strategy to supported by the adapt and flexibility optimise the afforded by our experience financial across all services touch points. offering through all channels. As the ? Grow momentum pre-eminent in our Group voice of the services offer cycling and and enhance our motor services convenience sector, we have with lobbied improvements to Government on our delivery expediting proposition. E-scooter trials, expansion of the ? As we emerge Cycle-to-Work from lockdown, scheme and more continue our PR recently the momentum and COVID-19 related social MOT extension. engagement, We also take a building an lead on product industry voice innovation, as a customer investing in new champion and E-mobility and keeping the providing nation moving. servicing for hybrid vehicles, serving the growth in electrification. We have significantly improved our social engagement this year, seen a greater mix of new customers as well as more female customers and a younger audience with our proposition enhancements and marketing investments. Our HME expansion has added strength to our convenience credentials as has our emerging built bikes to door initiative. COVID-19 Status as an essential retailer is a responsibility we have taken seriously and one which our colleagues have embraced with pride. 'Essential' status has allowed us to promote awareness of our services offering whilst serving the nation and key workers during the crisis. A GBP2 billion pound package provided by the Government as part of its cycling and walking investment strategy was announced in May. We anticipate high demand for the 'fix your bike' voucher scheme, having experienced significant growth in our cycle repair business over the period. Value Customers are To differentiate Proposition not persuaded ourselves in a by our value competitive proposition retail market ? Additional and we lose our vision is to services (new) market share consolidate capacity via to online Halfords as a the acquisition retailers and super-specialist of McConechy's discounters. in motoring and and Tyres on Purely cycling. Our the Drive.
competing on strategy price leads to emphasises the a diminution importance of of financial creating value returns. for the customer by delivering ? Launched new services service alongside the offerings e.g. sale of a WeCheck. product. During the year we grew our UK ? Developed our services Financial footprint with Services the acquisition offering across of McConechy's, the Group. based in Scotland and the North of England. The UK market for motoring ? Grow Halfords services is Mobile Expert, fragmented with increasing to no clear market over 200 vans. leader. With the average age of UK cars ? Develop our increasing, we digital offer are well via the positioned to optimisation of become the UK's the new Group leading web platform independent with a focus on provider of MOT improving and servicing to convenience to motorists across customers. the country. During the year ? Enhancing we also acquired solution the assets of selling for key Tyres on the product Drive to categories significantly alongside bolster our momentum in mobile services growing offering, which service-related provides sales. convenience and peace of mind to our customers, demonstrated by strong customer demand and high Trustpilot scores. With our Klarna partnership offering financial solutions across channels and for the Group, our products and services are more accessible for many customers. COVID-19 Demand for our cycling range has been unprecedented throughout lockdown, during which time, as the UK's leading cycle retailer, we were able to demonstrate our role in enabling more people to ride more often. During the lockdown period there has been high demand for home delivery fulfilment, particularly bikes. We grew our bike to door initiative. We also launched 'Payment online', providing full online functionality and ease of purchase for customers. Financial Brexit Changes to In January the ? Delivery consumer UK withdrawal against our confidence, agreement from corporate the cost of the EU received strategy to (no change) doing business Royal Assent, strengthen our or triggering a appeal to the way in transition consumers and which we run period that is reduce our our operation due to expire on exposure to as a result of 31 December currency risk. Brexit results 2020. Throughout in materially the year lower profits preparations or were maintained organisational for a no-deal ? Explore strain. scenario. revised tariff and duty regulations to identify new We have a Brexit sourcing steering opportunities. committee that evaluates the risk factors to the business in support of the Group's ? Stock build, post-Brexit where readiness. appropriate, to Actions taken to mitigate date include: short-term supply issues. · Authorised Economic Operator ("AEO") status ? Ongoing secured in monitoring of full, allowing negotiations in lower friction readiness for customs change. procedures; · Comprehensive Customs Guarantee ("CCG") granted in conjunction with AEO allowing deferral of all VAT and Duty payments with a lower guarantee level; · an ongoing 18-month hedging policy; · buffer stocks maintained within Halfords and with vendors to mitigate border delays; · lead times extended for European vendors; · support provided to our EU workers based in the UK. In the period to December, we will continue to work on our readiness and have identified areas of focus. Vendor negotiations are ongoing and terms changes are likely to be required as we move out of the transition period. We have modelled the costs our suppliers are
likely to incur, enabling us to engage in constructive negotiations. Duty and other at the border costs related to administrative burden and time delays will affect all importers and exporters, resource and shift changes have been adopted to minimise any additional cost. Our Republic of Ireland stores will become an export and we anticipate border controls across the Irish Sea. To allow continued replenishment and returns for all Irish stores we have adapted our logistics processes. Sustainable Changes in the A number of ? Ongoing focus business model UK economy strategic on building our (including initiatives are services consumer well advanced to business, confidence and reduce our leading to a (increase) the value of exposure to more resilient the Pound) changes in the business and could UK economy that one less materially adversely impact exposed to impact our 'business as foreign revenue and / usual' and the exchange or costs, and delivery of our variation. therefore the Strategy: profitability ? Customer of the propositions business. designed to secure revenue from existing ? procurement customer base Unless we can savings (e.g. Financial reduce our programmes in Services, exposure to place for direct Motoring and these economic and indirect Cycling variables costs; Services, B2B). (e.g. our foreign exchange exposure) and improve our ? Strategic ability to ? supply chain sourcing move quickly efficiencies tie-ups (e.g. on fixed under review Mobivia). assets and with property opportunities costs, we will for strategic ? Strategic not create a sourcing cost reduction sustainable alliances; programmes business targeting a model. reduction in property cost, supply chain and goods not ? developing for resale opportunities to spend. lower warehouse and distribution costs; ? Planned improvements in cycling profitability. ? working capital reduction programme targeted at reducing stock ? Working holding and capital aligning trade reduction via creditor terms; strategic stock reduction programmes. ? a formal hedging programme has been extended to reduce foreign exchange risk; ? initiatives to drive revenue by extending our service offering to our existing customer base through financial services products and B2B; and ? continued evaluation of the impact of the UK's departure from the European Union and the impact on trade tariffs. COVID-19 The occurrence of the pandemic, has elevated this risk and financial resilience has therefore, become central to our decision-making and will remain a key consideration into the foreseeable future. Early in the crisis we were able to access substantial liquidity by drawing down fully on our overdraft and Revolving Credit Facility. Recognition as an essential retailer has enabled us to trade well through the lockdown period, albeit at reduced levels. Postponing capital commitments, reducing our variable cost base and optimising our working capital position are some of the measures we have taken as we navigate through this period. Operational COVID-19 The viability In response to ? Continue to of the COVID-19, the build business is at Board took swift operational risk if we do and decisive resilience by (new) not adapt our action to iterating the operations to mitigate the retail and safeguard our potential garage customers, impact, operating colleagues and including a environments to wider series of ensure the community, as operational and ongoing safety well as taking financial of our the necessary measures to colleagues and steps to safeguard the customers. minimise cost business. and preserve ? Target a liquidity. gradual improvement in As a provider of sales volumes essential and products and profitability services to the by successfully UK public, we meeting the have remained increased
open during the demand lockdown period. generated by We were able to the changing keep open most customer of our Retail behaviour estate on a coming out of 'dark-store' lockdown - basis, enabling notably the us to serve trend to more customers safely cycling from the front journeys and a of the store, likelihood of whilst also more motorists ensuring our on the road. colleagues could operate in safe working conditions. As lockdown ? Target a restrictions series of 'fast began to lift, start' we enabled a programmes to 'Retail Lite' aggressively programme to take cost out gradually start of the reopening stores business. to customers in accordance with social distancing requirements. We were able to ? Continue to open over 300 stress test and garages across reverse stress our Autocentres test our and McConechy's business model brands, and to ensure operate all 77 access to mobile vans, a sufficient services liquidity. proposition that was particularly popular during lockdown. ? Perform a 'lessons Proactive learned' review measures have of our COVID-19 been applied to response and obtain greater renew our oversight and business control of continuity liquidity and planning. cash management. We have negotiated terms with our commercial partners, reduced discretionary spend and paused capital investment. We have accessed Government support where available, such as the Job Retention Scheme and business rate relief. We have been in active dialogue with our existing lending syndicate to provide additional flexibility as required. An economic contraction is likely, impacting consumer confidence and discretionary income. Our financial services proposition has performed well and will be a valuable option for customers seeking to spread their costs. IT Failure in our Extensive infrastructure IT system(s) controls are in failure may cause place to significant maintain the ? Introduction disruption integrity of our of new Group to, or systems and to website hosted (no change) prevention of, ensure that through normal systems changes Salesforce. business-as-us are implemented ual in a controlled activities. manner. Halfords' key trading systems are hosted ? Continue securely within progression data centres towards a fully operated by a cloud-based specialist hosting company and in structure. specialist cloud services operated by Microsoft. These systems are supported by disaster recovery arrangements, including comprehensive backup and patching strategies. IT recovery processes are tested regularly. COVID-19 Our cloud-based systems enabled minimal disruption as many of our colleagues transitioned to home working. Support from our service providers has ensured system stability for our remote workers. Skills shortage We may be We have a unable to strategy that recruit, relies on retain and attracting and ? Pathway (no change) develop enough retaining development people to have colleagues who enabling young the different can inspire and talent to join mix of skills support our our business. that we need customers and at all levels encourage them across the to build a business, in lifetime the near and relationship longer term. with the brand. ? Update recruitment collateral in-line with Our in-house our new values resourcing team and behaviours have developed a programme. recruitment website which highlights the importance of the Halfords behaviours and ? Move more of details the our eLearning skills and training into experience video learning. required of our colleagues. There are clear and detailed recruitment processes in ? place which are - reviewed regularly to respond to changes in the business. In our stores, our Gears training programme provides our
colleagues with structured training taking them through their first 18-24 months. We use our training programme to enhance skills, reinforce our behaviours, keep colleagues engaged and reach a competitive hourly rate of pay. We also review our skills mix frequently to ensure that all stores have the right skill levels to provide the services needed to satisfy our customer needs. The analysis from these exercises leads us to target specific skills needed as a priority to ensure we keep any skills gap minimal. Using an experienced internal training team, we then develop and deliver a targeted plan to increase skill levels in any identified areas. In our Autocentres, training is a fundamental part of our business and a great attraction tool for applicants. We support the training of colleagues ranging from our apprentices right through to a Level 3 Technician. We provide in-house Hybrid and MOT tester courses ensuring that we can service the full car parc. We apply a targeted approach to further enhance skill levels for centres as we do with stores, by mapping against the optimal skills mix. COVID-19 To support FY21 requirements we translated some of our skills development material into Virtual Classroom content, allowing us to train colleagues whilst they remained in store. Colleague Our employment Colleague engagement / model may not engagement is culture be vital to our sufficiently success as a ? Responsive attractive to business. action taken to recruit and Engagement is a address (no change) retain the metric in the observations of talent that we Executive bonus colleagues from need. scheme and is our engagement monitored by the survey. Board, under the direction of Helen Jones, the ? Continued Non-Executive development of Director the business responsible for tools available Colleague Voice. to our colleagues, to improve their experience in An annual the workplace. engagement survey, administered and analysed by a third party, ? Significant provides us with increase in the reports at team number of level. We create listening an environment groups held which encourages across the colleagues to business. feed back to us about how we can make Halfords an even better place to work and this is ? Launch of our clearly new colleague successful as values and last year we had behaviours a survey framework. response rate of 93%. Our engagement index of 79% demonstrates that the ? majority of our Identification colleagues enjoy and development working at of top talent Halfords. to strengthen succession. The feedback received from colleagues through both our annual internal engagement survey, and the Sunday Times Top 25 Large Employer surveys formed the basis of functional engagement plans across the business. Regular listening groups are held - with a total of 111 across the Group as a whole. A full review of the culture of our business was undertaken during the year, resulting in the definition of a revised colleague values and behaviours framework. This framework was built with input from c1,300 of our colleagues from across the business and is due to be launched in 2021. Further details can be found in the Corporate Governance Report on pages 94 and 95. The identification and development of top talent, so strengthening succession was also a key focus. This will remain a focus throughout 2021
and beyond. COVID-19 A wellbeing newsletter was issued across the business on a weekly basis, ensuring colleague engagement has formed a key part of our response to the pandemic. Critical Severe damage Extensive physical or failure of research is infrastructure physical conducted into failure infrastructure quality and ? Refreshed our (including may disrupt ethics before Business supply chain our supply the Group Continuity disruption) chain and / or procures planning. business as products from usual any new country activities and or supplier. The (no change) prevent the Group's strong fulfilment of management team customer in the Far East ? Continued orders. blends development of expatriate and relationships local with current colleagues. It and potential understands the new suppliers. local culture, market regulations and ? Post COVID-19 risks and we lockdown, maintain very immediate close switch to home relationships working for with both our Support Centre suppliers and colleagues, shippers to supported by ensure that enabling disruption to technology. production and supply are ? Adaptations managed to critical appropriately. work environments - e.g. Distribution We work with Centres - to suppliers in enable safe several working territories to conditions for reduce the risks colleagues. of disruption, and we monitor ? Alternative sourcing suppliers opportunities identified to nearer to the address UK. potential disruption in the supply chain arising We maintain firm from the security and ongoing protection implications of measures at our the pandemic. distribution centres. We have business continuity plans to manage any ? Review our incidents that Business may occur. Our continuity logistics are planning with overseen by an lessons learned experienced, following the dedicated impact of warehouse and COVID-19. logistics team who maintains contacts with a range of logistics businesses who could be utilised if necessary. As the conclusion of the Brexit transition period draws closer, we are continuing preparations for changes in the nature of the border between the UK and the Republic of Ireland. COVID-19 We have worked exhaustively with our supply chain to respond to the unique challenges presented by the COVID-19 pandemic. Since the virus was first reported in China, and during the current lockdown restrictions in the UK, we have maintained supply to our customers despite the constraints and significant demand for some of our product lines. Compliance Regulatory and A failure to We have a Compliance adhere to our compliance team legal and/or with a wide regulatory remit to set ? Strengthened obligations policy and the central (no change) for some or verify that compliance all of the business function to Group's activities are ensure focus on activities compliant with all relevant leads to an legal and activities. inability to regulatory meet our obligations. In responsibiliti the past year, ? Increase es to the Group has colleague stakeholders also established awareness and and/or the a dedicated understanding imposition of Compliance of personal financial Committee with responsibilitie penalties, senior input and s via improved placing a attendance from visibility of strain on the all areas of the Company business. business to policies and drive localised development of ownership and new training actions. resources. The senior leadership team ? Increase the communicates number and tone from the frequency of top to provide onsite guidance to compliance colleagues on audits to all policy assess commitments. adherence to Company standards. Regular horizon scanning to capture new regulations and guidance. ? Reinforce the need for a culture of compliance by COVID-19 default and design. We have adhered to the 2020 Health Protection Regulations throughout the lockdown period, only opening our stores and autocentres when guidance was clear and we were satisfied it was safe. Service quality The service we All our
provide to colleagues are customers may provided with fail to meet dedicated ? Ongoing (no change) regulatory / training and investment in safety adhere to training across requirements established Retail and resulting in quality control Autocentres. harm to and safety customers and procedures with / or legal / compliance ? Significant financial audits by investment in penalty. management. We garage also have a technology, via dedicated workflow and compliance team self-audit monitoring our capability, to Autocentre support quality operations. job completion. We provide centralised ? Monitoring of training for our customer retail satisfaction colleagues through through our detailed review Gears 1 and 2 analysis. programme to ensure they are consistently knowledgeable about our products and ? Continued able to deliver development of a quality our colleagues service to our and our estate customers. to provide high Colleagues also levels of complete an customer annual service. assessment of their understanding of our quality procedures. We have four equipped training academies delivering training for Autocentre technicians and the technician grading assessment is linked to quality of workmanship as well as skills and qualifications. Our products are risk assessed and rigorously tested for quality and safety by qualified engineers in our dedicated quality team. We monitor customer comments and complaints and, when necessary, we have established recall processes. We continue to invest in our estate, and this is enabling us to enhance our service offering to customers by evolving the layout of our stores in addition to further developments in IT infrastructure, training and online functionality. COVID-19 Our evolving 'Lite' model will apply to stores and autocentres for the foreseeable future, facilitating social distancing as we emerge from the COVID-19 lockdown. We also enabled remote working for many of our colleagues not working in store, joining forces with our customer service team to respond to record levels of customer contact. Cyber security If we fail to Following on sufficiently from a review of detect, our IT Operating monitor, or Model, we have a ? Process (no change) respond to Head of reviews and cyber-attacks Information recommended against our Security, improvements to systems they sitting on the increase may result in IT Leadership overall disruption of Group, to manage security service; the IT security posture. compromise of framework and sensitive ongoing data; development and financial review of our IT loss; Security reputational strategy and ? Enhanced damage. road map. Our IT involvement of Security security at the partner, TCS, start of have been project successfully development onboarded and (security by provide valuable design). support by managing vulnerability scans and our email and website ? Awareness security. training delivered to all colleagues on information A perpetual security and training cyber security programme exists threats. for the benefit of our colleagues, raising awareness and promoting ? Advanced good security programme of hygiene. penetration testing and vulnerability assessments. The Audit Committee is briefed by senior IT management on the business' IT ? Continued security support and framework and training for continues to our colleagues closely monitor to maintain this area. good cyber hygiene COVID-19 ? Work towards fully managed Security Operations We maintained Centre (SOC) on testing of our target for 2021 defences in to increase anticipation of visibility of a heightened threat threat. A major landscape. COVID-19 ransomware
attack was successfully blocked, applying intelligence obtained from various security threat advisories. Directors' Responsibilities The Annual Report and Accounts for the period ended 3 April 2020 contains the following statements regarding responsibility for the financial statements in compliance with DTR 4.1.12. Responsibility is for the full Annual Report and Accounts for the period ended 3 April 2020. Statement of Directors' Responsibilities in Respect of the Annual Report and the Financial Statements The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union ("EU") 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). 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 profit or loss for the group for that period. In preparing these 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; · for the group financial statements, state whether they have been prepared in accordance with IFRSs as adopted by the European Union, subject to any material departures disclosed and explained in the financial statements; · for the parent Company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the parent company financial statements; · prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the parent company will continue in business; and · prepare a directors' report, a strategic report and a directors' remuneration report which comply with the requirements of the Companies Act 2006. 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 Act 2006 and, as regards to the group financial statements, Article 4 of the IAS Regulation. 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. Website publication The Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein. Directors Responsibilities Pursuant to DTR4 The Directors confirm to the best of their knowledge: · the group financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRSs") as adopted by the European Union and Article 4 of the IAS Regulation and give a true and fair view of the assets, liabilities, financial position and profit and loss of the group. · the annual report includes a fair review of the development and performance of the business and the financial position of the group and the parent company, together with a description of the principal risks and uncertainties that they face. Approved by order of the Board. Keith Williams Chairman 6 July 2020 ISIN: GB00B012TP20 Category Code: ACS TIDM: HFD LEI Code: 54930086FKBWWJIOBI79 OAM Categories: 1.1. Annual financial and audit reports Sequence No.: 79529 EQS News ID: 1108531 End of Announcement EQS News Service 1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=dc934a09a1192ec0a1dd5bc4c5b4e7f2&application_id=1108531&site_id=vwd&application_name=news 2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=1e84eb6c3310c93f7fb161c09372521b&application_id=1108531&site_id=vwd&application_name=news
(END) Dow Jones Newswires
August 04, 2020 02:10 ET (06:10 GMT)
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