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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kcom Group Plc | LSE:KCOM | London | Ordinary Share | GB0007448250 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 120.00 | 120.00 | 120.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKCOM
RNS Number : 9142I
KCOM Group PLC
22 June 2017
KCOM GROUP PLC
ANNUAL FINANCIAL REPORT
22.06.2017
Publication of 2016/17 Annual Report
KCOM Group PLC announces that the Annual Report and Accounts for the year ended 31 March 2017 was posted or otherwise made available to shareholders from 20 June 2017:
The document is also available on the Company's website at www.kcomplc.com and, in accordance with Listing Rule 9.6.1, a copy has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.
A condensed set of the Company's consolidated financial statements (including related party transactions) and information on important events that have occurred during the financial year and their impact on the financial statements was included in the Company's announcement of its preliminary results on 6 June 2017. That information, together with the information set out below, which is extracted from the Company's 2016/17 Annual Report, constitutes the information required to comply with DTR 6.3.5.
Principle Risks and Uncertainties
Area Change Why is it important? What are we doing in to mitigate the risk? level of risk --------------------- ------- ----------------------------- ----------------------------- Growing As noted last There has been a revenue year, we continue lot of focus internally in our to move away over recent years Enterprise from the delivery on clearly defining segment of network-based the strategy for to offset services and the business. The the decline are focused Executive Leadership of network-based strategically Team has participated revenues on the provision in a number of strategy of complex communication days where the strategy solutions and has been discussed cloud-based and tested using services. There various scenarios. is a risk that, There has also been during this strategic advice transition from sought externally old to new technologies, from industry experts, revenue from all of which has legacy activities supported the strategic may decline direction of KCOM. faster than We believe that our revenue from experience and skill-set the new services give us a unique grows. position in the market to provide our customers with new and more efficient ways to collaborate and interact, which in turn will lead to significant growth in the Enterprise segment, to offset the decline of legacy revenues. We have updated our reporting in the year to separate out the legacy network customers from the complex IP solutions customers, which gives us greater transparency in relation to the progress being made in the strategic focus area. --------------------- ------- ----------------------------- ----------------------------- Substitute Much of our We are always seeking technologies consumer business to improve our services entering is currently to our consumers the consumer based on the and to provide a market provision of speed and quality services over of service that would a fixed-line not be achievable network. If over a wireless network. substitute technologies Our fibre deployment were developed is part of this aim. to the extent We also provide bundles where similar of products and services services could that offer our consumers be provided value for money and without the which would provide use of a fixed-line a clear alternative network then to a substitute technology, this would clearly should one enter present a competitive the market. We have threat to the also appointed a consumer part Director of Product of our business. and Technology Innovation in the year to drive our thinking around new and innovative products and services that we can offer to our consumers, either on our own or through our partnership arrangements. --------------------- ------- ----------------------------- ----------------------------- Upgrading The equipment We are continuing of our used to run with our investment network our network plan to mitigate equipment in Hull and the risk of service East Yorkshire, failure from obsolete and to provide equipment. At the some of our same time we are national network-based investing in the services, requires continued deployment upgrading as of our superfast demand for broadband fibre-based broadband and cloud-based in Hull and East services continues Yorkshire which provides to increase market leading broadband at a fast pace. speeds and which is on track to be available to approximately 150,000 properties by the end of December 2017. --------------------- ------- ----------------------------- -----------------------------
Accuracy, The security, We have clear and security confidentiality comprehensive policies and confidentiality and accuracy in place and have of customer of our customer run mandatory training data data is of paramount in this area for importance to all employees. The us and to our forthcoming implementation customers. of the General Data Protection Regulation, in May 2018, means that there will be more stringent requirements in this area and we have formed a Steering Group, consisting of representatives from across the business, to focus on compliance with the new requirements. We also have a Data Strategy team in place to look at other data matters across the business, whose primary focus in the year has been the accuracy of customer data. --------------------- ------- ----------------------------- ----------------------------- Customer Our aim is to Last year we reported service provide exceptional that we were aware and delivery service wherever of some issues in we can. The the customer experience risk of not we were providing achieving this in our Hull and East is therefore Yorkshire business. a key risk for During the year we the business. have implemented new technology in our call centres and provided additional training to our people which has resulted in a reduction in our call waiting times. Our fibre deployment is key to ensuring the service received by our customers meets or exceeds expectations but we also continue to invest in our copper network to improve the experience for all of our customers where possible. --------------------- ------- ----------------------------- ----------------------------- Security We need our We hold a number and resilience networks and of standards that of our IT systems to relate to security networks continue operating and resilience, including and IT in order to ISO 27001, the Information systems continue to Security Management provide service standard, and ISO to our customers. 22301, the Business It is therefore Continuity Management essential that standard. We have we have secure a Head of Security and resilient and Compliance who systems and is responsible for networks in ensuring a consistent place. approach to security and resilience across the business and we have detailed policies and processes in place. We regularly test our resilience plans and have held a specific test in relation to our systems resilience in the year. Any lessons learnt from such tests are fed back into the resilience planning process, which in turn is continually reviewed and updated on an ongoing basis. --------------------- ------- ----------------------------- ----------------------------- A breach As a provider We have an in-house of our of telecommunications Regulatory team which regulatory services, we is responsible for obligations are regulated ensuring we understand by Ofcom and our obligations and there are multiple that these are communicated conditions and to the appropriate regulations people across the with which we business so that need to comply. we can ensure the We take our necessary controls regulatory responsibilities are in place. We extremely seriously have undertaken a and seek to number of internal ensure we are reviews in the year compliant in to check our compliance all regards. and also work closely with our suppliers to make sure that our obligations are passed on and complied with in areas where we are reliant on third parties for the provision of
services. --------------------- ------- ----------------------------- ----------------------------- Health The health and We have an in-house and safety safety of our Health and Safety people is of team which has significant paramount importance experience in the to us and we health and safety have a number issues specific to of people who our industry. We undertake high have a comprehensive risk activities, training programme such as climbing in place which provides telegraph poles, general training working in confined to all of our people spaces, working through mandatory alone or working e-learning and specific next to roads. training to those It is important who undertake higher to us to mitigate risk activities, health and safety which is then followed risk as far up by on-the-job as possible checks to ensure to try to prevent our engineers are incidents from practising what they occurring. have learnt. For large projects which contain increased health and safety risks, such as our fibre deployment, we have brought in external health and safety advisors to work on the project full-time to ensure we are complying with all of the appropriate health and safety requirements. --------------------- ------- ----------------------------- ----------------------------- Flooding Flooding has Prior to the 2007 become an increasingly floods we had already regular occurrence sought to mitigate in many parts the risk of flooding of the country in the design of in recent years our telephony network and Hull, where and through using much of our raised floors in business is some of our buildings. based, is no This meant that the exception. There impact of the floods were extreme in 2007 on our business floods experienced was minimal. We have in Hull in June continued to improve 2007 and there our defences further has been smaller-scale since that time, flooding experienced installing powerful at times since. water pumps and flood There is a risk alarms at key sites that such flooding and flood defence could impact barriers where appropriate. upon our business We monitor flood if we do not risk closely and take the necessary are always alert steps to mitigate to increased risks the risk where caused by extreme possible. weather and high tides, so that we can activate our defences as necessary if and when required. Where we rely on partners to provide services we seek to work with them to ensure that their services are resilient to flooding wherever possible. --------------------- ------- ----------------------------- -----------------------------
Directors' Responsibilities Statement
Each of the Directors as at 31 March 2017 whose names and functions are listed on pages 36 and 37 of the Annual Report 2016/17 confirm that, to the best of their knowledge:
-- The financial statements, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group and Company; and
-- The Strategic report and Directors' report contained in the Annual Report include a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that they face.
In the event of any queries, please contact Kathy Smith, Company Secretary on 01924 882501.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
June 22, 2017 08:33 ET (12:33 GMT)
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