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MKS Marks And Spencer Group Plc

265.40
-0.50 (-0.19%)
Last Updated: 08:57:02
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Marks And Spencer Group Plc LSE:MKS London Ordinary Share GB0031274896 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -0.19% 265.40 265.10 265.40 267.40 264.30 266.40 359,918 08:57:02
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc General Mdse Stores 11.93B 363.4M 0.1842 14.41 5.23B

Marks & Spencer Group PLC Annual Report - National Storage Mechanism (5383H)

08/06/2017 9:57am

UK Regulatory


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RNS Number : 5383H

Marks & Spencer Group PLC

08 June 2017

8 June 2017

Marks and Spencer Group plc (the "Company")

Annual Report and Financial Statements 2017

In compliance with Listing Rule 9.6.1, the Company announces that the following documents have today been submitted to the UK Listing Authority, and will shortly be available for inspection via the National Storage Mechanism at morningstar.co.uk/uk/NSM:

   --           Annual report and financial statements 2017; 

-- The Notice of Annual General Meeting of the Company which will be held at Wembley Stadium, Wembley, London HA9 0WS at 11am on Tuesday 11 July 2017; and

   --           Proxy forms for the 2017 Annual General Meeting. 

In accordance with DTR 6.3.5(3) the Annual Report and Financial Statements 2017 is accessible on annualreport.marksandspencer.com. The Notice of Annual General Meeting is available on marksandspencer.com/investors.

A condensed set of Marks and Spencer Group 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 preliminary announcement on 24 May 2017. That information together with the information set out below which is extracted from the Annual Report and Financial Statements 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 and Financial Statements. Page and note references in the text below refer to page numbers in the Annual Report and Financial Statements 2017. To view the preliminary announcement, visit the Company website: marksandspencer.com/thecompany.

Principal risks and uncertainties

As with any business, we face risks and uncertainties on a daily basis. It is the effective management of these that places us in a better position to be able to achieve our strategic objectives and to embrace opportunities as they arise.

Below are details of our principal risks and uncertainties and the mitigating activities in place to address them. It is recognised that the Group is exposed to risks wider than those listed. However, we have disclosed those we believe are likely to have the greatest impact on our business at this moment in time and those that have been the subject of debate at recent Board or Audit Committee meetings.

 
 DESCRIPTION                         MITIGATING ACTIVITIES 
-------------------------------  ---------------------------------------------------------------- 
 Clothing & Home Recovery 
  Our future performance             *    Clothing & Home strategy and supporting workstreams 
  will be impacted                        in place to drive sales, target market share, control 
  if we fail to meet                      costs and drive profitability. 
  customer expectations. 
  As we continue to 
  reassert our Clothing              *    Monthly monitoring and challenge of delivery against 
  & Home credentials,                     strategy and performance indicators. 
  we are focused on 
  ensuring that product 
  relevance, pricing                 *    Continued focus on product quality and style, 
  and quality meet                        including adherence to our Clothing Quality Charter. 
  customer expectations. 
  Meeting our customers' 
  needs in all respects              *    Ongoing engagement through customer panels and our 
  is key to driving                       Customer Insight Unit. 
  improved performance 
  in an increasingly 
  competitive market. 
-------------------------------  ---------------------------------------------------------------- 
 Food Safety and Integrity 
  A food safety or                    *    Dedicated Food Technology team responsible for 
  integrity related                        ensuring products are safe for consumption through 
  incident occurs or                       rigorous controls and processes. 
  is not effectively 
  managed. 
  Our brand is based                  *    Long-established store, supplier and depot auditing 
  on trust and our                         programme in place. 
  customers have high 
  expectations of both 
  the quality and integrity           *    Visible response to emerging customer concerns. 
  of our food. It is 
  of paramount importance 
  that we effectively                 *    Proactive horizon scanning for future issues, 
  manage safety and                        including focus on fraud and adulteration. 
  integrity, especially 
  as we continue to 
  grow our global food                *    Crisis management plan in place. 
  business. 
-------------------------------  ---------------------------------------------------------------- 
 Corporate Responsibility 
  Our reputation as                   *    Continued commitment to and development of Plan A 
  a sustainable retailer                   objectives to allow risks to be identified, mitigated 
  relies on our ability                    and monitored. 
  to meet our social 
  responsibility agenda 
  and stakeholder expectations.       *    Overarching governance of processes through Plan A 
  Our sustainability                       leadership. 
  credentials have 
  historically been 
  a key differentiator                *    Mature supplier ethical auditing programme, including 
  in the retail market.                    independent third party auditors, across our Clothing 
  As our peers place                       & Home and Food businesses. 
  greater focus on 
  this and the regulatory 
  environment continues               *    Policy on supplier selection processes. 
  to develop, it is 
  essential that we 
  continue to evolve                  *    Business-wide human rights policy and ownership. 
  our aims, maintain 
  strong ethical standards 
  and meet stakeholder                *    Updated Global Sourcing Principles to incorporate 
  expectations.                            requirements of Modern Slavery Act. 
 
 
                                      *    Signatory to United Nations Global Compact principles 
                                           covering human rights, the environment and ethical 
                                           behaviour. 
 
 
                                      *    Membership of the Ethical Trading Initiative. 
-------------------------------  ---------------------------------------------------------------- 
 Information Security 
  (including Cyber)                   *    Established security controls, including policies, 
  We experience a major                    procedures and use of security technologies. 
  information security 
  breach. 
  Our business, and                   *    Dedicated Head of Data Governance. 
  society, continues 
  to be subject to 
  external threats                    *    Data Governance Group in place. 
  to security - including 
  external hackers 
  and viruses, physical               *    Dedicated Corporate Security team with ongoing focus 
  security attacks                         on improving physical security environment. 
  or sensitive data 
  being lost or accessed 
  without authorisation.              *    Dedicated Head of Cyber Security, leading a team of 
                                           cyber security experts and analysts, with 24/7 
                                           monitoring and defence tools. 
 
 
                                      *    Third party cyber maturity assessment performed. 
 
 
                                      *    Ongoing monitoring of developments in cyber security 
                                           threats, engaging with third party specialists as 
                                           appropriate. 
 
 
                                      *    Control of sensitive data through limited and 
                                           monitored access and the roll-out of systems with 
                                           enhanced security. 
 
 
                                      *    Specific team dedicated to managing security 
                                           requirements for M&S.com. 
-------------------------------  ---------------------------------------------------------------- 
 Technology 
  To support future                   *    Digital lab in place developing new technology 
  profitable growth,                       enabled solutions. 
  we need to keep pace 
  and develop our technology 
  capability. Our business            *    Proactive simplification of IT infrastructure through 
  needs to identify,                       clearly defined technology roadmaps for all business 
  keep pace with and                       areas. 
  embrace developments 
  in technology. 
  This will encompass                 *    Structured deployment of Smarter Working principles 
  a range of technology                    and enabling technologies. 
  demands driven by 
  the needs of our 
  customers, deployment               *    Overall review of future IT strategy under way. 
  of tools that promote 
  effective and flexible 
  working and maintaining 
  an overarching IT 
  infrastructure that 
  enables resilient 
  business delivery. 
-------------------------------  ---------------------------------------------------------------- 
 Customer Proposition 
  & Experience                        *    Appointed dedicated Head of Customer Experience. 
  Our performance and 
  reputation will be 
  impacted if we fail                 *    Omnichannel approach adopted to drive consistent 
  to deliver a competitive                 experiences online and in store. 
  and reliable customer 
  proposition and experience 
  across all channels.                *    Proactive monitoring of social media to observe and 
  Notwithstanding the                      respond to trends in customer experience. 
  growth delivered 
  and expected to continue 
  in our M&S.com business,            *    Further integration of M&S.com functions within core 
  we need to ensure                        teams to drive consistency across all channels. 
  that we meet expectations 
  however our customers 
  choose to shop or                   *    Robust business continuity plans, incident reporting 
  have their order                         and management procedures in place across all 
  delivered.                               channels. 
 
 
                                      *    Ongoing review of future strategic opportunities to 
                                           meet customer needs. 
-------------------------------  ---------------------------------------------------------------- 
 Talent & Succession 
  We need to attract,                 *    Completion of top tier talent review. 
  develop, motivate 
  and retain the right 
  individuals to achieve              *    Review of cross-Group talent management processes 
  our operational and                      under way. 
  strategic objectives. 
  Effective talent 
  management is essential             *    Third party review completed to help support and 
  to deliver current                       develop skill set of senior leadership group. 
  and future business 
  requirements. We 
  recognise the importance            *    Targeted development programmes in place. 
  of both developing 
  internal talent and 
  successfully integrating            *    Clear line manager responsibility for succession 
  external hires.                          planning supported by appropriate people forums. 
 
 
                                      *    Ongoing focus on enhancing recruitment processes 
                                           across the business. 
-------------------------------  ---------------------------------------------------------------- 
 Margin 
  Sourcing or cost                    *    Clearly defined margin targets across the business 
  pressures impact                         with performance monitored and reported to 
  our margin performance.                  management. 
  While our business 
  continues to 
  face challenging                    *    Comprehensive sourcing plans in place for key 
  foreign currency                         products/suppliers. 
  headwinds, other 
  factors place significant 
  pressure on margin                  *    Currency strategy to actively manage foreign exchange 
  performance. These                       rate fluctuations. 
  include the availability 
  of raw materials 
  and pricing strategies              *    Ongoing monitoring of pricing strategy in the context 
  in the context of                        of the wider retail market. 
  the overall retail 
  market. 
                                      *    Strong engagement with buying teams to communicate 
                                           fluctuations in raw material prices and foreign 
                                           exchange rates. 
 
 
                                      *    Enhanced Clothing & Home product development system 
                                           in place, improving efficiency to leverage margin 
                                           growth. 
-------------------------------  ---------------------------------------------------------------- 
 Brand 
  Our brand needs to                   *    Focus on clearly defined brand purpose to Make Every 
  evolve with consumer                      Moment Special, connecting with customers through our 
  lifestyles and attitudes                  Spend It Well campaigns with greater focus on 
  for us to successfully                    lifestyle and outlook. 
  attract and retain 
  customers. 
  We need to ensure                    *    Engagement with customers through our Customer 
  that we recruit,                          Insight Unit and focus groups, providing rich 
  engage and retain                         insights and quantifiable data. 
  customers 
  through the ongoing 
  relevance of the                     *    Strengthened Customer Insight Unit leadership. 
  M&S brand. 
 
                                       *    Continued investment in the development of Sparks. 
-------------------------------  ---------------------------------------------------------------- 
 UK Store Estate 
  We fail to maintain                 *    Full review of our UK store portfolio during 2016/17. 
  and develop a UK 
  store estate that 
  is relevant to future               *    Multi-year programme under way to improve our estate 
  customer preferences                     to better meet customers' needs. 
  and supports business 
  performance. 
  As consumer behaviours              *    Strengthened property capabilities, including 
  continue to evolve,                      appointment of senior external hires. 
  our physical store 
  estate planning must 
  align to our business               *    Cross-business Steering Group and working groups set 
  strategy, providing                      up to manage and monitor the store estate change 
  better range                             programme. 
  authority in more 
  convenient locations, 
  while generating                    *    Property Board approval process and governance 
  higher space productivity.               framework in place. 
 
 
                                      *    Continued expansion of our Simply Food business 
                                           alongside improvements to the UK store estate. 
-------------------------------  ---------------------------------------------------------------- 
 Profitable Growth 
  To drive profitable                 *    Customer Insight Unit provides horizon scanning of 
  growth our business                      changes in consumer behaviour. 
  needs to innovate 
  as well as successfully 
  deliver additional                  *    Review of innovation processes underway. 
  space and strong 
  like-for-like 
  performance.                        *    New operating model implemented to drive efficiency 
  To generate long-term                    and effective decision-making. 
  shareholder 
  value, we need to 
  identify alternative                *    Business restructure completed to help drive our 
  revenue streams and                      business objectives and strategic aims. 
  opportunities to 
  leverage growth, 
  while also ensuring                 *    Ongoing focus on establishing foundations for new 
  that we drive the                        paths to growth. 
  performance of our 
  existing products 
  and services. 
-------------------------------  ---------------------------------------------------------------- 
 Third Party Management 
  To drive value for                  *    Ongoing Board-level review of key relationships and 
  our business we need                     partnerships. 
  to successfully manage 
  and leverage our 
  third party relationships           *    Dedicated personnel managing key contracts. 
  and partnerships. 
  Our business relies 
  on a number of significant          *    Defined service level agreements and key performance 
  third party relationships.               indicator standards in place for key contracts. 
  To ensure that we 
  continue to 
  drive value for the                 *    Defined contract governance and oversight standards. 
  business, it is essential 
  that we work collaboratively, 
  clearly define requirements         *    Strong engagement with in-house Legal and Procurement 
  and proactively manage                   teams. 
  our third parties. 
 
                                      *    Periodic, independent review of performance. 
-------------------------------  ---------------------------------------------------------------- 
 

The risks listed do not comprise all those associated with Marks & Spencer and the numerical referencing does not denote an order of priority. Additional risks and uncertainties not presently known to management, or currently deemed to be less material, may also have an adverse effect on the business. These less material risks are kept in view in case their likelihood or impact should show signs of increasing.

Further information on the financial risks we face and how they are managed is provided on pages 118 to 123.

Directors' Responsibility Statement

The 2017 Annual Report 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 financial statements 2017 and not the condensed statements required to be set out in the Annual Financial Report announcement.

The directors are responsible for the maintenance and integrity of the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Each of the directors, whose names and functions are listed on pages 36 and 37 of the Annual Report, confirm that, to the best of their knowledge:

- The Group 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.

- 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.

- The Annual Report, taken as a whole, is fair, balanced and understandable, and provides the necessary information for shareholders to assess the Group's performance, business model and strategy.

The Directors of Marks and Spencer Group plc are listed in the Group's 2017 Annual report, and on the Group's website: corporate.marksandspencer.com.

For further information, please contact:

Group Secretariat: +44 (0)20 8718 9888

END

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(END) Dow Jones Newswires

June 08, 2017 04:57 ET (08:57 GMT)

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