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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 |
TIDMMKS
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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