We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Marshalls Plc | LSE:MSLH | London | Ordinary Share | GB00B012BV22 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
7.50 | 2.93% | 263.50 | 261.00 | 261.50 | 262.50 | 255.50 | 257.50 | 912,604 | 16:35:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Construction Matl-whsl, Nec | 674.4M | 18.6M | 0.0736 | 35.46 | 659.78M |
TIDMMSLH
RNS Number : 7834J
Marshalls PLC
09 April 2015
9 April 2015
Marshalls plc
Annual Report 2014 and Notice of 2015 Annual General Meeting
The Company announces that it has published its full Annual Report for the year ended 31 December 2014 and Notice of 2015 Annual General Meeting which is to be held at 11.00am on Wednesday 20 May 2015 at The Cedar Court Hotel, Ainley Top, Huddersfield HD3 3RH.
Copies of the documents listed below have been posted to shareholders:
1. Annual Report 2014
2. Notice of 2015 Annual General Meeting
3. Form of Proxy for the 2015 Annual General Meeting
A copy of each of these documents has also been submitted to the UK Listing Authority via the National Storage Mechanism and is available for inspection at www.morningstar.co.uk/uk/NSM.
These documents are also accessible via the Company's website at www.marshalls.co.uk.
Reference is made to RNS announcement number 7004G published on 6 March 2015 (Final Results). In addition to the information in that announcement, in accordance with DTR 6.3.5(2)(b), we also set out below the following extracts from the Annual Report 2014 in full text form:-
= Statement of Directors' Responsibilities;
= Principal Risks
-----------------------------------------------------------
Statement of Directors' Responsibilities in respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report andthe Group and Parent Company Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and Parent Company Financial Statements for each financial year. Under that law they are required to prepare the Group Financial Statements in accordance with IFRSs as adopted by the EU and applicable law, and have elected to prepare the Parent Company Financial Statements in accordance with UK Accounting Standards, including FRS 101 "Reduced Disclosure Framework".
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 Parent Company and of their profit or loss for that period. In preparing each of the Group and Parent Company Financial Statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and 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 EU;
-- 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; and
-- 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.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company's transactions and disclose with reasonable accuracy, at any time, thefinancial position of the Parent Company and enable them to ensure that its Financial Statements comply with the Companies Act 2006.
They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that comply with that law and those regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company'swebsite. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation
in other jurisdictions.
The Directors who held office at the date of approval of this Directors' Report and whose names and functions are listed on pages 32 and 33 of the Annual Report 2014 confirm that, to the best of each of their knowledge:
-- the 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 of the Company and the undertakings included in the consolidation taken as a whole; and
-- the Strategic Report contained in the Annual Report includes a fair review of the development and performance of the business and the position of the Company and the Group taken as a whole, together with a description of the principal risks anduncertainties that they face.
-- The Directors consider the Annual Report and Financial Statements, taken as a whole, to be fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
----------------------------------------------------
Principal Risks
Process
There is a formal ongoing process to identify, assess and analyse risks and those of a more material nature are included in the Group Risk Register. The Group Risk Register is reviewed and updated at least every six months and the overall process is the subject of regular review. Risks are recorded with a full analysis and risk owners are nominated who have authority and responsibility for assessing and managing the risk. All risks are analysed for impact and probability to determine exposure and impact to the business and the determination of a "gross risk score" enables risk exposure to be prioritised. External risks include the weather, political and economic conditions, the effect of legislation or other regulatory actions, the actions of competitors, foreign exchange, raw material prices and pension funding. Internal risks include investment in new products, new business strategies and acquisitions.
The Group seeks to mitigate exposure to all forms of strategic, financial and operational risk both external and internal. The effectiveness of key mitigating controls is continually monitored and such controls are subjected to internal audit and periodic testing in order to provide independent verification where this is deemed appropriate. The effectiveness and impact of key controls are evaluated and this is used to determine a "net risk score" for each risk. The process is used to develop action plans that are used to manage, or respond to, the risks and these are monitored and reviewed on a regular basis by the Group's Risk Committee.
Nature of risk Potential impact Mitigating factors Change ----------------------- ---------------------------- ------------------------------ ------------------------------- Macro-economic and political The lower activity The Group closely Economic risk has The Group is levels could reduce monitors trends and reduced as economic dependent on sales and production lead indicators, invests and sector outlook the level of volumes and therefore in market research and growth rates activity in could have an adverse and is an active member have improved. its UK and effect on the Group's of the CPA. international financial results. The Group benefits Government expenditure end markets. from the diversity is not likely to Accordingly, of its business and be near the cyclical it is susceptible end markets. low and there is to economic The Group focuses not upside potential downturn and on sales opportunities in certain focus the impact and strategic growth areas, e.g. rail. of Government initiatives, together policy. with quality, service The economic outlook and its supply chain. for the Eurozone continues to be difficult. ----------------------- ---------------------------- ------------------------------ ------------------------------- Weather The Group is The lower activity The Group has a continuing Weather conditions exposed to levels could reduce focus on new product are totally beyond the impact sales and production development including the Group's control. of prolonged volumes and therefore landscape water management. 2014 has been a periods of could have an adverse The Group is developing relatively benign bad weather. effect on the Group's its internal flooring weather year. financial results. offer and developing its International strategy in order to diversify its activities. ----------------------- ---------------------------- ------------------------------ ------------------------------- Customers The UK business The loss of a significant The Group focuses The risk continues has a number customer may give on brand and new product and is largely a of key customers, rise to a significant development, quality consequence of the in particular adverse effect and customer service way the market is the national on the Group's improvement. structured. merchants. financial results. This is partly The Group maintains as a result a national network of the consolidated of manufacturing and nature of the distribution sites. market. The Group undertakes ongoing reviews of trading policies and relationships and maintains constant communication with customers. ----------------------- ---------------------------- ------------------------------ ------------------------------- Competitor activity The increased competition The Group has unique The improved market The Group has could reduce volumes selling points that outlook has increased a number of and margins on differentiate the demand (relative existing competitors manufactured and Marshalls branded to available supply) who compete traded products. offer. and this has led on range, price, to a reduction in quality and The Group focuses such competitive service. on quality, service, pressure. reliability and ethical Potential new standards that differentiate Continuing demand low cost competitors Marshalls from competitor for imported natural may be attracted products. stone potentially into the market serves to maintain through increased The Group continues this risk. demand for to have the lowest imported natural cost to market. stone products. The Group has a continuing focus on new product development. ----------------------- ---------------------------- ------------------------------ ------------------------------- Cost and availability of raw materials The increased costs The Group benefits Cost inflation remains The Group is could reduce margins from the diversity a risk as demand susceptible and may be further of its business and for raw materials to significant impacted in the end markets. increases. increases in event of imbalances the price of in the mix of regional The Group focuses The improved market raw materials, activity. on its supplier outlook has increased utilities, relationships, demand (relative fuel oil, haulage The risk of market flexible contracts to available supply) costs and vehicle demand exceeding and the use of hedging and there is an availability. raw material supply instruments. increased risk of could lead to inefficient temporary shortages. As demand increases, production which The Group utilises the Group is could reduce margins. sales pricing and potentially purchasing policies more exposed designed to mitigate to the risk the risks. of temporary raw material The Group has its shortages. own fleet of specialist delivery vehicles. ----------------------- ---------------------------- ------------------------------ ------------------------------- Pension The Defined These risks could The defined benefit The risks surrounding Benefit Pension increase pension section of the Pension the continuing funding Scheme may scheme liabilities Scheme is closed to of the past service be impacted or reduce assets, new members and future liability remain by volatility putting pressure service accrual. unchanged as many in financial on accounting notional of these are driven markets and interest and therefore The Group uses liability by financial markets the longevity downward pressure driven investments and factors outside of members. on PBT and EPS. to hedge interest the Group's control. This could also rate and inflation result in the need risks. for additional cash contributions. De-risking strategies continue to be pursued and risk management is a key control used by the Trustee. Professional advisers are consulted to minimise risk. ----------------------- ---------------------------- ------------------------------ ------------------------------- Environmental An environmental An incident could The Group uses professional The Group is unable contamination lead to disruption specialists covering to predict future event may lead to production and carbon reduction, changes in environmental to a prosecution to financial penalties water management and laws or policies and to reputational as well as a potential biodiversity. or the ultimate loss. negative impact cost of compliance on the Group's The Group focuses with such laws or reputation. on the implementation policies. of ISO standards. The Group has a formal Group sustainability strategy focusing on impact reduction. ----------------------- ---------------------------- ------------------------------ ------------------------------- Corporate, Legal and Regulatory An incident could Group employs compliance The extension of The Group may lead to a disruption procedures, policies the Group's activities be adversely to the supply of and independent audit into new international affected by products for customers processes which seek markets causes this an unexpected and to increased to ensure that local, risk to continue, reputational costs as well as national and international notwithstanding event, for a potential negative regulatory and compliance the additional compliance example, in impact on the Group's procedures are fully procedures within its ethical reputation. complied with. the supply chain. supply chain. ----------------------- ---------------------------- ------------------------------ ------------------------------- Access to Funding The Group continues Insufficient access The Group has significant The improved economic to require to funding could committed facilities outlook and the debt funding limit the Group's in place with a good Group's reduced in order to ability to achieve spread of medium term gearing has served meet its trading the desired levels maturities and significant to reduce this risk. obligations of growth. headroom. There is also improved and to grow liquidity and increased the business. The Group's policy competition within continues to be to the banking sector. arrange funding ahead of requirements and to maintain sufficient undrawn committed bank facilities. ----------------------- ---------------------------- ------------------------------ ------------------------------- IT Infrastructure Disruption Ineffective procedures All IT system development The continued investment to the IT environment could lead to an projects are actively in and maintenance could affect adverse effect and carefully planned of IT systems across the Group's on the Group's with defined governance the Group gives ability to financial results. and control procedures. rise to good control conduct its To support and enable of this risk. ongoing operations. future growth the Group has upgraded its IT systems to ensure a common platform across all business units. Regular independent risk and project management audits are undertaken. The Group ensures that industry standards are adopted and disaster recovery plans and procedures exist and are regularly tested. ----------------------- ---------------------------- ------------------------------ -------------------------------
----------------------------------------------------
Cautionary statement and Directors' liability
The Annual Report 2014 has been prepared for, and only for, the members of the Company, as a body, and no other persons.
Neither the Company nor the Directors accept or assume any liability to any person to whom the Annual Report is shown or into whose hands it may come except to the extent that such liability arises and may not be excluded under English law. Accordingly, any liability to a person who has demonstrated reliance on any untrue or misleading statement or omission shall be determined in accordance with Section 90A of the Financial Services and Markets Act 2000.
The Annual Report contains certain forward-looking statements with respect to the Group's financial condition, results, strategy, plans and objectives. These statements are not forecasts or guarantees of future performance and involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future.
There are a number of factors that could cause actual results or developments to differ materially from those expressed, implied or forecast by these forward looking statements. All forward-looking statements in the Annual Report are based on information known to the Group as at the date of the Annual Report and the Group has no obligation publicly to update or revise any forward looking statements, whether as a result of new information or future events. Nothing in the Annual Report should be construed as a profit
forecast.
Annual General Meeting
The Notice convening the Annual General Meeting to be held at The Cedar Court Hotel, Ainley Top, Huddersfield HD3 3RH at 11.00 am on Wednesday 20 May 2015 together with explanatory notes on the resolutions to be proposed is contained in a circular sent to shareholders with the Annual Report.
Enquiries:
C E Baxandall, Group Company Secretary, Marshalls plc
Tel: 01422 314777
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSBUGDSRGGBGUC
1 Year Marshalls Chart |
1 Month Marshalls Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions