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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.00 | 0.37% | 274.50 | 274.50 | 276.00 | 275.00 | 272.00 | 272.00 | 38,853 | 12:14:46 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Construction Matl-whsl, Nec | 674.4M | 18.6M | 0.0736 | 37.30 | 693.91M |
TIDMMSLH
RNS Number : 1960U
Marshalls PLC
01 April 2021
1 April 2021
Marshalls plc
(the "Company")
Directorate changes
Annual Report 2020 and Notice of 2021 Annual General Meeting
Board changes
Further to the announcement on 11 March 2021 of Jack Clarke's agreement with the Board to retire as Group Finance Director and as an Executive Director, Jack has agreed to step down from the Board and as Group Finance Director with effect from today. As previously announced, a transition plan is well advanced and Jack will remain with the Group until 31 March 2022 to ensure a smooth and orderly handover.
Janet Ashdown has informed the Board that, after six years with the Company, she wishes to retire from the Board with effect from the end of the Company's 2021 AGM in May. The Board would like to thank Janet for her significant contribution to the success of the Company, particularly in her capacity as Senior Independent Non-Executive Director, Chair of the Remuneration Committee and designated Non-Executive Director for workforce engagement. Janet has provided invaluable knowledge and expertise in helping the Board navigate a number of changes over recent years to the governance landscape for listed companies.
With effect from the end of this year's AGM, Graham Prothero has agreed, in addition to his duties as Chair of the Audit Committee, to assume the role of Senior Independent Director. Graham has been with the Company nearly four years and is an experienced listed company director.
Angela Bromfield will take over as Chair of the Remuneration Committee and designated Non-Executive Director for workforce engagement. Angela has served more than 12 months on our Remuneration Committee and is the serving Chair of the Remuneration Committee for both Churchill China PLC and Harworth Group PLC.
The Nomination Committee has factored these changes into its succession planning which continues to focus on ensuring that the knowledge, skills and experience on the Board are aligned with the Company's strategic priorities and enable it to comply with the requirements of the UK Corporate Governance Code.
Annual Report and 2021 AGM
The Company has published its full Annual Report for the year ended 31 December 2020 and Notice of 2021 AGM which is to be held at 11.00am on Wednesday 12 May 2021 at the Company's offices at Landscape House, Premier Way, Lowfields Business Park, Elland, HX5 9HT.
As Government measures restricting public gatherings and non-essential travel are likely to remain in place until after the 2021 AGM, we have made arrangements, as we did last year, for the Meeting to be a "hybrid" meeting, allowing shareholders to participate electronically. We are making arrangements for the quorum (which is any two shareholders or their proxies/corporate representatives) to be satisfied by the presence of two employee shareholders present in person, by proxy or as corporate representatives.
We do not currently intend to admit any other shareholders in person to the Meeting venue and encourage shareholders to participate in the meeting electronically. Shareholders are also strongly encouraged to vote by proxy in advance of the Meeting. Any updates to the position will be included on our website at www.marshalls.co.uk/investor/agm-details .
Copies of the documents listed below have been posted to shareholders today:
1. Annual Report 2020
2. Notice convening the 2021 AGM
3. Form of Proxy for the 2021 AGM
A copy of each of the above documents has been submitted to the UK Listing Authority via the National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
These documents are also accessible via the Company's website at www.marshalls.co.uk .
Reference is made to RNS announcement number 8638R published on 11 March 2021 (Annual Financial Report). 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 2020 in full text form:
-- Statement of Directors' Responsibilities; and -- Principal Risks.
-----------------------------------------------------------
Statement of Directors' Responsibilities in respect of the Annual Report 2020 and the Financial Statements
The Directors who held office at the date of approval of this Directors' Report 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;
-- the Strategic Report contained in this 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 and uncertainties that they face; and
-- the Annual Report and Financial Statements, taken as a whole, is 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
Risk management is the responsibility of the Board and is a key factor in the delivery of the Group's strategic objectives. The Board establishes the culture of effective risk management and is responsible for maintaining appropriate systems and controls. The Board sets the risk appetite and determines the policies and procedures that are put in place to mitigate exposure to risks. The Board plays a central role in the Group's risk review process, which covers emerging risks and incorporates scenario planning and detailed stress testing.
There is a formal ongoing process to identify, assess and analyse risks and those of a potentially significant nature are included in the Group Risk Register. The Group Risk Register is reviewed and updated by the Board and the full Executive Management team 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. KPMG, as the Group's internal auditor, regularly attends the risk review meetings. The conclusion of KPMG is that the process continues to be a robust mechanism for monitoring and controlling the Group's principal risks and for challenging the potential impact of new emerging risks. All risks are aligned
with the Group's strategic objectives and each risk is analysed in terms of likelihood and impact to the business and the determination of a "gross risk score" enables risk exposure to be prioritised.
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 detailed 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 Audit Committee.
The Group has a formal framework for the ongoing assessment of operational, financial and IT-based controls. The overriding objective is to gain assurance that the control framework is complete and that the individual controls are operating effectively. Additional independent verification checking of key controls and reconciliations is undertaken on a rolling basis. Such testing includes key controls over access to, and changing permissions on, base data and metadata.
The Group is prepared to accept a certain level of risk to remain competitive but continues to adopt a conservative approach to risk management. The risk framework is robust and provides clarity in determining the risks faced and the level of risk that we are prepared to accept. Marshalls' strategies are designed to either treat, transfer or terminate the source of the identified risk. There are well-established procedures to identify, monitor and manage risk and, within the internal control framework, policies and procedures are reviewed on an ongoing basis.
Principal risks and uncertainties
The Directors have undertaken a robust, systematic assessment of the Group's emerging and principal risks. These have been considered within the timeframe of three years, which aligns with our Viability Statement.
Macro-economic and political
Nature of risk Key risk indicators Change in risk in The Group is dependent * Delays in the awarding of and completion of the year on the level of activity contracts. The sharp reduction in its end markets. in sales due to COVID-19 Accordingly, it is in the second quarter susceptible to economic * Reductions in consumer confidence and order pipeline. of 2020 was reversed downturn, the impact from quarter three of Government policy, and the second half interest rates, of the year saw volatility Mitigating factors significant
in world markets and * The Group closely monitors trends and lead indicators sales growth and any continuing issues , increase in activity following the UK's invests in market research and is an active member of levels throughout departure from the the CPA. the sector. The UK EU. Government's stated objective is to support Potential impact * The Group benefits from the diversity of its business construction and The potential longer-term and end markets. The proactive development of the manufacturing to impact of Brexit or product range continues to offer protection. fuel economic growth wider global and significant macro-economic investment tension and uncertainty * The Group has developed detailed plans to support its support for could lead to lower supply chain following the UK's departure from the EU infrastructure activity levels which and to mitigate the risk of raw material shortages. and housing has been could reduce sales announced. There and production volumes. continues to be This could have an * The Group undertakes scenario planning to support volatility adverse effect on improved business resilience. in world markets the Group's financial and global economic results. The impact uncertainty continues of supply chain issues, * The Group continues to target those market areas to be a risk. exchange rate where growth prospects are greatest, e.g. New Build fluctuations Housing, Road, Rail and Water Management. and increased interest rates could also have an adverse impact * The Group focuses on its supplier relationships, on material costs. flexible contracts and the use of hedging instruments.
Pro-longed impact at further waves of the COVID-19 virus
Nature of risk Key risk indicators Change in risk in Continued disruption * Government policy and delays in the full the year caused by further implementation of the vaccine programme. Trading recovered longer-term effects strongly in the second of COVID-19 giving half of 2020 and rise to further lockdowns * Delays in the awarding and completion of contracts. this has continued and Government into the first quarter restrictions. of 2021. Construction Potential for further and manufacturing waves caused by new Mitigating factors have been designated virus variants. * The Group closely monitors trends and lead as essential industries indicators. and the Group has Potential impact already demonstrated Longer than expected strong business disruption could lead * The Group has detailed business continuity plans to resilience. to prolonged uncertainty maintain flexibility and appropriate working However, further and lower activity practices and procedures. delays could generate levels which could renewed uncertainty. reduce sales and production * The Group undertakes ongoing scenario planning to volumes. This could assess business resilience and risks that could lead have an adverse effect to business disruption. on the Group's financial results. * The Group focuses on communication with employees and The requirement for other stakeholders, and maintains strong customer and longer-term home working supplier relationships. could give rise to increased wellbeing or mental health issues.
Cyber security risks
Nature of risk Key risk indicators Change in risk Inadequate * Emergence of new cyber security risks. in controls the year and procedures This remains a over * Increased examples of data loss in the wider market. high the protection profile area of and intellectual considerable property, Mitigating factors focus sensitive * Use of IT security policies. is being given employee to information promoting and market * The undertaking of regular cyber security risk audits awareness influencing by specialists and the quick introduction of of IT security data. mitigation controls and other recommended procedure policies. The failure to updates. The net risk improve is being controls maintained due against cyber * Sensitive data is currently restricted to selected to security risk senior and experienced employees who are used to the continued quickly handling such data. extension enough, given of mitigation the controls. rapid pace of * Appropriate tools and training procedures are in The risk is change place to protect sensitive data when stored and fast and the transmitted between parties (e.g. encryption of hard growing and continuing drives, restricted USB devices, secure data indiscriminate introduction transmission mechanisms and third party security and the of new audits). perception threats. is that the Increasingly, gross all business * A continuous programme of awareness training for risk of data is becoming staff. loss more IT through new dependent. (or as yet unseen) Potential security impact threats Risk of data continues loss to increase. causing financial and
reputational risk.
Security of raw material supply / raw material shortages
Nature of risk Key risk indicators Change in risk in Although the UK has * Temporary shortages and exchange rate cost inflation. the year now left the EU, there The risk of temporary remains a risk to shortages is mitigated the security of raw * Decreases in vehicle availability and labour/driver by proactive supply material supply and shortages. chain management the risk of shortages and the use of alternative in some areas. Changes suppliers. in the market for certain raw materials Mitigating factors Cost inflation remains have created an increased * The Group benefits from the diversity of its business a risk as demand reliance on imports. and end markets. for raw materials increases against The Group is susceptible a backdrop of continuing to tariffs for certain * We are collaborating with all EU-based Tier 1 and economic uncertainty. commodities and Tier 2 suppliers to ensure any supply risks from the All importers are significant Brexit transition process are minimised. faced with the same increases in the price issues. of raw materials, utilities, fuel oil * A focus on governance and financial controls and haulage costs including a rolling "material risk" review process. and decreases in vehicle availability. Longer-term risk of "carbon taxation". * The digitisation of the supply chain through the implementation of a best-in-class Supply Relationship Potential impact Management System. The increased costs could reduce margins and may be further * The Group focuses on its supplier relationships, impacted in the event flexible contracts and the use of hedging of imbalances in the instruments. Use of flexible freight forwarding mix of regional activity. options. The risk of market demand exceeding raw material supply could * The Group utilises sales pricing and purchasing lead to inefficient policies designed to mitigate the risks. production, which could reduce margins. * The Group uses specialist delivery vehicles.
ESG focus and increasing requirements
Nature of risk Change in risk in Increasing focus on * Negative feedback from stakeholders - loss of the year ESG and the heightened business and investment due to lack of preparedness. Significantly heightened awareness of environmental focus from stakeholders, challenge which is Government, customers translating into politics * Failure to meet internal targets. and investors and and consumer behaviour. increased operational and reporting requirements. Risk of allocating insufficient resource Mitigating factors and investment to * The Group utilises experienced, specialist staff to support the science-based support the Group's focus in this area. targets and other environmental protocols. * Agreed carbon reduction plan and a set of KPIs Mandatory human rights established. disclosure from 2022 and increased focus on modern slavery * The Group is committed to the Science Based Targets and diversity reporting. initiative. Potential impact Hardening targets * Working groups established in all focus areas and and greater consideration controls being progressively embedded across the amongst investor and business. stakeholder groups. Risk that investors and customers could reduce support if the Group failed to improve performance against targets or did not report appropriately. Risk of customers switching products away from those with a higher carbon footprint.
Climate change (including the impact of weather events)
Nature of risk Key risk indicators Change in risk in The increase in frequency * Prolonged periods of bad weather (e.g. snow, ice and the year and impact of extreme floods) which makes ground working difficult or Weather conditions weather events such impossible. continue to be closely as flooding, drought monitored but are and coastal erosion. beyond the Group's * Changing public perceptions of the longer-term control. Significant The longer-term implications implications of climate change. increase in public of climate change awareness of climate give rise to the transition change. risk to address the challenges quickly Mitigating factors enough. * The Group utilises centralised specialist functions to support mitigation plans and the management of Potential impact relationships on commercial contracts. Adverse working conditions could give rise to disruption and delays * Climate change risk analysis in place. that might reduce short-term activity levels. This could * We are committed to water harvesting and recycling reduce sales and production schemes and have an environmental target of not using volumes and therefore any mains schemes. have an adverse effect on the Group's financial results. * The development of resilience strategies for climate change is a key element of the Group's Climate Change The cost impact of Policy. the "Environmental Protocol" and mitigation programmes could lead * The development of the Group's Water Management to increasingly expensive business and the continuing focus on new product processes. development. Financial risk caused by adverse impact on margins and cash flows as well as sales and production volumes.
Threat from new technologies and business models, and the increased pace of digital change in the market
Nature of risk Key risk indicators Change in risk in Reduction in demand * Less demand for traditional products and routes to the year for traditional products. market. The ongoing Risk of new competitors diversification and new substitute of the business, products appearing. * Emergence of new competitors and new digital business the continued development models. of the Marshalls Failure to react to brand and the focus market developments, on new products and including digital * More widespread availability of artificial greater manufacturing and technological intelligence technology. efficiency continue advances. to mitigate the risk. Potential impact The pace of digital The increased competition Mitigating factors change in the market could reduce volumes * Good market intelligence. continues to increase and margins on traditional and the risk is products. Despite increasing. significant additional * Flexible business strategy able to embrace new This is now seen focus made by the technologies. as a major risk by
Group in this area the market. in recent years, there remains a risk that * Significant focus on research and development and new a new third party products. could use emerging digital technology to enter the market * Development of the Group's E-platform and developing and transition more digital strategy. quickly and effectively.
Corporate, legal and regulatory
Nature of risk Key risk indicators Change in risk in Inadvertent failure * Increased regulatory and compliance requirements. the year to comply with elements The significant increase of a significantly in governance and increased governance, * Integration requirements for new acquisitions. regulation continues legislative and regulatory to require additional business environment. management focus The Group may be adversely * Significant increases in the penalty regime for and robust compliance affected by an unexpected health and safety and environmental incidents. procedures within reputational event, all areas of the e.g. an issue in its business. ethical supply chain or due to a health Mitigating factors and safety incident. * Centralised legal and other specialist functions, the use of specialist advisers and ongoing monitoring and Potential impact training. Significant increases in the penalty regime across all areas of * The Group has a formal Group sustainability strategy business (e.g. health focusing on impact reduction. and safety, competition law, the Bribery Act and GDPR) could lead * The Group employs compliance procedures, policies, to significant fines ISO standards and independent audit processes which in the event of a seek to ensure that local, national and international breach. regulatory and compliance procedures are fully complied with. A health and safety or environmental incident could lead to a disruption * The Group uses professional specialists covering to production and carbon reduction, water management and biodiversity. the supply of products for customers. Such incidents could lead to prosecutions and increased costs and have a negative impact on the Group's reputation.
Competitor activity
Nature of risk Key risk indicators Change in risk in The Group has a number * Threat from new competitors and new technologies. the year of existing competitors The more uncertain which compete on range, market environment price, quality and * Less demand for traditional products and the has not led to any service. Potential increased emergence of new digital business models significant changes new low cost competitors and product solutions. in competitive pressure. may be attracted into the market through increased demand for imported natural stone Mitigating factors products. * The Group has unique selling points that differentiate the Marshalls branded offer. Potential impact The increased competition could reduce volumes * The Group focuses on quality, service, reliability and margins on manufactured and ethical standards that differentiate Marshalls and traded products. from competitor products. * The Group has a continuing focus on new product development. * The continued development of the Group's digital strategy and its focus for customers and all stakeholders.
Customers
Nature of risk Key risk indicators Change in risk in The UK business has * Changes to market structure or trading relationships. the year a number of key customers, Although the underlying in particular the risk continues, the national merchants. * New customer strategies. effective management This is partly as of key relationships a result of the and the ongoing consolidated * Customer feedback and changing expectations. diversification nature of this market. of the business continue to mitigate the risk. Potential impact The loss of a significant Mitigating factors customer may give * The Group focuses on brand and new product rise to a significant development, quality and customer service adverse effect on improvement. the Group's financial results. * The Group maintains a national network of manufacturing and distribution sites. * The Group undertakes ongoing reviews of trading policies and relationships and maintains constant communication with customers. * We invest in market research to ensure that we have a strong understanding of end user requirements and the quality of our distribution network.
Health and safety
Nature of risk Key risk indicators Change in risk in Unexpected health * Integration requirements for new acquisitions. the year and safety incident, Health and safety possibly caused by continues to be a human error or the * Significant increases in the penalty regime. high profile risk actions of a subcontractor. area. Ongoing risks in relation Increased risks arising to COVID-19 and the Mitigating factors from COVID-19, including need to maintain safe * Centralised specialist functions. mental health and working environments. employee welfare. Ongoing welfare and * Regular communication and support for employees, mental health of employees. including those working from home. Mental health first aiders. "Return to work" strategy and policies Potential impact in place. Risk of harm to all stakeholders, including on-site employees * Comprehensive five-year health and safety strategy. and subcontractors. Negative impact of * Ongoing monitoring, training and health and safety working from home audits. for certain employees. Significant increases * All senior managers receive the Marshalls Health and in penalty regime Safety and Environmental stage three training. could lead to significant fines and prosecution. A major incident could lead to a disruption to production and a negative impact on the Group's reputation.
People risks
Nature of risk Key risk indicators Change in Ongoing risks and * Skill shortages and lack of diversity within the risk in requirements concerned workforce. the year with training, development The impact of and succession planning. COVID-19 Implications of technological * Increased stress levels within workforce leading to has created change and automation. employee absenteeism. new Welfare and mental challenges health related risks for employees associated with the * Increased levels of staff turnover. with COVID-19 pandemic. changed working Potential impact requirements, * Risk of reduced skills and inadequate training Mitigating factors health and potentially leading to reduced productivity and * Focused Human Resources department with experienced safety efficiency. staff and specialist skills. regulations and operational * Implications for employee health and wellbeing and * Strong employee and trade union relationships. working overall workforce morale. practices. These include * Strong communication channels and employee feedback issues * Potential risk to the Marshalls brand. through the Employee Voice Group. that could give rise to heightened * Regular feedback questionnaires supported by a third employee party provider. wellbeing issues and risks to * Independent "Safecall" employee helpline. mental health. * Focus on training, apprenticeships and ongoing staff development and leadership potential.
----------------------------------------------------
Cautionary statement and Directors' liability
The Annual Report 2020 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 2020 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.
The information communicated in this announcement regarding changes to our Board is inside information.
Enquiries:
Martyn Coffey, Chief Executive Marshalls plc +44 (0)1422 314777 Shiv Sibal, Company Secretary Marshalls plc +44 (0)1422 314767 Andrew Jaques MHP Communications +44 (0)20 3128 8540 Charlie Barker
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCJBMFTMTBJBJB
(END) Dow Jones Newswires
April 01, 2021 02:00 ET (06:00 GMT)
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