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 |
---|---|---|---|---|---|
Mears Group Plc | LSE:MER | London | Ordinary Share | GB0005630420 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-3.50 | -0.98% | 355.00 | 354.00 | 355.00 | 365.00 | 352.50 | 365.00 | 126,742 | 13:23:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Bldg Clean & Maint Svc, Nec | 959.61M | 29M | 0.2640 | 13.41 | 388.8M |
TIDMMER
RNS Number : 1484P
Mears Group PLC
05 June 2020
5 June 2020
Mears Group PLC
("Mears" or "the Group" or "the Company")
Annual Financial Report 2019 and Notice of Annual General Meeting 2020
The Annual Financial Report for the year ended 31 December 2019 (the "2019 Annual Report") and Notice of Annual General Meeting 2020 (the "2020 Notice of Meeting") has today been posted or otherwise made available to shareholders. In accordance with Listing Rule 9.6.1, a copy of these documents have been uploaded to the National Storage Mechanism and will be available for viewing shortly at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism .
The 2019 Annual Report and 2020 Notice of Meeting are also available on the Company's website at https://www.mearsgroup.co.uk .
In accordance with DTR 6.3.5 this announcement contains, in the attached appendix, information on the principal risk factors, a responsibility statement and details of related party transactions which have been extracted in full unedited text from the 2019 Annual Report. This information is included herein solely for the purpose of complying with DTR 6.3.5 and the requirement it imposes on the Company as to how it makes public its annual financial report. These extracts should be read in conjunction with the full 2019 Annual Report and is not a substitute for reading the full 2019 Annual Report. A condensed set of financial statements were appended to Mears' final results announcement on 27 May 2020 together with a management report. The statutory accounts for the year ended 31 December 2019 have been approved by the Board and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
For further information, contact:
Mears Group PLC
David Miles, Chief Executive Tel: +44(0)7778 220 185 Officer Andrew Smith, Finance Director Tel: +44(0)7712 866 461 Alan Long, Executive Director Tel: +44(0)7979 966 453 www.mearsgroup.co.uk
About Mears
Mears currently employs around 7,500 people and provides services in every region of the UK. In partnership with our Housing clients, we maintain, repair and upgrade the homes of hundreds of thousands of people in communities from remote rural villages to large inner-city estates. Mears has extended its activities to provide broader housing solutions to solve the challenge posed by the lack of affordable housing and to provide accommodation and support for the most vulnerable.
We focus on long-term outcomes for people rather than short-term solutions and invest in innovations that have a positive impact on people's quality of life and on their communities' social, economic and environmental wellbeing. Our innovative approaches and market leading positions are intended to create value for our customers and the people they serve while also driving sustainable financial returns for our providers of capital, especially our shareholders.
Appendix
Unedited extract from Annual Financial Report for the year 2019
Principal risks and uncertainties
Risks are identified as 'principal' based on the likelihood of occurrence and the potential impact on the Group. The Group's principal risks are identified below, together with how we mitigate those risks.
COVID-19
The uncertainty as to the future impact on the Group of the recent COVID-19 outbreak is a critical short-term risk. As detailed in the Directors' Report and within the Viability Statement, the Board has completed an assessment as to the impact to the Group in the event of a significant deterioration in revenues and productivity. This most severe downside scenario is currently considered unlikely, however it is difficult to predict the overall outcome and impact of COVID-19 at this stage. The Board believes that in this most severe downside scenario, there is a risk that the Group's funding requirement could exceed its existing committed debt facilities. Only the specific downside scenario detailed within the Viability Statement would indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern.
The Consolidated Financial Statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
Principal Risks
Each principal risk is considered in the context of how it relates to the achievement of the Group's strategic objectives. The risk discussion includes assessment of gross risk and net risk. Gross risk reflects the exposure and risk landscape before considering the mitigations in place, with net risk being the residual risk after mitigations. The gross risk movement from the prior year for each principal risk has been assessed and is presented below.
Mitigations in place supporting the management of the risk to a net risk position are also described for each principal risk.
Reputation ------------------------------------ ------------------------------------------------------------------ Definition Mitigation We recognise the significant commercial value attributable * In-house IT system developed to provide operational to the Mears brand. Our management with a real-time dashboard of service success in securing larger delivery indicators. and more complex contracts, such as the new Asylum contract, increases the risk of reputational * Internal auditing of KPI reporting including 'mystery damage in the event of failure. shoppers'. Poor service delivery would damage our Reputation. Both * Strict process in place for vetting and approval of our Housing and Care markets subcontractors. are close-knit communities where examples of poor performance are quickly communicated * We drive a culture of putting our customers first; widely. this is continually reinforced through internal communications. In the environment of caring for vulnerable people, there is a risk of isolated incidents of abuse and neglect, which Well-communicated policy for dealing with rightly receive significant press enquiries and incident management. press coverage with the * Care risk plans for dealing with vulnerable inevitable reputational customers. damage. * Compliance management of bribery and corruption legislation and whistleblowing policy. * We induct and train all new starters. This induction ensures that all employees understand our values and it reinforces the Group's culture. * We ensure that staff are properly trained for their roles. We ensure that we deliver relevant training and implement best practice. ------------------------------------ ------------------------------------------------------------------ People ------------------------------------ ------------------------------------------------------------------ Definition Mitigation The Group employs around We induct and train all new starters. This 8,000 people who are critical induction ensures that all new employees understand to the success of our contract our strategy, vision and values. All Care performance. Attracting staff have access to NVQ training. and maintaining good relations * We regularly review and benchmark our remuneration with employees and investment packages to ensure that they remain competitive. In in their training and development Care, we are investing in an innovative recruitment are essential to the efficiency process to ensure an increase in the volume and and sustainability of the quality of carers. Local Care branches are targeted Group's operations. Delivery on a monthly basis in the areas of recruitment and of strategic objectives retention. increases our ability to attract, motivate and retain talent. In addition, the * At the senior end of the business, we have increased Care division is facing our focus on succession planning and increased our a challenging environment investment in senior management development. Our where the ability to recruit senior leadership programme has identified a and retain carers is restricting cross-section of the Group's brightest talent that we performance. would envisage will play central roles in our future business. * Expansion of apprenticeships. An annual appraisal process is completed for all employees to ensure that all people receive feedback in respect of their performance and to identify future training and development requirements. We hold a national accreditation as an Investor in People. We are continually looking to improve our position as an employer
of choice by improving the level of engagement with our employees through formal communications, awards to recognise success, local events and family fun days. * We are continually monitoring our future skills requirements. * We regularly undertake employee surveys to gauge employee satisfaction and engagement, and any barriers to high level performance. ------------------------------------ ------------------------------------------------------------------ Health and safety ------------------------------------ ------------------------------------------------------------------ Definition Mitigation Prevention of injury or Significant investment in the centralised loss of life for both employees health, safety and environment (HSE) function and customers is of utmost to maintain consistency and quality. importance. In addition, * We have comprehensive safe systems of work which are it is vital to maintain well communicated through a robust and coordinated the confidence our customers internal training regime. and clients have in our business. * We have robust processes for inducting new staff to ensure the importance of health and safety is emphasised together with detailed method statements for working safely. * Creation of a Compliance Committee to monitor and oversee health and safety strategy and performance, regulatory compliance and risk management. Closer review of buildings safety compliance (post Grenfell) in higher risk areas, e.g. Housing Management. * Regular HSE training and updates are held, predominantly delivered by the in-house training function. * Independent review of health and safety cases by insurers where recommendations of change are implemented. * Internal health and safety auditing takes place using third party validation. * A Group health and safety strategy and plan are produced annually. ------------------------------------ ------------------------------------------------------------------ IT and data ------------------------------------ ------------------------------------------------------------------ Definition Mitigation A major incident or catastrophic The Business Continuity Plan is constantly event could impact on the reviewed and frequently tested to ensure it Group's ability to trade. is fit for purpose. In addition, it is essential * Business continuity and IT disaster recovery that the security of customer, management resource is convened at short notice to employee and Company confidential manage the response and any associated risk to the data is maintained. A major Group. breach of information security could have a major negative financial and reputational * General Data Protection Regulation (GDPR) steering impact on the business. group. The risk landscape of IT and data is constantly increasing with deliberate acts of Information security penetration is externally cyber-crime becoming more tested to recommend improvements which are sophisticated and frequent then implemented. across all markets. * Data Security Committee in place to monitor and review both physical data security and IT data security. * GDPR implementation plan and steering group. ------------------------------------ ------------------------------------------------------------------
Statement of Directors' responsibilities
The Directors are responsible for preparing the Annual Report, the Remuneration Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and have elected to prepare the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice 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 and profit or loss of the Group and the Company for that period. In preparing these 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;
-- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and Remuneration Report comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors confirm that:
-- so far as each Director is aware there is no relevant audit information of which the Company's auditor is unaware; and
-- the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
To the best of our 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 or loss of the Company and the undertakings included in the consolidation taken as a whole; and
-- the Annual 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 Directors are responsible for preparing the Annual Report in accordance with applicable law and regulations. The Board considers the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Company's performance, business model and strategy.
Related Party Transactions and Remuneration of key management personnel
Identity of related parties
The Group has a related party relationship with its pension schemes, its subsidiaries and its Directors.
Pension schemes
Details of contributions to pension schemes are set out in note 32 to the financial statements.
Subsidiaries
The Group has a central treasury arrangement in which all subsidiaries participate. The Directors do not consider it meaningful to set out details of transfers made in respect of this treasury arrangement between companies, nor do they consider it meaningful to set out details of interest or dividend payments made within the Group.
Transactions with key management personnel
The Group has identified key management personnel as the Directors of Mears Group PLC.
Key management personnel held the following percentage of voting shares in Mears Group PLC:
2019 2018 % % ----------- ----- ----- Directors 0.3 0.4 ----------- ----- -----
Key management personnel's compensation is as follows:
2019 2018 GBP'000 GBP'000 ------------------------------------------------------- -------- -------- Salaries including social security costs 1,634 1,778 Contributions to defined contribution pension schemes 130 121 Share-based payments - 100 ------------------------------------------------------- -------- -------- 1,764 1,999 ------------------------------------------------------- -------- --------
Further details of Directors' remuneration are disclosed within the Remuneration Report.
Dividends totaling GBP0.04m (2018: GBP0.04m) were paid to Directors during the year.
Transactions with other related parties
During the year the Group made additional loans to YourMK LLP, an entity in which the Group is a 50% member, totaling GBP0.1m (2018: GBP0.1m). At 31 December 2019, the Group was owed GBP0.5m (2018: GBP0.5m) by YourMK LLP.
During the year the Group provided maintenance services to Pyramid Plus South LLP, an entity in which the Group is a 30% member, totaling GBP6.5m (2018: GBP0.5m). At 31 December 2019, GBP0.8m (2018: GBP0.5m) was due to the Group in respect of these transactions.
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.
END
NOAEAAKSEFEEEFA
(END) Dow Jones Newswires
June 05, 2020 08:30 ET (12:30 GMT)
1 Year Mears Chart |
1 Month Mears 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