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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Morgan Advanced Materials Plc | LSE:MGAM | London | Ordinary Share | GB0006027295 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.50 | -0.50% | 298.50 | 300.00 | 301.00 | 304.00 | 296.50 | 300.00 | 1,095,687 | 16:35:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Carbon And Graphite Products | 1.12B | 47.3M | 0.1663 | 18.07 | 854.92M |
TIDMMGAM
RNS Number : 1646U
Morgan Advanced Materials PLC
31 March 2021
Morgan Advanced Materials plc
(the Company)
31 March 2021
Publication of 2020 Annual Report and Notice of 2021 Annual General Meeting
The following documents have today been posted or otherwise made available to shareholders:
-- Annual Report and Financial Statements for the year ended 31 December 2020 (2020 Annual Report);
-- Notice of the 2021 Annual General Meeting (AGM) to be held at the Company's offices at York House, Sheet Street, Windsor SL4 1DD, on Thursday 6 May 2021 at 10.30am; and
-- Form of Proxy for the 2021 AGM.
In accordance with Listing Rule 9.6.1, a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The documents are also available in the 'Invest In Us' section of the Company's website at: www.morganadvancedmaterials.com .
AGM format in light of the coronavirus pandemic
Due to ongoing restrictions on gatherings across England (including those relating to travel and indoor mixing) which are intended to remain in place on the day of our AGM, the Board's current intention is to hold the AGM at the Company's offices with a limited number of Company representatives attending in person to ensure that a valid meeting is held. Unfortunately, other shareholders will not be permitted to attend the AGM while restrictions remain in place.
The Board will continue to monitor developments and the latest Government restrictions, and will assess whether any modifications to the AGM arrangements are necessary, including if it becomes possible to admit shareholders to the AGM in person. We therefore ask shareholders to monitor the Company's website at www.morganadvancedmaterials.com and regulatory news for any further updates.
Shareholders may submit any questions on the business of the meeting in advance by sending them by email to company.secretariat@morganplc.com , by telephoning +44 (0) 1753 837000 or by post to our registered office address, addressed to the Company Secretary. The Company will respond to those questions and publish answers on the Company website. To ensure the answers are published before the proxy appointment deadline questions must be received by the close of business on Monday 26 April 2021.
Information required by Disclosure Guidance and Transparency Rule 6.3.5
The Company's preliminary results announcement of 4 March 2021 contained a management report as well as audited financial statements which were prepared in accordance with the applicable accounting standards. The financial information set out in the Company's preliminary results announcement of 4 March 2021 does not constitute the Company's statutory accounts for the year ended 31 December 2020. Statutory accounts for 2020 are included in the 2020 Annual Report, which will be delivered to the registrar of companies following the Company's 2021 AGM. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006 in respect of the accounts for 2020.
The information below, which is extracted from the 2020 Annual Report, is included solely for the purpose of complying with DTR 6.3.5. This information should be read in conjunction with the Company's preliminary results announcement issued on 4 March 2021 (available at www.morganadvancedmaterials.com ). This announcement is not a substitute for reading the full 2020 Annual Report. All page numbers and cross-references in the extracted information below refer to page numbers in the 2020 Annual Report.
Related party transactions
There are no related party transactions requiring disclosure.
Risk management
We have an established risk management methodology which seeks to identify, prioritise and mitigate risks, underpinned by a 'three lines of defence' model comprised of an internal control framework, internal monitoring and independent assurance processes.
The Board considers that risk management and internal control are fundamental to achieving the Group aim of delivering long-term sustainable growth in shareholder value.
Principal and emerging risks are identified both 'top down' by the Board and the Executive Committee and 'bottom up' through the Group's global business units (GBUs) and divisions. The severity of each risk is quantified by assessing its inherent impact and mitigated probability, to ensure that the residual risk exposure is understood and prioritised for control throughout the Group.
Senior executives are responsible for the strategic management of the Group's principal risks, including related policy, guidelines and process, subject to Board oversight.
Throughout 2020, the Board reviewed the status of all principal risks with a significant potential impact at Group level. Additionally, the Audit Committee carried out focused risk reviews of each GBU. These reviews included an analysis of the principal risks, and the controls, monitoring and assurance processes established to mitigate those risks to acceptable levels.
As a result of these reviews, a number of actions were identified to continue to improve internal controls and the management of risk, including:
-- swift adoption of protocols to protect the workforce from COVID-19;
-- increased focus on the environment with the appointment of a Group Environment & Sustainability Director in November 2020;
-- strengthening of information security and compliance function by operating an IT and cybersecurity programme called 'thinkSECURE', including comprehensive security awareness training;
-- focused actions within each business unit to mitigate risks.
The Board reviewed its appetite for the Group's principal risks and concluded its appetite for these risks was unchanged from the previous year. The Group is willing to take considered risks to develop new technologies, applications, partnerships and markets for its products and to meet customer needs. The Group strives to eliminate risks to product quality and health and safety, as is essential to the success of our products and the safety of our people and contractors.
The appetite for risk in the areas of legal and regulatory compliance is extremely low and the Group expects its businesses to comply with all laws and regulations in the countries in which they operate. The Group also has a low appetite for financial risk. Certain risks, such as pension funding, are likely to take a longer period of time to mitigate. During the year, the Board monitored the Group's current risk exposure relative to the Board's appetite for different risks. There were no risks where the current risk exposure exceeded the Board's risk appetite.
Emerging risks
As part of the ongoing risk management process, the Board and the GBUs identified and assessed emerging risks. The key emerging risk areas identified were:
-- Environmental risk: climate change - including the potential impact of rising sea levels on low-lying or coastal sites and our role in protecting and enhancing the environment. Energy intensity was also considered - including ways of adjusting our production processes to reduce usage of fossil fuels. Raw materials and potential issues with their continued availability was also judged an area to be monitored.
-- Regulatory risk: pension regulations, due to the evolving regulatory environment.
-- Social risk - parts of the business have an ageing direct workforce; this could lead to potential loss of skills and know-how (in the future) as it becomes more difficult and expensive to attract the next generation of workers.
-- Longer-term changes to end-markets - redirecting effort to new end-markets when, for example, gas boilers are phased out and replaced by other forms of heating, or petroleum-fueled vehicles are phased out in favour of electric vehicles.
These emerging risks have been recorded and will be continually monitored so that their potential impact can be understood and mitigated. They will also be considered as an integral part of the strategic planning process.
The following are the Group's principal risks and uncertainties and represent the risks that the Board feels could have the most significant impact on achieving the Group's strategy of building a sustainable business for the long term, and could impact the delivery of strong returns to the Group's shareholders. An indication of the Board's assessment of the trend of each principal risk - whether the potential severity has increased, decreased or is broadly unchanged over the past year - is provided.
OPERATIONAL RISKS Risk description, Mitigation assessment and trend Technical leadership from 2019 Severity: Moderate The Group has a dedicated Trend: Unchanged The Group's strategic technology success depends on team within each GBU maintaining and developing which monitors its technical leadership relevant technology and in materials science business over its competitors. developments, using Unforeseen/unmitigated technology
technology obsolescence, roadmaps linked to 20 the emergence of competing major technology technologies, the families, to ensure it loss of control of remains proprietary technology at the leading edge of or the loss of intellectual development. property/know-how The Group also has four would impact the Group's Centres business and its ability of Excellence. These to deliver on its Centres strategic goals. focus Morgan's expertise The advanced technological and nature of the Group research resources on requires people with further highly differentiated developing core skillsets. Any inability technologies to recruit, retain and identifying new and develop the right opportunities people would negatively and applications. impact the Group's The GBU leadership teams ability to achieve proactively its strategic goals. monitor their technology priorities and R&D investments and have implemented a stage-gate process to manage this effectively. These projects are also regularly reviewed by the Executive Committee and the Board. Where Group products are designed for a specific customer, they are developed in partnership with the customer in order to maintain leading-edge differentiation. The Group seeks to secure intellectual property protection, where appropriate, for its existing and emerging portfolio of products and has an in-house counsel dedicated to intellectual property protection, with the support of external advisors. The Group continued its global leadership programme adding an advanced programme to develop more high-potential commercial, functional and technical leaders. Further detail on our people can be found on pages 18 to 21. ---------------------------------------------------------------- ------------------------- Risk description, Mitigation OPERATIONAL RISKS assessment and trend from 2019 Operational Changes to operational execution/organisational As part of the Group's processes change/sales strategy to improve are carefully considered effectiveness the efficiency of by site, Severity: Low its operations and GBU and divisional Trend: Increased organisation, various management within changes have been before implementation. severity band made to operational Operational processes at individual improvements and savings sites, to the Group's are structure, and to monitored against budget the structure of and by the incentives for our GBUs and the Executive sales force. Further Committee improvements and changes to ensure that changes
are planned for future deliver years. Failure to the savings promised manage these changes without adequately could result disruption to business in interruption to operations. operations or customer New capital investments service, or a failure are approved to maximise the Group's at appropriate levels of opportunities. the Group and delivery of these is overseen by GBU and Group management. Organisational changes are assessed by the Chief Executive Officer, the Executive Committee and sometimes the Board before being implemented in line with local employment regulations. A number of functionalisation initiatives commenced within the GBUs in 2020 to align and standardise data and processes. The rollout of these projects will continue in 2021. Changes to our sales structures and incentives are reviewed at various levels of the organisation before being launched. Further detail on our strategy can be found on page 7. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend Portfolio management from 2019 Severity: Moderate The Board performs Trend: Unchanged The Group operates regular reviews across a range of of the Group's portfolio. product and technology During 2020, the Group families. These are launched subject to long-term a COVID-19-related market trends which restructuring may lead to either and efficiency programme. obsolescence or opportunities This to further expand accelerated existing the Group. Failure plans to to manage the Group's simplify the Group's portfolio of businesses portfolio proactively and in and align capacity with line with this technology the anticipated profile could lead demand across the to the value of the business. The Group's businesses Group has announced being eroded over closure of time or to a failure Technical Ceramics to exploit opportunities ceramic cores to acquire businesses manufacturing sites (in with the capability response to add further value to the downturn in to the Group. aerospace demand) and closure of under-utilised production lines in Thermal Ceramics. Opportunities to acquire businesses are reviewed on a continuing basis. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend Macro-economic from 2019 and political environment The Group's broad market Severity: High The Group operates and Trend: Increased in a range of markets geographic spread helps within and geographies around to mitigate severity band the world and could the effects of political
be affected by political, and economic, social or economic changes. regulatory developments Budgets and forecasts for or instability, for Morgan's example an economic different businesses are slowdown or issues used stemming from oil to monitor delivery and natural resource against expectations price shocks. and anticipate potential Whilst a 'no-deal' external Brexit was avoided risks to performance. and new tariffs have These are not currently been subject to regular review introduced, the UK's by exit from the EU impacts the Executive Committee border controls, product and the standards, and controls Board. around the flow of The overall data. The current macro-economic value of Group's UK environment exports to the EU has weakened compared is approximately GBP24 with the million and imports previous year. However, into the UK from the the Group's EU are approximately daily order intake has GBP17 million. improved during the second half of 2020. Cost-control measures have been effective, and the Group has sustained a strong balance sheet. Global issues considered by the Board this year included the continuing impact and uncertainty relating to the trade negotiations between the US and China, as well as Russia/Iran and Korea/Japan trade relations. The impact of the UK's exit from the EU has been reduced by the avoidance of a 'no-deal' Brexit; however, tariffs could be introduced in the future. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend Environment, health from 2019 and safety (EHS) Managing its operations Severity: High The Group operates safely Trend: Unchanged a number of manufacturing is the Group's number one facilities around priority. the world. A failure The Group has a in the Group's EHS comprehensive procedures could lead EHS programme managed by to environmental damage the or to injury or death Group H&S Director and of employees or third the Group parties, with a consequential Environment & impact on operations Sustainability and increased risk Director, with clear EHS of regulatory or legal standards action being taken and a refreshed programme against the Group. of Any such action could audits to assess result in both financial compliance. damages and damage The Group H&S Director to reputation. Given and the the long history of Group Environment & many of the operations Sustainability of the Group, there Director, working with is also a risk that the Global historical operating EHS Leads, set annual and environmental priorities standards may not for EHS which are have met today's environmental approved by regulations. In addition, the Executive Committee. the Group may have These obligations relating form the basis for
to prior asset sales individual or closed facilities. sites' own EHS priorities and plans and complement the Group's 'thinkSAFE' behavioural safety programme. EHS performance is monitored by the Group Executive Committee and the Board. EHS metrics are regularly assessed. Overall EHS performance deteriorated slightly during 2020. As at 31 December 2020, the Group was managing projects to remediate legacy contamination at a number of former operational sites in conjunction with external specialists and relevant authorities. The Group's commitment to protecting and enhancing the environment is set out on pages 12 to 15. Details of the Group's provisions and contingent liabilities can be found in note 25 to the consolidated financial statements. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend Coronavirus (COVID-19) from 2019 pandemic In all our manufacturing Severity: Moderate Communicable disease sites, Trend: Not applicable. impacts ways of working, we have successfully New risk in 2020. the supply chain and adapted the ability of employees our ways of working to to travel to work respond in affected areas. to the pandemic - Our priority is to introducing take all actions and social distancing, precautions necessary hygiene measures to ensure the safety and additional PPE - to and wellbeing of our keep employees. The pandemic our people safe. Flexible led to the shutdown working of a number of our from home was also manufacturing facilities introduced during the year. for all roles that could do so. We have continued to supply our key customers operating in essential sectors, including healthcare and power generation. The Group has provided clear and timely communication to reinforce the importance of following safety measures in every part of the organisation. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend Product quality, from 2019 safety and liability Many of the Group's Severity: High Products used in applications products Trend: Unchanged for which they were are designed to customer not intended or inadequate specifications. quality control/over-commitment Our businesses' quality on customer specifications management could result in products systems and training help
not meeting customer ensure requirements, which that all our products could in turn lead meet or to significant liabilities exceed customer and reputational damage. requirements Some of our products and are used in potentially national/international high-risk applications, standards. for example in the The Group Legal Policy aerospace, automotive, requires medical and power that contracts relating industries. to products used in potential high-risk applications are subject to legal review to ensure that appropriate protections are in place for product quality risks. The Group insurance programme includes product liability insurance; this Group-level insurance is reviewed annually by the Board. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend IT and cybersecurity from 2019 Severity: High During 2020 we Trend: Increased The COVID-19 pandemic strengthened our resulted in a rise information security and in remote working compliance and an accelerated function. We are shift to cloud platforms, currently operating thereby increasing to a three-year approved the cyber risk severity security due to threats such programme and introduced as email-propagated the attacks (phishing, 'thinkSECURE' internal cyber-fraud, impersonation, brand malware, ransomware). as an awareness If the Group were programme. to lose critical information The Group has continued (such as IP or regulatory to monitor data) or if critical the regulatory and systems availability compliance were affected through landscape and is working cyber-attacks, the towards business would be certification against impacted or could emerging suffer reputational regulations, such as the damage. US Department The effective management of Defense's of the Group's IT Cybersecurity Maturity infrastructure is Model Certificate (CMMC), important in enabling and our businesses to the EU-GDPR and UK Data deliver customer requirements Protection reliably. If a key Act (DPA) 2018. business system were We will mitigate residual to fail or core systems and implementation were emerging risks through to be ineffective, continuation the ability of the of our IT strategy and business to deliver information on its strategic goals security programme, might be impacted. including 'thinkSECURE' and implementation of the related cybersecurity projects. ---------------------------------------------------------------- ------------------------- OPERATIONAL RISKS Risk description, Mitigation assessment and trend Supply chain/business from 2019 continuity The Group has a Severity: Moderate The Group has a number diversified Trend: Unchanged of potential single-point manufacturing, exposure risks, which customer and geographic include: base * Single-point supplier - a significant interruption of which provides a level of a key internal or external supply could impact resilience business continuity. against single-point exposures. Were any site to be * Single-point customer - the unmitigated loss of a unavailable, major customer could have an impact on Group profit. production in many cases
The Group's largest customer represents circa 3% of could Group revenue. be switched to other sites. A new Business Continuity * Single-point site - a key site exposed to a strike, a Policy natural catastrophe or serious incident, such as fire has been rolled out to , support could impact business continuity. One Group site, minimum standards at the Hayward, is situated in the California earthquake Group's zone (US). Certain of the Group's businesses are most important sites for important for intercompany supply purposes. intercompany supply. Management of these risks also involves monitoring and reviewing supply chains (internal and external), dual/multiple sourcing of materials or strategic stock, site security and safety mechanisms, business continuity plans, and maintenance of product quality and strong customer relationships. The Group insurance programme includes business interruption cover and specific cover in relation to the impact of an earthquake in California, US; this Group-level insurance is reviewed annually by the Board. ---------------------------------------------------------------- ------------------------- financial RISKS Risk description, Mitigation assessment and trend Treasury from 2019 Severity: Moderate The Group's treasury Trend: Increased The Group's global function within severity reach means that it operates on a risk-averse band is exposed to uncertainties basis. in the financial markets, Required controls over the fiscal jurisdictions selection where it operates, of banks, cash management and the banking sector. and These heighten the other treasury practices Group's funding, foreign and exchange, tax, interest payments globally are rate, credit and liquidity documented risks as well as the in Morgan's Treasury risk that a bank failure Policy and could impact the Group's related procedures. The cash. Group treasury team manages the Group's funding, liquidity, cash management, interest rate, foreign exchange, counterparty credit and other treasury-related risks. Treasury matters are regularly reviewed by the Board and Audit Committee. In 2020, the Group was confirmed as an eligible issuer under the UK Government's 'COVID-19 Corporate Financing Facility' (CCFF) with an issuer limit of GBP300 million, providing additional liquidity headroom. The facility was undrawn and expired in March 2021.
As at 31 December 2020, the Group had an undrawn Revolving Credit Facility of GBP200 million, which matures in September 2024. Further detail on our Treasury Policy is set out in the Group Financial Review, which can be found on pages 38 to 40. ---------------------------------------------------------------- ------------------------- financial RISKS Risk description, Mitigation assessment and trend Pension funding from 2019 Severity: High Morgan's primary means of Trend: Unchanged The Group sponsors mitigating several defined benefit pensions funding risk is pension arrangements proactive (the Schemes), whose management of the pension liabilities are subject scheme to fluctuating interest assets and liabilities rates, investment through values and inflation. an integrated pension This coupled with strategy the increased longevity focusing on funding, of members and a tougher investment regulatory funding and benefit risk. This regime will result involves in increased funding both internal management burdens on the Group within in the future. the Group and also The deficit in Morgan's external management global defined benefit through the Schemes' pension schemes calculated trustees, on the basis required corporate actuaries and for IAS 19 accounting professional disclosures increased advisers. from GBP156.8 million In the UK, both Schemes as at 31 December are closed 2019 to GBP176.3 million to the future accrual of as at 31 December benefits. 2020. In consultation with the The Group also participates Company, in two multi-employer the trustees have adopted defined benefit schemes a proactive in the US, both of approach to the which have significant management of funding deficits. risk in the Schemes' investment portfolios, significantly reducing their unhedged interest and inflation rate exposure. Following the most recent Scheme valuations in March 2019, Company contributions increased to GBP16.5 million pa from 2020 (further increasing by 2.75% pa) for the length of the current recovery plans (2025 and 2027). The impact of the evolving regulatory environment for UK occupational pensions, and in particular the likely passing of the Pensions Bill in Parliament, will continue to be monitored closely in 2021. Risk for both of the defined benefit Pension Plans in the US has been reduced. One completed
a full legal termination (in June 2016). For the other Scheme, a formal offer of a present-value-equivalent, lump-sum cash payment was made to members. Following a $36 million additional contribution (in December 2017) and a move to a significantly de-risked investment portfolio, this Scheme is now almost fully funded on an accounting basis. A liability management strategy for one the US multi-employer plans has been agreed and a proposal for withdrawal made to the Trustees of the more severely underfunded arrangement. No significant funding obligations exist in any other individual country although German legacy defined benefit schemes are unfunded, in accordance with local practice, with benefits being met by the Group as they are due. ---------------------------------------------------------------- ------------------------- financial RISKS Risk description, Mitigation assessment and trend Tax from 2019 Severity: Moderate The Group's tax function, Trend: Unchanged The Group operates working in many jurisdictions in conjunction with around the world and external could be affected specialists as required, by changes in tax closely laws and regulations monitors fiscal within the complex developments international tax and changes such as BEPS environment. to ensure The OECD's Base Erosion that the Group's tax and Profit Shifting arrangements (BEPS) framework is and practices continue to generating additional comply obligations and filing with the requirements of requirements for the all Group as countries relevant jurisdictions, continue to implement whilst the actions in the also enabling efficient framework. These could management have an impact on of the tax liability. The the tax paid by the Group's Group. Head of Tax reports to the Audit Committee on key tax issues and initiatives. The Group has published its tax strategy on its website in line with UK corporate governance requirements. ---------------------------------------------------------------- ------------------------- LEGAL AND COMPLIANCE Risk description, Mitigation RISKS assessment and trend from 2019 Contract management The Group has an in-house Severity: Significant As a global advanced legal Trend: Unchanged materials business, function supplemented by supplying components specialist into critical applications, external lawyers. the Group may be exposed The Group Legal Policy
to liabilities arising requires from the use of its in-house legal review of products. Ineffective high-value contract risk management or high-risk contracts to could result in significant ensure liabilities for the they contain appropriate Group and could damage protections customer relationships. for the Group. The Policy requires Chief Executive Officer approval before a business can enter into an unlimited liability contract or one where the liability cap exceeds GBP5 million. To the extent that risk cannot be mitigated through contractual arrangements, the Group has insurance cover in place, including product liability insurance. ---------------------------------------------------------------- ------------------------- LEGAL AND COMPLIANCE Risk description, Mitigation RISKS assessment and trend from 2019 Compliance The Group is committed to Severity: High The Group's global the Trend: Increased operations must comply highest standards of with a range of national corporate and international and individual behaviour. laws and regulations To including those related support this, in 2018 the to bribery and corruption, Group human rights, trade/export issued the Morgan Code, compliance and competition/anti-trust which activities. has been continuously in A failure to comply force with any applicable since then. The Code laws/regulations could defines result in civil or the Group's approach to criminal liabilities doing and/or individual business ethically and or corporate fines confirms and could also result Morgan's commitments to in debarment from high government-related standards of ethical contracts or rejection behaviour. by financial market The Code is supported by counterparties and a range reputational damage. of documents and mechanisms: policies, standards and guidance; training materials; the provision of a 'Speak Up' hotline for employees; and systems to support effective screening of and due diligence on third parties. Mandatory ethics training for staff covers topics including anti-bribery and anti-corruption, competition law, harassment and bullying, and trade controls. In-depth face-to-face training has also been held in some of the Group's higher risk regions. The Group's 'Speak Up' methods enable staff to report concerns anonymously. The Group also has an Export Compliance Director in
the US whose role is dedicated to ensuring compliance with export controls. In addition to Group-level compliance specialists, our businesses are required to establish compliance officer roles, which are responsible for supporting local training and monitoring. Morgan also employs country-specific trade and export compliance specialists in higher-risk businesses and jurisdictions. Further details on ethics and compliance can be found on page 23. ---------------------------------------------------------------- -------------------------
Directors' Responsibility Statement
The 2020 Annual Report contains the following statements regarding responsibility for the financial statements in compliance with DTR 4.1.12. Responsibility is for the 2020 Annual Report and Financial Statements and not the condensed statements required to be set out in the Annual Financial Report announcement.
Each of the Directors in post as at 3 March 2021, the names and roles of whom are set out on pages 48 and 49 of the 2020 Annual Report, confirms to the best of their knowledge:
-- the Group's Financial statements, which have been prepared in accordance with IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- the management report (comprising the Directors' Report and the Strategic Report) includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
Enquiries: Stephanie Mackie, Company Secretary
Telephone: 01753 837000
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