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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Moss Bros Group Plc | LSE:MOSB | London | Ordinary Share | GB0006056104 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 21.60 | 21.80 | 22.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMOSB
RNS Number : 1083W
Moss Bros Group PLC
15 April 2019
Moss Bros Group Plc (the "Company" or the "Group")
Annual Financial Report - DTR 6.3.5 Disclosure
15 April 2019
Following the release on 26 March 2019 of the Company's preliminary results announcement for the 52 week period ended 26 January 2019 (the "Preliminary Announcement"), the Company announces that its annual report and accounts for the 52 week period ended 26 January 2019, notice of Annual General Meeting for 2019 and form of proxy for use at the Annual General Meeting of the Company are being issued to shareholders today.
The Annual General Meeting of the Company is to be held on 15 May 2019 at 12 noon at the Company's registered office, 8 St John's Hill, Clapham, London, SW11 1SA. Copies of the Annual Report and Accounts, the Notice of Annual General Meeting and form of proxy are available on the Investor Relations page of the Company's website http://corp.moss.co.uk/
Copies of the Annual Report and Accounts, the Notice of AGM and the Proxy Form will shortly be available for inspection at the UK National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM
Tony Bennett
Finance Director and Company Secretary
COMPLIANCE WITH DISCLOSURE AND TRANSPARENCY RULE 6.3.5
EXTRACTS FROM THE ANNUAL REPORT AND ACCOUNTS
The information below, which is extracted from the 2019 Annual Report and Accounts, is included solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on issuers as to how to make public annual financial reports. It should be read in conjunction with the Company's Preliminary Announcement issued on 26 March 2019. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2019 Annual Report and Accounts. Page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the 2019 Annual Report and Accounts.
The information contained in this announcement and in the Preliminary Announcement does not constitute the Group's statutory accounts as defined in the Companies Act 2006 but is derived from those accounts. The statutory accounts for the 52 week period ended 26 January 2019 have been approved by the Board and will be delivered to the Registrar of Companies following the Company's Annual General Meeting which will be held on 15 May 2019. On 26 March 2019, the Group announced its draft financial statements for the 52 week period ending 26 January 2019. The auditors have subsequently reported on those accounts, which were unchanged, their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) Companies Act 2006 or equivalent preceding legislation.
DIRECTORS' RESPONSIBILITY STATEMENT
The following statement is extracted from page 42 of the 2019 Annual Report and Accounts and is repeated here for the purposes of complying with Disclosure and Transparency Rule 6.3.5. This statement relates solely to the 2019 Annual Report and Accounts and is not connected to the extracted information set out in this announcement or the Preliminary Announcement.
The Directors are responsible for preparing the Annual Report, the Directors' 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 the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Article 4 of the IAS Regulation and have chosen to prepare the parent Company financial statements under IFRSs as adopted by the EU. Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, International Accounting Standard 1 requires that Directors:
-- properly select and apply accounting policies;
-- present information including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-- make an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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 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.
PRINCIPAL RISKS AND UNCERTAINTIES
Hot Features
Premium
BUSINESS AREA RISK TO COMPANY MITIGATION OF ASSESSMENT OF
RISK CHANGE IN RISK
YEAR ON YEAR
1 Economy - impact Almost all of We continually +
on retail the Group's focus on maintaining This risk has
revenue is generated our product increased during
in the UK. A quality, customer the year as
deterioration service and the economic
in the strength supplier relationships, outlook has
of the UK economy which will help toughened and
would be likely us retain our as consumer
to reduce consumer competitive confidence remains
demand for discretionary position and low.
items. retain customers.
The business
This could materially has the flexibility
and adversely to adjust its
affect the financial capital expenditure
position of plans, restrict
the Group dividends and
review operational
The Group is expenditure
currently funded to reduce or
from its own defer unnecessary
cash reserves expenditure.
and any prolonged These measures
downturn will will conserve
impact on these cash and maintain
reserves. the strength
of our balance
sheet.
Property leases
have short remaining
lives allowing
flexibility
to reduce fixed
overhead costs
should the need
arise.
The Group is
currently debt
free and cash
generative at
an operating
activity level
but considers
that it would
be able to source
funding facilities
in the event
that it needed
to.
================= ========================== ========================== ===========================
2 Omni-Channel Retailing worldwide The Board regularly +
- Structural is undergoing reviews the The pace of
change within unprecedented strategic plans structural change
retail structural change in place for within the retail
at a very fast the business marketplace
pace. to ensure that has increased,
Maintaining they are appropriate meaning that
a competitive to address structural the risk has
edge through changes within increased commensurately.
customers being the retail industry.
able to interact We have developed
and transact our understanding
with the Group of our customer
in whichever base during
way they choose, the year and
whether in store we are focused
or online, offering on ensuring
product choice that the customer
and availability, experience which
and allowing we offer is
multiple payment in line with
and delivery/collection their expectations..
options are We increasingly
important in encourage customers
growing our to return to
omni-channel our stores,
credentials. where a more
unified retail
experience can
be obtained
regardless of
channel of purchase.
We invest where
appropriate
in the technology
which supports
improvements
in our omni-channel
capability.
================= ========================== ========================== ===========================
3 Hire The Hire business We have a dedicated =
demands the operational The risk is
highest level team which actively ongoing; we
of customer seek to resolve have successfully
service. any potential made additional
This is delivered fulfilment issues improvements
through a highly ahead of delivery to our Hire
developed and date. operations during
efficient infrastructure We are continually 2018 and will
which enables refreshing and refine these
consistent 'delivery replenishing further ahead
to promise'. our stock of of the 2019
Any disruption hire garments Hire season
to this infrastructure to ensure that to ensure that
would affect we are able we continue
our ability to fulfil all to deliver on
to maintain orders as they customer promise.
customer service become due.
levels which We continue
may subsequently to strengthen
result in reputational our back-end
issues. technology,
systems and
processes to
ensure a robust
platform for
our operations.
We completed
a full Hire
related training
programme for
in-store teams
before the 2018
peak to ensure
the best in-store
experience.
================= ========================== ========================== ===========================
4 Supply chain A disruption We are continually +
to supplier reviewing and The risk is
continuity may refreshing our increasing as
adversely affect supplier list. we source more
our operation. The diversification product directly
Suppliers going of product buying from factories.
out of business across a range We continue
or unable to of suppliers to monitor the
supply goods limits the Group's enhanced controls
could have a over reliance and reporting
significant upon any individual successfully
impact on our supplier. implemented
ability to meet We have implemented during 2018.
demand in store controls which
and online. enable us to
As we increase identify early
the volume of any potential
garments sourced deviations from
directly from product and
supplier factories supply chain
we must ensure critical paths
that the supply In addition,
chain critical following the
path is closely challenges seen
monitored and early in 2018
proactively we have increased
managed the number of
Additional uncertainty suppliers and
regarding the supply routes
eventual form through which
that 'Brexit' we source our
will take means product.
that there may Foreign currency
be delays to exposure, principally
or additional the US Dollar,
costs suffered is hedged for
as a result 6 to 9 months
of the import in advance.
of our products.
================= ========================== ========================== ===========================
5 Brexit The key indirect We have reviewed N
risks surrounding these issues The risk is
the UK leaving in detail and new this year
the EU and particularly determined that as the deadline
leaving the there may be for the UK to
EU without any some additional leave the EU
transition period costs, but these approaches.
or any separation are expected The level of
'deal' in place to be limited risk is compounded
(a 'no deal' following the as a result
Brexit) are Government's of the uncertainty
significant. publication regarding the
The Group acquires of the UK's specific form
a significant temporary tariff and timing of
proportion of regime for 'no the UK's departure
its goods from deal'. along with a
overseas, and The majority lack of clarity
this exposes of our products regarding the
us to the following are sourced readiness of
possible issues: from countries the EU and UK
-- Increases outside the authorities
in tariffs and EU. to deal with
duties on goods We have sought each potential
imported to to temporarily eventuality
the UK may increase hold greater
our costs. levels of stock
-- Delays at in the UK by
border controls the end of March
may lead to 2019 in an effort
stock shortages. to mitigate
-- Reduction the effects
in the value of any delays
of Sterling at UK borders.
may lead to The mitigation
higher costs. of indirect
risks, which
remain beyond
our control,
are highly reliant
on the preparedness
of national
authorities
and other businesses.
================= ========================== ========================== ===========================
6 Costs Supply chain Management has +
cost price increases in part mitigated The risk has
and currency the cost price increased during
fluctuation risk as a significant the year as
could have a proportion of the cost headwinds
materially adverse inventory is which we face
effect on results direct sourced continue un-abated.
A fluctuation and prices have We continually
in currency been agreed monitor the
rates could as a result potential impacts
materially affect of competitive and address
the Group's tendering. these via the
cost base and In addition, actions noted
margins. the Group operates here.
A re-emergence a treasury policy
of general price which hedges
inflation could a significant
affect profitability proportion of
We continue the foreign
to face significant exchange risk
cost headwinds from such direct
including; business sourcing arrangements.
rates, National Management closely
Living Wage, monitor the
Apprenticeship effectiveness
Levy and Pension of these arrangements.
auto-enrolment If general price
costs as well inflation returns
as increasing this may allow
government fossil an increase
fuel levies in retail selling
prices albeit
subject to market
conditions.
Ongoing review
of store profitability,
combined with
shorter lease
durations ensures
that we proactively
manage the fixed
overhead of
our store estate.
Remuneration
policies are
under review
to ensure we
remain competitive
in the marketplace.
================= ========================== ========================== ===========================
7 Cyber crime A cyber crime Customer bank +
attack could or payment card Whilst we invested
disable the details are in increased
Group's key not processed levels of protection
IT systems and or stored in during 2017,
compromise data the Group's the frequency
security IT systems. and severity
Comprehensive of cybercrime
security measures attacks against
are in place companies continue
with regular to increase.
tests carried
out.
We have deployed
additional security
products to
further strengthen
our protection
and invested
during 2017
in technology
infrastructure
to afford us
better protection.
Development
in cybercrime
and preventative
strategies are
constantly reviewed.
================= ========================== ========================== ===========================
8 Brand image Maintaining We continued =
our store presentation with our store The risk remains
is important redevelopment the same year
for attracting programme to on year as the
customers and both modernise store redevelopment
growing our the look and programme nears
brand feel of the completion.
The historical stores and to
underinvestment meet more routine
in the store maintenance
estate in previous that has been
years has meant deferred for
that some of many years.
our stores lack This has now
the level of been substantially
presentation completed.
that we require We regularly
to grow the consider the
business and appropriateness
the brand. of our sub brand
line up, under
the master brand
'Moss Bros'
originally implemented
in Autumn 2014.
================= ========================== ========================== ===========================
9 Distribution Operating our We continually +
centre (DC) distribution review and monitor With new and
centre from our disaster increased operating
one location recovery plan pressures on
leaves the Group to ensure that the DC through
exposed to business all business our multi-channel
catastrophes risks are adequately approach, the
occurring at covered. reliance and
that location Our financial consequent exposure
Any business risk of operating to risk of the
catastrophe from one location DC failing has
affecting our is mitigated again increased
distribution through our during the year.
centre could comprehensive
severely affect insurance cover,
the Group's however due
ability to supply to the single
to stores and location of
customers. the DC, operational
mitigation beyond
fire safety
and security
measures and
rigorous adoption
of good process
limit mitigation
somewhat.
================= ========================== ========================== ===========================
10 People The Group's Effective recruitment =
reliance on policies and We continue
key management people development to invest in
and other personnel means the Group our people and
could put pressure can take full have made important
on the business advantage of changes within
if they were the market opportunities our senior leadership
to leave which it is team during
Attracting and presented. Long 2018. We continue
retaining high term incentive to be mindful
calibre people share awards of the risk
is a key priority were granted within that
and a central to senior employees senior team
focus in striving during the year as a result
for excellent to more closely of no incentives
customer service align their being paid for
across the Group's interests to a second consecutive
business channels. those of the year. We continue
Group and a to manage Board
SAYE scheme succession closely
is in operation. and have delivered
high calibre
replacements
for retiring
Board members
The risk is
continually
monitored and
addressed through
a Management
Talent Review
and Board evaluation.
================= ========================== ========================== ===========================
11 GDPR The General The company =
Data Protection has a good understanding The risk remains
Regulations of GDPR and level on last
come into force has executed year. We have
in May 2018 a detailed plan invested significantly
This legislation to address the in our GDPR
significantly resulting requirements. capability and
extends requirements We have strong have robust
of companies policies and processes and
to ensure that procedures in procedures now
all personal place to address in place
data is handled any GDPR related .
in accordance issues and requests We will continue
with the new and are committed to develop our
regulations. to maintaining capability and
The penalties our positive responses to
for non-compliance response to GDPR related
are potentially the legislation issues as 'real
severe. to date. life' scenarios
We have in place arise.
company wide
training programmes
to highlight
the importance
of good data
protection to
all employees
across the business.
================= ========================== ========================== ===========================
Key to change in Risk:
+ Risk has increased
- Risk has decreased
= No change
N New Risk
=========================================================================
RELATED PARTY TRANSACTIONS
The Group had no material related party transactions which might reasonably be expected to influence decisions made by users of these Financial Statements. Directors' remuneration is disclosed in the Annual Report on Remuneration on pages 46 to 54. Other related parties are key management (employees below Director level who have authority and responsibility for planning, directing and controlling the Company) and major Shareholders. The key management personnel compensation is as follows:
2018/19 2017/18
GBP'000 GBP'000
--------------------------------------------- -------- --------
Short-term employee benefits 1,071 1,488
Termination payments 322 123
Contributions to defined contribution plans 62 68
Share based payments expense 122 54
--------------------------------------------- -------- --------
1,577 1,733
--------------------------------------------- -------- --------
Total remuneration is included in administrative expenses and relates to 8 employees in the period ended 26 January 2019 (2017/18: 10).
TRADING TRANSACTIONS
The Group entered into the following transactions with related parties who are not members of the Group:
Berkeley Burke Trustee Company Limited is considered a related party of the Group because Brian Brick, Chief Executive Officer of Moss Bros Group plc is a beneficiary of the pension fund. On 8 December 2011, Moss Bros Group plc agreed a long-term lease with Berkeley Burke Trustee Company Limited, a pension fund and the superior landlord, for a store in Hounslow, on an arm's length basis.
AAK Limited is considered a related party of the Group because Maurice Helfgott, Senior Independent Non- Executive Director of Moss Bros Group plc, has a close relative holding a key management position with significant influence and who is a significant shareholder at AAK Limited. All transactions with AAK Limited have been on an arm's length basis. At 26 January 2019, total purchase from AAK Limited was GBP555k, including VAT, (27 January 2018: GBP2.5m, including VAT). GBP15,888 was outstanding at year end (27 January 2018: GBP14,000).
Moss Bros agreed a sublet of a store lease to White Stuff Ltd. Debbie Hewitt, Chairman of Moss Bros Group plc, is also Chairman and director of White Stuff. The transaction was at an arm's length commercial terms and Debbie Hewitt took no part in determining the commercial terms offered by Moss Bros or in the decision to accept them taken by White Stuff. The sublet is from June 2014 until December 2021 at a rent of GBP50,000 per year. A capital contribution of GBP50,000 was paid to White Stuff on completion of the agreement. At 26 January 2019 the balance due from White Stuff was GBP1,156 in respect of insurance payable in arrears.
For further information please contact:
Moss Bros Group plc
Tony Bennett, Finance Director and Company Secretary 0207 447 7200
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
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April 15, 2019 02:00 ET (06:00 GMT)
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