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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMOSB
RNS Number : 6152C
Moss Bros Group PLC
19 April 2017
Moss Bros Group Plc (the "Company" or the "Group")
Annual Financial Report - DTR 6.3.5 Disclosure
19 April 2017
Following the release on 28 March 2017 of the Company's preliminary results announcement for the 52 week period ended 28 January 2017 (the "Preliminary Announcement"), the Company announces that its annual report and accounts for the 52 week period ended 28 January 2017, notice of Annual General Meeting for 2017 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 19 May 2017 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
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 2017 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 28 March 2017. 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 2017 Annual Report and Accounts. Page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the 2017 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 28 January 2017 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 19 May 2017. On 28 March 2017, the Group announced its draft financial statements for the 52 week period ending 28 January 2017. 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 30 of the 2017 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 2017 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
The Board monitors principal risks and uncertainties and implement measures to mitigate their risk on the business. An assessment of these is shown below.
BUSINESS AREA RISK TO COMPANY MITIGATION OF RISK ASSESSMENT OF CHANGE IN RISK YEAR ON YEAR ---------------------------- ---------------------------- ---------------------------- ---------------------------- Hire The Hire business demands We have a dedicated The risk is ongoing; the highest level of customer service team which however we have expanded customer service. actively seek to resolve our customer service team This is delivered through a any customer service and have carried out highly developed and issues arising. a full review of all efficient infrastructure We are continually systems and processes. which enables consistent refreshing and replenishing 'delivery to promise'. our stock of hire garments Any disruption to this to ensure we are infrastructure would affect able to cater for all our ability to maintain occasions whenever they customer service fall due. levels. We have previously strengthened our market position through the introduction of a new transactional Hire website and back-end system improvements are in development. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Retail and Tailor Me Factors outside our We continually focus on The risk has remained control, such as an maintaining our product consistent. economic downturn affecting quality, customer service The macro risks associated the UK or any wider and supplier relationships, with the EU referendum are economic whilst retaining our difficult to quantify until downturn as a result of the competitive position, we have vote to leave the EU, may including value and further clarity on have a material adverse pricing. timelines and approach from effect on results both UK government and EU . Foreign currency exposure, negotiators. As a retail business based principally the US Dollar, and operating predominantly is hedged for between 6 to in the UK, we are 9 months particularly exposed in advance. to any economic downturn in the UK which could affect consumer confidence and therefore spending. ---------------------------- ---------------------------- ---------------------------- ---------------------------- E-Commerce Customer satisfaction is as We are continually With the continuous important online as developing our website increase in trade through
offline. offering in order to become e-commerce and the market Ease of navigation/ability fully multi-channel. trend on moving to to transact quickly on the Our Retail website has a fully multi-channel website is key to continued to see increases operation, the risk has generating sales online. in conversion rates and increased during the year. Maintaining a competitive average order values. edge through customers We have developed a fully being able to interact with responsive website during the product online, the year which provides a offering product choice and more appropriate availability, and allowing browsing experience for the multiple payment and increasing proportion of delivery options visitors to the site using are important in growing mobile or our online presence. tablet technology. Ensuring a secure online We have security policies, marketplace is also vital rules and technical for customers to be able to measures in place to transact safely. protect customer data. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Brand image Maintaining our store We are undergoing a store The risk has been reduced presentation is important redevelopment programme to during the year with the for attracting customers both modernise the look and progression of the store and growing our brand. feel of the redevelopment The historical stores and to meet more programme. underinvestment in the routine maintenance that store estate in previous has been deferred for many years has meant that some years. of The development and launch our stores lack the level of a new sub brand line up, of presentation that we under the master brand require to grow the 'Moss Bros', business and the brand. in Autumn 2014 has strengthened the brand identity. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Costs Supply chain cost price Management mitigates cost The risk is ongoing, increases and currency price risk by continual however, and is continually fluctuation could have a review of supplier monitored and addressed. materially adverse arrangements. affect on results. In addition, the Group The risk has increased but A fluctuation in currency operates a treasury policy we continually monitor and rates could materially which hedges a significant evaluate planned and affect the Group's cost proportion of proposed expenditure base and margins. the foreign exchange risk to ensure that it remains A re-emergence of general from such direct sourcing commercially sensible. price inflation could arrangements. Management affect profitability. closely monitor There are significant the effectiveness of these external cost pressures arrangements. from the increases in the If general price inflation National Living Wage, returns this may allow an the National Minimum Wage, increase retail selling the Apprenticeship Levy, prices albeit the revaluation of business subject to market rates, higher conditions energy taxes and increased Ongoing review of store purchasing costs due to the profitability, combined combined effects of a with shorter lease devalued pound. durations. Remuneration policies are under review to ensure we remain competitive in the marketplace. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Supply chain A disruption to supplier We are continually The risk is ongoing, continuity may adversely reviewing and refreshing however, and is continually affect our operation. our supplier list. The monitored and addressed. Suppliers going out of diversification of product business could have a buying across a range of significant impact on our suppliers limits the ability to meet demand Group's over reliance upon in store and online. any individual supplier. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Supplier dependency - In an uncertain economic Monitor supplier financial Risk likely to increase Failure of major suppler environment, supplier performance through with greater uncertainty in failure and subsequent constant dialogue to reveal macroeconomic environment. failure to supply product evidence of supplier or services will impact in difficulty. business performance. Review ability to source product/services from alternative supplier at pace. Review and document contingency plans should supplier fail. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Distribution centre (DC) Operating our distribution We continually review and With new and increased centre from one location monitor our disaster operating pressures on the leaves the Group exposed to recovery plan to ensure DC through multi-channel, business catastrophes that all business risks the reliance and occurring at that location. are adequately covered. consequent exposure to risk Any business catastrophe Our financial risk of of the DC failing has affecting our distribution operating from one location increased during the year. centre could severely is mitigated through our affect the Group's comprehensive insurance ability to supply to stores cover. and customers. ---------------------------- ---------------------------- ---------------------------- ---------------------------- Cyber crime A cyber crime attack could Customer bank or payment Frequency and severity of disable the Group's key IT card details are not cyber crime attacks against systems and compromise data processed or stored in the companies have increased security. Group's IT systems. significantly Comprehensive security measures are in place with regular tests carried out.
Development in cyber crime and preventative strategies are constantly reviewed. ---------------------------- ---------------------------- ---------------------------- ---------------------------- People The Group's reliance on key Effective recruitment The risk is ongoing however management and other policies and people is continually monitored personnel could put development means the Group and addressed. pressure on the business can take full advantage if they were to leave. of the recovery in its Attracting and retaining performance. Long-term high calibre people is a incentive share awards were key priority and a central granted to senior focus in striving employees during the year for excellent customer to more closely align their service across the Group's interests to those of the business channels. Group and a SAYE scheme is in operation. ---------------------------- ---------------------------- ---------------------------- ----------------------------
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 41 to 52. 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:
2016/17 2015/16 GBP'000 GBP'000 --------------------------------------------- -------- -------- Short-term employee benefits 1,389 1,139 Termination payments 66 46 Contributions to defined contribution plans 79 65 Proceeds from share-based payments 240 535 --------------------------------------------- -------- -------- 1,774 1,785 --------------------------------------------- -------- --------
Total remuneration is included in administrative expenses and relates to 11 employees in the period ended 28 January 2017 (2015/16: 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 28 January 2017, total purchase from AAK Limited was GBP4.3m, including VAT, (30 January 2016: GBP4.1m, including VAT), of which GBP177,000 was outstanding at year end.
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 on 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 28 January 2017 the balance due from White Stuff was GBP212 in respect of service charges 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 company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
April 19, 2017 02:00 ET (06:00 GMT)
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