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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Next Plc | LSE:NXT | London | Ordinary Share | GB0032089863 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9,188.00 | 9,200.00 | 9,204.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Fabricated Textile Pds, Nec | 5.49B | 802.3M | 6.3274 | 14.52 | 11.65B |
TIDMNXT
RNS Number : 1689L
Next PLC
17 April 2018
Hot Features
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Contacts: Alistair Mackinnon-Musson
Rowbell PR
Email: next@rowbellpr.com Tel: 020 7717 5239
Photographs: Photographs available at:
http://press.next.co.uk/media/company-images/campaignimages.aspx
Next plc
Annual Financial Report for year ended January 2018
including the Notice of Annual General Meeting ("AGM") - convened for
17 May 2018
The Company announces that the Annual Financial Report for the year ended January 2018 is today being posted or otherwise made available to shareholders and published on its website, www.nextplc.co.uk.
In accordance with Listing Rule 9.6.1 a copy of this Report together with a Form of Proxy for the 2018 Annual General Meeting has been uploaded to the National Storage Mechanism and will be available for viewing shortly at www.hemscott.com/nsm.do.
The Company's 2018 Annual General Meeting will be held at the Leicester Marriott Hotel, Smith Way, Grove Park, Leicester on Thursday 17 May 2018, commencing 9.30 am.
S L Anderson
Company Secretary
Next plc
The Appendix to this announcement is a supplement to our preliminary statement of financial results made on 23 March 2018 (the "Final Results Announcement"). It contains the information required pursuant to DTR 6.3.5 that is in addition to the information communicated in the Final Results Announcement, and should be read together with the Final Results Announcement.
Appendix
The Chief Executive's Review in the preliminary statement of the Financial Results Announcement issued on 23 March 2018 includes a commentary on the primary uncertainties affecting the Group's businesses for 2017/18.
Further details of other key risks and uncertainties relating to the NEXT group are set out on pages 42 to 46 of the 2018 Annual Report. The following is extracted in full unedited text from the 2018 Annual Report. Accordingly, page references in the text below refer to page numbers in the Annual Report.
Description of principal risk How the risk or uncertainty is
or uncertainty managed or mitigated
Business strategy development
and implementation If the Board The Board reviews business strategy
adopts the wrong business strategy on a regular basis to determine
or does not implement its strategies how sales and profit budgets
effectively, the business may can be achieved or bettered,
suffer. The Board therefore needs and business operations made
to understand and properly manage more efficient. Seasonal and
strategic risk, taking into account annual budgets together with
specific retail sector risk, longer term financial objectives
in order to deliver long term and cash flow forecasts are produced.
growth for the benefit of NEXT's
stakeholders. The Board and senior management
consider strategic risk factors,
wider economic and industry specific
trends that affect the Group's
businesses, the competitive position
of its product offer and the
financial structure of the Group.
In common with other retailers
we continue to experience a significant
shift by customers from shopping
in retail stores to shopping
online. Longer term financial
forecasts for our Retail business
have therefore been prepared
and stress tested during the
year (see page 31). These forecasts
provide a mechanism for ensuring
that business profitability is
reviewed and managed and agreed
actions are in place to take
into account changing behaviours
and trends.
The Audit Committee monitors
strategic and operational risk
regularly and any significant
matters are reported to the Board.
Management team
The success of NEXT relies on The Remuneration and Nomination
the continued service of its Committees identify senior personnel,
senior management and technical review remuneration at least
personnel, and on its ability annually and formulate packages
to continue to attract, motivate to retain and motivate these
and retain highly qualified employees. employees, including long term
The retail sector is very competitive incentive schemes.
and NEXT's staff may be targeted
by other companies. The Board considers the development
of senior managers to ensure
adequate career development opportunities
for key personnel, with orderly
succession and promotion to important
management positions.
Product design and selection
NEXT's success depends on designing Executive directors and senior
and selecting products that customers management continually review
want to buy, at appropriate price the design, selection and performance
points and in the right quantities. of NEXT's own product ranges
In the short term, a failure and those of other brands sold
to properly manage this area by NEXT. To some extent, product
may mean that NEXT is faced with risk is also mitigated by the
surplus stocks that cannot be diversity of NEXT's ranges.
sold at full price and may have
to be disposed of at a loss. In addition, executive directors
In the longer term, the reputation and senior management regularly
of the NEXT Brand may suffer. review product range trends to
Product design and selection assess and correct any key selection
is therefore at the heart of or product issues. Corrections
the business. to significant missed trends
or poorer performing ranges are
targeted for amendment, with
alternative products being sourced
within six months where deemed
necessary.
Key suppliers and supply chain
management NEXT continually seeks ways to
NEXT relies on its supplier base develop its supplier base so
to deliver products on time and as to reduce over reliance on
to the quality standards it specifies. individual suppliers of products
Failure to do so may result in and services, and maintain the
an inability to service customer quality and competitiveness of
demand or adversely affect NEXT's its offer. The Group's risk assessment
reputation. procedures for key suppliers
identify alternatives and develop
contingency plans in the event
of key supplier failure.
Changes in global manufacturing
capacity and costs may impact Existing and new sources of product
on profit margins. supply are developed in conjunction
with NEXT Sourcing, external
agents and/or direct suppliers.
Non-compliance by suppliers with
the NEXT Code of Practice may NEXT carries out regular inspections
increase reputational risk. of its suppliers' operations
to ensure compliance with the
standards set out in this Code;
covering production methods,
employee working conditions,
quality control and inspection
processes. Further details can
be found on page 49.
NEXT monitors and reviews the
financial, political and geographical
aspects of its supplier base
to identify any factors that
may affect the continuity or
quality of supply of its products.
NEXT also monitors and reviews
stock availability on an ongoing
basis to ensure that issues are
identified and appropriate action
is taken where any issues are
impacting service delivery to
customers.
Warehousing and distribution
NEXT regularly reviews the warehousing Planning processes are in place
and distribution operations that to ensure there is sufficient
support the business. Risks include warehouse handling capacity for
business interruption due to expected future business volumes
physical damage, access restrictions, over the short and longer terms.
breakdowns, capacity shortages,
IT systems failure (see next Service levels, warehouse handling,
page), inefficient processes inbound logistics and delivery
and third-party failures. costs are monitored continuously
to ensure goods are delivered
to our warehouses, Retail stores
and Online customers in a timely
and cost efficient manner.
During the year we reviewed our
warehousing and logistics operations
to ensure that we proactively
manage changes in our customer
demand between Retail stores
and Online customers.
Business continuity plans and
insurance are in place to mitigate
the impact of business interruption.
Customer experience
NEXT's performance depends on Market research and customer
the recruitment and retention feedback is used to assess customer
of customers, and on its ability opinions and satisfaction levels
to drive and service customer to help to ensure that staff
demand. This includes having remain focused on delivering
an attractive, functional and excellent customer service.
reliable website, effective call
centres, operating successful The Group continuously monitors
marketing strategies, and providing website and call centre operations
both Retail and Online customers that support the business to
with service levels that meet ensure that there is sufficient
or exceed their expectations. capacity to handle volumes.
Call centre employees receive
comprehensive and relevant training
on an ongoing basis, targeting
our service to be at its highest
possible levels.
The Company is continuing to
invest in the development of
our UK and overseas websites.
These developments are formally
appraised and are designed to
further improve the online customer
experience.
Retail store network
NEXT Retail's performance depends The predominantly leased store
on profitably developing the portfolio is actively managed
trading space of the store network. by senior management, with openings,
The successful development of refits and closures based on
new stores depends on a number store profitability and cash
of factors including the identification payback criteria.
of suitable properties, obtaining
planning permissions and the Regular reviews of lease expiry
negotiation of acceptable lease and break clauses are undertaken
terms. Prime retail sites will to identify opportunities for
generally remain in demand, and exit or renegotiation of commitments.
increased competition for these Profiling of the Group's lease
can result in higher future rents. commitments is also regularly
reviewed by the Board.
NEXT will continue to invest
in new space where its financial
criteria are met, and will renew
and refurbish its existing portfolio
when appropriate.
Information security, business
continuity and cyber risk Systems' vulnerability and penetration
NEXT is dependent upon the continued testing is carried out regularly
availability and integrity of to ensure that data is protected
its IT systems, which must record from corruption or unauthorised
and process substantial volumes access or use.
of data and conduct inventory
management accurately and quickly. Critical systems are reviewed
The Group's systems require continuous and tested periodically to ensure
enhancement and investment to they have backup facilities and
prevent obsolescence and maintain business continuity plans in
responsiveness. The threat of place; these are updated on an
unauthorised or malicious attack ongoing basis to reflect business
is an ongoing risk, the nature risk.
of which is constantly evolving
and becoming increasingly sophisticated. Major incident simulations and
business continuity tests are
carried out periodically.
IT risks are also managed through
the application of internal policies
and change management procedures,
contractual service level agreements
with third-party suppliers, and
IT capacity management.
The Audit Committee and Board
received updates and agreed appropriate
actions relating to cyber risk
and business continuity during
the year (see page 42).
As the nature of cyber attack
risk is constantly changing and
becoming ever more sophisticated,
NEXT continually works towards
improving mitigating controls
and supports significant resource
and investment in this area,
including employee data security
awareness training (see page
42 regarding the independent
cyber risk follow up review undertaken
during the year).
Financial, treasury, liquidity
and credit risks NEXT operates a centralised treasury
The main financial risks are function which is responsible
the availability of funds to for managing its liquidity, interest
meet business needs, default and foreign currency risks. The
by counterparties to financial Group's treasury function operates
transactions, the effect of fluctuations under a Board approved policy.
in foreign exchange rates and This includes approved counterparty
interest rates, and compliance and other limits which are designed
with regulation. to mitigate NEXT's exposure to
financial risk. Further details
of the Group's treasury operations
are given in Note 24 of the financial
statements.
NEXT has a longstanding policy NEXT has adequate medium and
of returning surplus cash to long term financing in place
shareholders through share buybacks to support its business operations,
and special dividends, whilst and the Group's cash position
maintaining an appropriate level and forecasts are regularly monitored
of debt. Adequate financing facilities and reported to the Board.
are therefore required to support
the operational needs of the
business. Rigorous procedures are in place
with regard to the Group's credit
NEXT is also exposed to credit account customers, including
risk, particularly in respect the use of external credit reference
of its Online customer receivables, agencies and applying set risk
which at GBP1.1bn represents criteria before acceptance. These
the largest item on the Group procedures are regularly reviewed
Balance Sheet. and updated.
The Audit Committee received
a formal update regarding the
customer credit business during
the year.
Directors' Responsibilities Statement
Directors' Responsibilities
The directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.
As a listed company within the European Union, the directors are required to prepare the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. The directors have elected to prepare the Parent Company financial statements in accordance with the Companies Act 2006 and UK Accounting Standard 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 of the Group and the Company and of the profit or loss of the Group for that period. In preparing the 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;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- in respect of the Group financial statements, provide additional
disclosures when compliance with the specific requirements
of IFRS is insufficient to enable users to understand the
impact of particular transactions, other events and conditions
on the Group's financial position and performance;
-- state that the Group has complied with IFRS, subject to
any material departures disclosed and explained in the financial
statements;
-- in respect of the Parent Company financial statements, state
whether applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained
in the financial statements; and
-- prepare the financial statements on a going concern basis,
unless they consider that to be inappropriate.
The directors confirm that the financial statements comply with the above requirements.
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 the Group and enable them to ensure that the financial statements comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Responsibilities statement
We confirm that to the best of our knowledge:
a. the Group financial statements, which have been prepared
in accordance with IFRSs as adopted by the EU, give a true
and fair view of the assets, liabilities, financial position
and results of the Group;
b. the Strategic Report contained in this Annual Report includes
a fair review of the development and performance of the business
and the position of the Company and the Group, together with
a description of the principal risks and uncertainties that
they face;
c. the Annual Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides the information
necessary for shareholders to assess the Company's performance,
business model and strategy; and
d. the Parent Company financial statements, which have been
prepared in accordance with UK Accounting Standard FRS 101
"Reduced disclosure framework", give a true and fair view
of the assets, liabilities, financial position and results
of the Company.
On behalf of the Board
Lord Wolfson of Aspley Amanda James
Guise Group Finance Director
Chief Executive
23 March 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSUBUKRWAASARR
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April 17, 2018 05:25 ET (09:25 GMT)
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