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Share Name Share Symbol Market Type Share ISIN Share Description
Spectris Plc LSE:SXS London Ordinary Share GB0003308607 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  38.00 1.49% 2,585.00 2,582.00 2,585.00 2,631.00 2,566.00 2,584.00 95,802 13:39:57
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 1,632.0 259.3 202.2 12.8 2,986

Spectris PLC Annual Financial Report

25/03/2020 11:03am

UK Regulatory (RNS & others)


Spectris (LSE:SXS)
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RNS Number : 5513H

Spectris PLC

25 March 2020

Spectris plc: Annual Report and Accounts 2019

The Company's Annual Report and Accounts for the year ended 31 December 2019 (the "Annual Report") has been published on the Company's website at www.spectris.com and has been posted to shareholders who have elected to receive hard copy communications.

The Annual General Meeting is scheduled to be held on 22 May 2020. The Notice of Annual General Meeting (the "Notice of Meeting") will be circulated to shareholders no later than 21 clear days before the AGM, in line with the requirements of section 307 of the Companies Act 2006. A separate announcement will be made when the Notice of Meeting and the Form of Proxy are available.

Pursuant to UK Listing Rule 9.6.1, the following documents have also been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/nsm

 
 -  The Annual Report; and 
 -  The Notice of Availability. 
 

The final results for the year ended 31 December 2019, released by the Company on 20 February 2020, include the information required pursuant to Rules 4.1 and 6.3.5 of the UK Disclosure Guidance and Transparency Rules, excepting publication of the responsibility statement of the Directors in respect of the 2019 Accounts, and a description of the principal risks and uncertainties facing the Company, which are detailed below:

Directors Responsibility Statement

We confirm that to the best of our knowledge:

 
 --   the Financial Statements, prepared in accordance with the 
       applicable set of accounting standards, give a true and fair 
       view of the assets, liabilities, financial position and profit 
       or loss of the Company and the undertakings included in the 
       consolidation taken as a whole; 
 --   the Strategic Report on pages 1 to 53 and the Directors' 
       Report on pages 54 to 95 include a fair review of the development 
       and performance of the business and the position of the Group 
       and the undertakings included in the consolidation taken 
       as a whole, together with a description of the principal 
       risks and uncertainties that they face; and 
     ------------------------------------------------------------------- 
 --   the Annual Report and Accounts taken as a whole, is fair, 
       balanced and understandable, and provides the information 
       necessary for shareholders to assess the Group's performance, 
       business model and strategy. 
     ------------------------------------------------------------------- 
 

Andrew Heath - Chief Executive

Derek Harding - Chief Financial Officer

Principal Risks and Uncertainties

 
  Strategic transformation 
  Definition:        Failure to successfully deliver the Group strategy, 
                      including business transformation and key mergers 
                      and acquisitions activity. 
                    ------------------------------------------------------- 
 Link to Strategy:   Customer focus; Operating leverage; Portfolio 
                      management; Spectris Business System ('SBS'); 
                      Perform and grow 
                    ------------------------------------------------------- 
 Risk Appetite:      Balanced 
                    ------------------------------------------------------- 
 Assessment:         High 
                    ------------------------------------------------------- 
 Change in Risk      New risk 
  Level: 
                    ------------------------------------------------------- 
 Impact              Our day-to-day activities are aligned to the 
                      successful achievement of the Group's strategic 
                      objectives. Nevertheless, we recognise the importance 
                      of managing some of the more transformative elements 
                      of strategic activation as a Principal Risk. 
                      These elements include divestments and acquisitions, 
                      incorporating effective cost management tools 
                      into the SBS, capital investment and the ongoing 
                      digitisation of our offerings and infrastructure. 
                    ------------------------------------------------------- 
 Mitigation          -- Embedding profit improvement into business 
                      as usual supported by the SBS 
                      -- Enhanced acquisition/merger integration processes 
                      and capability 
                      -- Regular reviews to track activation 
                      -- A framework of physical and logical control 
                      measures 
                    ------------------------------------------------------- 
 
 
 Cyber threat 
 Definition:         Failure to appropriately protect critical information/physical 
                      assets from cyber threats, including external 
                      hacking, cyber fraud, and inadvertent/ intentional 
                      electronic leakage of critical data. 
                    --------------------------------------------------------------- 
 Link to Strategy:   Customer focus; Operating leverage; Ethics and 
                      HSE 
                    --------------------------------------------------------------- 
 Risk Appetite:      Cautious 
                    --------------------------------------------------------------- 
 Assessment:         High 
                    --------------------------------------------------------------- 
 Change in Risk      Increase 
  Level: 
                    --------------------------------------------------------------- 
 Impact              Our businesses face both internal and external 
                      information security risks, the nature and complexity 
                      of which are constantly changing, becoming more 
                      sophisticated and unpredictable. With the introduction 
                      of data privacy regulatory requirements, and 
                      a continuing trend of high-profile information 
                      security breaches occurring across a wide range 
                      of businesses, the Group takes a necessarily 
                      proactive and cautious approach to safeguarding 
                      its information assets. 
                    --------------------------------------------------------------- 
 Mitigation          -- Information security and data privacy policies 
                      and minimum expected controls 
                      -- Cyber risk assurance undertaken by Internal 
                      Audit 
                      -- Online and face-to-face awareness training 
                      -- Regular Board and Audit and Risk Committee 
                      sessions on cyber threat 
                      -- Continued strengthening of IT systems 
                    --------------------------------------------------------------- 
 
 
 Compliance 
 Definition:         Failure to comply with laws and regulations, 
                      leading to reputational damage, substantial fines 
                      and potential market exclusion. 
                    ------------------------------------------------------------ 
 Link to Strategy:   Ethics and HSE; Customer focus 
                    ------------------------------------------------------------ 
 Risk Appetite:      Highly cautious 
                    ------------------------------------------------------------ 
 Assessment:         High 
                    ------------------------------------------------------------ 
 Change in Risk      No change 
  Level: 
                    ------------------------------------------------------------ 
 Impact              We operate in many jurisdictions and, consequently, 
                      are subject to wide-ranging laws and regulations 
                      including export controls, data privacy, fair 
                      competition and anti-bribery and corruption. 
                      Any compliance failure by the Group or its representatives 
                      could result in civil or criminal liabilities, 
                      leading to significant fines and penalties or 
                      the disqualification of the Group from participation 
                      in government-related contacts or entire markets. 
                    ------------------------------------------------------------ 
 Mitigation          -- Strong cultural alignment to the Spectris 
                      value of 'Absolute Integrity' 
                      -- Investment in experienced compliance professionals 
                      -- Formal compliance programme including policies, 
                      procedures and training 
                      -- Contract review and approval processes 
                    ------------------------------------------------------------ 
 
 
 Political 
 Definition:         Material adverse changes in the geopolitical 
                      environment putting at risk our ability to execute 
                      our strategy. Includes trade protectionism, punitive 
                      tax/regulatory regimes, and general heightened 
                      tension between trading parties or blocs. 
                    -------------------------------------------------------- 
 Link to Strategy:   Customer focus; Operating leverage; Perform and 
                      grow 
                    -------------------------------------------------------- 
 Risk Appetite:      Balanced 
                    -------------------------------------------------------- 
 Assessment:         Moderate 
                    -------------------------------------------------------- 
 Change in Risk      Increase 
  Level: 
                    -------------------------------------------------------- 
 Impact:             We operate in a range of end markets around the 
                      world and may be affected by political or regulatory 
                      developments in any of these countries. Material 
                      adverse changes in the political environment 
                      in the countries in which we operate have the 
                      potential to put at risk our ability to execute 
                      our strategy. We continually monitor the geopolitical 
                      landscape and develop response plans accordingly. 
                    -------------------------------------------------------- 
 Mitigation:         -- Event monitoring and horizon scanning 
                      -- Working groups to limit the impact of materialising 
                      risks 
                      -- Maintain a strong balance sheet 
                      -- Operate in a broad spread of geographical 
                      markets and end users 
                      -- Response planning 
                    -------------------------------------------------------- 
 
 
 Market/financial shock 
 Definition:         Material adverse changes in market conditions, 
                      such as economic recession, sudden negative investor 
                      sentiment and currency fluctuation. 
                    -------------------------------------------------------- 
 Link to Strategy:   Customer focus; Operating leverage 
                    -------------------------------------------------------- 
 Risk Appetite:      Balanced 
                    -------------------------------------------------------- 
 Assessment:         Moderate 
                    -------------------------------------------------------- 
 Change in Risk      No change 
  Level: 
                    -------------------------------------------------------- 
 Impact              As a public company, and one that conducts business 
                      in a large number of markets, we recognise the 
                      global or local impact that a recession or period 
                      of instability could have on the Group. As with 
                      political risk, we are limited in our ability 
                      to reduce the likelihood of such events, but 
                      with careful monitoring and response planning 
                      we can ensure that the potential impact is restricted. 
                    -------------------------------------------------------- 
 Mitigation          -- Market monitoring and horizon scanning 
                      -- Maintain a strong balance sheet 
                      -- Operate in a broad spread of geographical 
                      markets and end users 
                      -- Response planning 
                    -------------------------------------------------------- 
 
 
 Talent and capabilities 
 Definition:         Failure to attract, retain and deploy the necessary 
                      talent to deliver Group strategy. 
                    -------------------------------------------------------- 
 Link to Strategy:   Leadership and talent; SBS 
                    -------------------------------------------------------- 
 Risk Appetite:      Balanced 
                    -------------------------------------------------------- 
 Assessment:         Moderate 
                    -------------------------------------------------------- 
 Change in Risk      No change 
  Level: 
                    -------------------------------------------------------- 
 Impact              The Group needs to attract, develop, motivate 
                      and retain the right people to achieve our operational 
                      and strategic targets. Effective talent management 
                      is essential to 
                      successfully delivering our current business 
                      requirements and strategic goals, and to realising 
                      the full potential of our businesses. Therefore, 
                      failure to leverage talent 
                      and capabilities could significantly impact the 
                      successful execution of our strategy. 
                    -------------------------------------------------------- 
 Mitigation          -- Structured recruitment and succession processes 
                      for senior Group talent 
                      -- Global HR information systems implementation 
                      underway 
                      -- Annual organisation capability review process 
                    -------------------------------------------------------- 
 
 
 Intellectual property 
 Definition:         Infringement of third-party rights, and failure 
                      to appropriately protect our intellectual property 
                      and infringement of the Group's intellectual 
                      property rights by a third-party. 
                    -------------------------------------------------------- 
 Link to Strategy:   Customer focus; Portfolio management 
                    -------------------------------------------------------- 
 Risk Appetite:      Highly cautious 
                    -------------------------------------------------------- 
 Assessment:         Low 
                    -------------------------------------------------------- 
 Change in Risk      Increase 
  Level: 
                    -------------------------------------------------------- 
 Impact              It is important that we have measures in place 
                      to reduce the likelihood that we may inadvertently 
                      infringe third-party rights. Our information 
                      assets, know-how and products provide the Group 
                      with a wealth of intellectual property, and we 
                      have a proactive approach towards protection 
                      and management of that property. The Group owns 
                      and registers patents and trademarks, maintains 
                      trade secrets, confidential information and copyright, 
                      and exploits intellectual property through licensing. 
                    -------------------------------------------------------- 
 Mitigation          -- Monitoring third-party applications and competitor 
                      activity 
                      -- Protection, including patent registration 
                      -- Freedom-to-operate technical reviews in advance 
                      of new product development, acquisitions and 
                      licensing 
                      -- Policies, procedures and training 
                    -------------------------------------------------------- 
 
 
 Business disruption 
 Definition:         Failure to appropriately prepare for and respond 
                      to a crisis or major disruption to key operations 
                      either across the Group, in a key region/location, 
                      or via a critical supplier. 
                    ------------------------------------------------------- 
 Link to Strategy:   Customer focus; Operating leverage; Perform and 
                      grow 
                    ------------------------------------------------------- 
 Risk Appetite:      Cautious 
                    ------------------------------------------------------- 
 Assessment:         Low 
                    ------------------------------------------------------- 
 Change in Risk      New risk 
  Level: 
                    ------------------------------------------------------- 
 Impact              The nature of our geographically diverse and 
                      segmented businesses provides a degree of natural 
                      hedging from Group-wide disruption arising from 
                      a major event, be it a physical disaster at a 
                      major site, or an in-region external event, such 
                      as the recent coronavirus outbreak in China. 
                      However, we acknowledge the importance of proactively 
                      ensuring a consistent and effective business 
                      continuity management process across the Group. 
                    ------------------------------------------------------- 
 Mitigation          -- Business continuity plans 
                      -- IT disaster recovery plans 
                      -- Testing plans 
                      -- Risk identification and monitoring 
                      -- Crisis management 
                    ------------------------------------------------------- 
 

Name of contact and telephone number for queries:

Rebecca Dunn

Deputy Company Secretary

01784 470 470

LEI Number: 213800Z4CO2CZO3M3T10

For and on behalf of Spectris plc

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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