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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sivota Plc | LSE:SIV | London | Ordinary Share | GB00BMH30492 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.50 | 30.00 | 35.00 | 32.50 | 32.50 | 32.50 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 5.92M | -3.2M | -0.2542 | -1.28 | 4.09M |
TIDMSIV
RNS Number : 3220V
St. Ives PLC
01 November 2017
1 November 2017
St Ives plc
2017 Annual Report and Accounts and Notice of AGM
Further to the Company's announcement of its annual results on 3 October 2017, copies of the Annual Report and Accounts 2017 for the fifty two weeks ended 28 July 2017 ('the Annual Report 2017'), the Notice of Annual General Meeting of the Company and the Form of Proxy in relation to the Annual General Meeting ('the Shareholder Documents') have today been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/nsm
The Shareholder Documents will shortly be available to download from the Company Policies & Circulars section of the Company's website, under Investor Relations, at www.st-ives.co.uk.
Hard copies of the above Shareholder Documents have today been posted to shareholders.
The Company's Annual General Meeting will be held at 11.00 a.m. on Thursday, 30 November 2017 at One Tudor Street, London EC4Y 0AH.
Additional Information
The following information is extracted from the Annual Report 2017 (page references are to pages in the Annual Report 2017) and should be read in conjunction with the Company's announcement of its annual results issued on 3 October 2017. Both documents can be found at www.st-ives.co.uk and together, 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 Annual Report 2017 in full.
Principal Risks and Uncertainties
Risk Description Change in Mitigating activities 2017 --------------------- --------------------- ----------------------- ----------------------------- ACQUISITION As businesses Decreased. Stringent selection STRATEGY are acquired No acquisitions criteria followed Acquisitions as part were made for pursuing may not of the Group's during the acquisitions fit in to strategic course of that fit within the Group's objectives the year. the Group's strategy strategic to grow As a result and culture. direction its Strategic and whilst Detailed due and may Marketing acquisitions diligence undertaken fail to segment, remain a using external deliver it is fundamental strategic advisers. Board growth and to identify objective strategic reviews successful businesses in the medium held annually integration that will term, the to monitor progress as a result. enhance inherent against the business the Group's risk rating model to, as capabilities. is lower necessary, refresh than in and adapt the the prior Group's strategy year. for delivering growth. Meetings held with senior management of the subsidiaries to determine cross-selling opportunities. --------------------- --------------------- ----------------------- ----------------------------- ORGANIC Investing Unchanged. Regular discussion GROWTH in the wrong Organic of strategy at Organic sectors growth is Board meetings growth, or territories a key strategic and meetings including could result objective of representatives overseas in significant for the from the businesses expansion, incremental business to develop the may not costs to and the Group's proposition, be pursued the Group. risk factors growth opportunities in the right involved and collaborative sectors are considered behaviour. Detailed or territories. to be consistent budgets and three with the year plans submitted prior year to the Board in view for review. of those territories that have been targeted. --------------------- --------------------- ----------------------- ----------------------------- SCALABILITY Achieving New risk. Collaboration Strategic scalability This risk by businesses Marketing is important has been such as working businesses within Digital, added as on joint pitches. may not Data and a key risk Organic growth have sufficient Insight to the Group of businesses scale within in order during the through recruitment their sectors to pursue year following drives and opening to secure a high growth discussion of new offices. substantial strategy. by the Board Bringing businesses customer Whilst included on driving closer together contracts. as a risk, further under a single achieving organic senior management greater growth. team (such as scalability Whilst the in Data) to achieve is also residual a greater combined an opportunity risk has scalable offering. for the also been Investment in Group. assessed high growth Strategic as medium, Marketing businesses the Board and greater focus is encouraged on securing longer by the progress term contracts. made within Digital during the second half of the year in achieving greater scalability and with the current trajectory. --------------------- --------------------- ----------------------- ----------------------------- LEGACY BUSINESSES This could, Increased. Consolidation Issues arising in the short This risk of businesses within Marketing term, impact rating has and management Activation the growth been increased within the Marketing and Books within the following Activation segment may distract Strategic the further has created greater or inhibit Marketing decline synergies with the Board's segment in Marketing a senior management focus on if the Board Activation team across the its strategic encounters led by the segment that objectives. issues that grocery oversees each emerge in sector and of the subsidiaries.
other parts the loss Diversification of the Group. of the HarperCollins away from the contract grocery retail. in Books. Further restructuring Cost mitigation and cost mitigation has been initiatives. undertaken. --------------------- --------------------- ----------------------- ----------------------------- ECONOMY Uncertainty Unchanged. Diversification Challenging in the economy This risk into markets economic largely rating was that are capable conditions associated increased of delivering may inhibit with Brexit, during the profit growth growth and could result prior year with an increasing create uncertainty. in marketing due to the range of marketing campaigns degree of companies. Diversification or projects uncertainty through growth being cancelled in the economy, in the US and or deferred partly impacted opportunities at short by Brexit. pursued to open notice. The Board's overseas offices, Whilst the view is where client Group does that the demand warrants have long risk remains it. Investment term contracts the same. in a wider range with clients, of services offered the level to clients. A of spend continual review is predominantly the Group's cost at the client's base. Secure discretion more long-term rather than client relationships being derived and contracts. from guaranteed Seek to increase sales volumes. market share by investing in sophisticated and targeted sales lead generation. A regular review of performance of all businesses against their budgets and implement timely remedial action, where needed. --------------------- --------------------- ----------------------- ----------------------------- CLIENTS The Group Increased. Competitive has a variety Whilst the Encourage collaborative pressure of key clients financial behaviour across that may in each impact of the Group's businesses result in of its three these key and create a the loss business contracts commitment to of a key segments. has not cross-selling client. Long-term increased, that will distinguish relationships the likelihood the Group's marketing have been of the risk, offering from fostered and hence its competitors'. with many the risk Achieve or exceed of these rating, service level clients has risen agreements with over a number due to a clients. Broaden of years. greater our capabilities, appetite providing marketing seen for solutions in clients support of our to carry clients' marketing out full strategies. Avoid tenders, over reliance particularly on any single in the Marketing client. Implement Activation bespoke propositions and Books for securing segments. the renewal of key client contracts, providing Group support where appropriate. Conduct client satisfaction surveys. --------------------- --------------------- ----------------------- ----------------------------- EMPLOYEES A failure Retaining Unchanged. Implement appraisals to attract, staff is This risk and fulfil training develop a key priority rating is needs where identified. and retain for the consistent Develop a collaborative employees Group as with the culture across with the it continues prior year. the Group's businesses. necessary to invest Operate discretionary talent for in new and share-based incentive our businesses. existing schemes, and service other benefits. orientated Pay part of consideration businesses. in shares to vendor directors of acquired businesses, with 'lock-in' obligations. --------------------- --------------------- ----------------------- ----------------------------- FINANCING The Group's Being able Unchanged. Conduct 'going ability to finance This inherent concern' reviews to trade working risk is and longer-term may be compromised capital consistent viability assessments by lack and carry with prior twice yearly; of cash out operations years. The continually monitor funds. is fundamental bank facility the Group's performance to the Group. runs up against its banking to 23 March covenants. Undertake 2019; further monthly reviews
details of working capital, are provided cash forecasts on page and headroom 104. on banking covenants. Periodically Following review the Group's the January financial KPIs 2017 trading with its bankers. update, the residual risk rating was increased from low to medium at the Half Year. The risk has since been further mitigated by the disposal of two freehold properties for net proceeds totalling GBP9.8m, resulting in the leverage covenant reducing to 1.6 at the year end (see page 112). --------------------- --------------------- ----------------------- ----------------------------- PENSION SCHEME The volatility The volatility Unchanged. Agree deficit of the St of the Scheme's This risk recovery plan Ives Defined deficit rating associated with the Pension Benefits is impacted with the Scheme Trustee. Pension by the inflation Scheme's Regularly engage Scheme (the rate, changes deficit the Trustee directors 'Scheme') in the discount remains in discussions deficit. rate derived high. The on the Group's from gilt deficit performance. yields and had increased Manage possible changes in recent Section 75 debts in actuarial years primarily arising from assumptions, due to low business disposals such as interest and closures. mortality. rates. As Contribute to at 28 July discussions on 2017, the the Scheme's deficit investment strategy. has reduced Proactively seek due to a to limit the higher level growth in the of return pension liability. on the Scheme's assets. --------------------- --------------------- ----------------------- ----------------------------- REPUTATIONAL Exposure Health and Unchanged. Ingrain robust to reputational safety is This risk health and safety or financial a pre-eminent rating is culture throughout damage due priority consistent the Group, supported to accident, for the with the by rigorous health unethical Board and prior year, and safety and trading, is discussed reflecting environmental non-compliance at each the Board's policies. Monitor with legislation Board meeting. assessment compliance, measure or regulation of the associated performance and or disputes. Other reputational risk impact. investigate major risks need incidents. Monitor to be carefully changes in legislation managed and regulations, as part take legal advice of the Group's and provide training governance where necessary. procedures. Place a strong emphasis on compliance with local taxation rules by embedding the Group's processes and procedures. Apply the Group's policies on Ethical Trading, Share dealings, Equal Opportunities, Dignity at Work and Whistle-blowing. Have in place business continuity plans and a procedure for dealing with 'leaks' of inside information. --------------------- --------------------- ----------------------- ----------------------------- DATA SECURITY This includes Unchanged. IT functions Exposure the risk This risk in place around to reputational of loss was added the Group with or financial of data, as a key responsibility damage due sabotage risk for to protect data to corruption or disruption the Group (e.g. encryption, or theft to the business, in the prior firewalls, restricted of fraud, reputation year due access). company damage, to, in part, Periodic reviews owned or and possible the new by Internal Audit, client fines. General utilising in-house owned data Data Protection IT as well as or data Regulation specialist external breaches ("GDPR") consultants. arising. coming into Cyber security effect in and IT questionnaire 2018. completed periodically by subsidiaries to highlight areas of potential risk, together
with any mitigating actions performed in order to address this risk. The appointment of a new Data Protection Officer for the Group to assist with the Group's GDPR compliance. --------------------- --------------------- ----------------------- -----------------------------
Related Party Transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this [Annual Report 2017] note. No material related party transactions have been entered into during the current period, which might reasonably affect the decisions made by the users of these financial statements.
No other executive officers of the Company or their associates had material transactions with the Group during the period.
The Group earned revenue of GBP805,000 from Loop Integration LLC and the Group incurred GBPNil charges for services received. At the reporting date, Loop Integration LLC owed the Group GBP26,000.
The total amounts for Directors' remuneration were as follows:
2017 2016 GBP'000 GBP'000 --------------------- --------- --------- Short-term employee benefits 962 926 --------------------- --------- --------- Post-employment benefits 95 108 --------------------- --------- --------- 1,057 1,034 --------------------- --------- ---------
Statement of Directors' Responsibilities
The following statement which was prepared for the purposes of the Annual Report 2017 is repeated here for the purposes of complying with DTR 6.3.5. It relates to and is extracted from the Annual Report 2017 and is not connected to the extracted and summarised information presented in this announcement.
The Director's confirm to the best of their knowledge:
-- the financial statements, prepared in accordance with the relevant financial reporting framework, 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; and
-- the Strategic Report includes a fair review of the development, position and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
Signed in accordance with a resolution of the Board of Directors on 2 October 2017 on its behalf by Matt Armitage, Chief Executive and Brad Gray, Chief Financial Officer.
Enquiries:
Daniel Fattal 020 7928 8844
Company Secretary
St Ives plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUAUBRBBAARAA
(END) Dow Jones Newswires
November 01, 2017 13:30 ET (17:30 GMT)
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