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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Weir Group Plc | LSE:WEIR | London | Ordinary Share | GB0009465807 | ORD 12.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.00 | 0.20% | 2,014.00 | 2,016.00 | 2,018.00 | 2,038.00 | 2,008.00 | 2,026.00 | 298,966 | 16:35:22 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Pumps And Pumping Equipment | 2.64B | 227.9M | 0.8759 | 23.04 | 5.25B |
TIDMWEIR
RNS Number : 3002Z
Weir Group PLC
13 March 2017
The Weir Group PLC
2016 Annual Report and 2017 Annual General Meeting
The following documents have today been posted or otherwise made available to shareholders:
1. Annual Report and Financial Statements for the period ended 31 December 2016 (the "2016 Annual Report");
2. Notice of 2017 Annual General Meeting; and 3. Form of Proxy for the 2017 Annual General Meeting.
In accordance with Listing Rule 9.6.1, a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM.
The documents (except the Form of Proxy) are also available on the Company's website at www.global.weir and in hard copy to shareholders upon request to Investor Relations, The Weir Group PLC, 1 West Regent Street, Glasgow, G2 1RW.
The Company's 2017 Annual General Meeting will be held at the Company's Head Office, 1 West Regent Street, Glasgow, G2 1RW, on Thursday 27 April 2017 at 2.30pm.
The Company's full year results announcement of 22 February 2017 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards. The 2016 Annual Report submitted to the National Storage Mechanism today also contains information regarding the Company's principal risks and uncertainties and a responsibility statement relating to the content of the 2016 Annual Report; an extract of this information is provided below as required under paragraph 6.3.5 of the DTR, however this material should be read in conjunction with and is not a substitute for reading the full 2016 Annual Report. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2016 Annual Report.
APPICES
Appendix A: Principal risks and uncertainties
A description of the principal risks and uncertainties that the Company faces is extracted in full and unedited form from pages 40 to 45 of the 2016 Annual Report.
As in any business, there are risks and uncertainties which could impact the Group's ability to achieve its objectives in the future. However, we believe the Group's risk management and assurance framework makes this less likely.
The Board has conducted a robust assessment of the principal risks, alongside the Risk Appetite Statement set out on page 37, meeting the Board's responsibilities in connection with Risk Management and Internal Control detailed in the UK Corporate Governance Code. Each of the principal risks is assigned an owner from amongst the Board or Group senior management team and is either a standing agenda item at each Board meeting or subject to formal periodic review by the Board. A summary of principal risks and the Group's mitigating controls is presented at every Board meeting.
The Directors reviewed the Group's risk register, reassessed the validity of the principal risks identified in the prior year and considered whether any new principal risks have emerged or a risk is no longer considered a principal risk. The identified principal risks were subjected to a detailed assessment based on the following considerations:
-- Severity of each risk;
-- Existence and effectiveness of actions and internal controls which serve to mitigate the risk;
-- The overall effectiveness of the Group's control environment, including assurance and any identified control weaknesses or failings; and
-- The extent to which each of the principal risks could impact upon the Group's viability, in financial or operational terms, due to their potential effects on the business plan, solvency or liquidity.
The principal risks set out below are those which we believe to have the greatest potential to impact our ability to achieve the Group's strategic objectives or which have the greatest potential impact on the Group's solvency or liquidity.
Risk How we are Changes during Why we think mitigating 2016 this is important the risk ------------------ ----------------------------------------------------------- ------------------ ----------------- TECHNOLOGY AND INNOVATION (Risk unchanged; Considered as part of Viability Statement assessment) ---------------------------------------------------------------------------------------------------------------------- We fail to The strength Continual The pace drive innovation of our business investment of technological or to react is built in research innovation to emerging upon a history and development, continues technology of delivering including to increase developments, innovative the Weir as we and and therefore and sustainable Advanced our competitors fail to ensure solutions Research seek to provide that the for our customers. Centre (WARC) customers business If we fail in conjunction with solutions continues to keep abreast with the that improve to deliver of market University the efficiency sustainable needs or of Strathclyde. of their and attractive to innovate We have a operations. solutions solutions, dedicated To ensure for our we are at governance we continue customers. risk of losing team (Engineering to retain market share Excellence competitive to our competitors Committee) advantage and lowering focused on in this area, margins as the delivery our existing demand will of our strategic research reduce. objectives and development for technological initiatives advances within the and innovation business, to meet the at WARC, needs of are enhanced our customers. through Weir Technical partnerships Advisory with certain Board comprising leading highly regarded universities experts to around the ensure Weir world. These continues partnerships to be at are designed the leading to help the edge of Group develop technology game-changing development solutions in our chosen to our industries. customers' challenges. During 2016, the Weir Technical Advisory
Board met four times. The Board provided guidance and advice which positively influenced our digital and advanced manufacturing technology strategies. We are also devoting additional resources to reviewing and responding to developing technologies, with our agreements with Microsoft and Dell Corporations to develop Internet of Things (IoT) technology. Recognising the strategic importance of technology and innovation, the recruitment process of a Chief Technology Officer began. Further information on progress made in this area is set out in the Products and Technology section of the Sustainability Review on page 57. ------------------ ----------------------------------------------------------- ------------------ ----------------- POLITICAL AND SOCIAL RISK (Risk increasing; Considered as part of Viability Statement assessment) ---------------------------------------------------------------------------------------------------------------------- Adverse political We operate Regular review In response action, or across the of market to increased political globe and attractiveness. security and social therefore Monitoring risks, arising instability, have to work travel by from changes in territories within a Weir employees in the political in which wide range to higher environment we operate of political risk locations. in certain may result and social External countries in strategic, conditions. expert risk where the financial Adverse events assessments Group has or personnel may occur and regular operations, loss to the in the territories monitoring enhancements Group. in which in higher have been we operate risk locations. made to the that may Contingency Group's access require us plans and to expert to act swiftly exit strategy risk assessments to protect planning. and plans our people Our strategic to respond and our property planning to adverse and regulatory assists in events in changes could forecasting higher risk impact our potential locations. competitiveness. political The Weir We need to and social Group travel be flexible instability policy was and able in regions. updated in to anticipate Proactive November such issues. monitoring and designed Expansions of evolving to provide
into new policy and a consistent territories development Group wide are only of contingency approach undertaken plans as to ensure after rigorous situations that travel assessment materialise. risks are of the risks, managed including appropriately. the social From a security and political perspective situation the environment within the in which territory. a number of the Group's businesses operate continued to be challenging and uncertain during the year. Material changes in the policy environment in the UK and USA following the EU referendum and Presidential election could have an impact on our trade and taxation position and continue to be monitored. ------------------ ----------------------------------------------------------- ------------------ ----------------- GLOBAL ECONOMIC CONDITIONS (Risk decreasing; Considered as part of Viability Statement assessment) ---------------------------------------------------------------------------------------------------------------------- Changes in We need to We maintain Market key markets, remain sufficiently regular conditions including flexible engagement have remained commodity to allow with our challenging prices affecting us to anticipate customers during 2016. mining and downturns, to understand Necessary oil and gas, to allow their needs adjustments have an adverse us to adjust and challenges, have been impact on our operations and ensure made to our customers' accordingly, our business operations expenditure and equally is appropriately to accommodate plans. This to meet growth aligned. our customers' may include in demand Our strategic responses delaying when our planning to these existing customers' utilises market expenditure markets are extensive conditions. commitments. buoyant and market There have As markets therefore intelligence been signs improve we capital investment to assist through the fail to is high. in forecasting latter part effectively Otherwise, opportunities of the year upscale we are at and dips that our operations risk of incurring in markets. core markets to meet customer unnecessary We maintain have started needs. costs during contingency to improve, downturns, plans for with customers and not maximising downturns. starting our potential to plan for for growth higher activity in buoyant levels next markets. year. In challenging market conditions, our supply chain risks are increased. These are described in more detail on page 43. ------------------ ----------------------------------------------------------- ------------------ ----------------- SAFETY, HEALTH AND ENVIRONMENT (SHE) (Risk unchanged; Considered as part of Viability Statement assessment) ---------------------------------------------------------------------------------------------------------------------- Failure to We operate The Weir The Group adequately in hazardous Behavioural is never protect our environments, Safety system complacent people and and therefore is in place in relation other have a fundamental to reduce to SHE matters. stakeholders duty to protect the risk During 2016 from harm our people of safety a new Chief associated and other incidents. Executive's with a breach stakeholders In addition, Safety Committee
in SHE standards. from harm there are was established. whilst conducting initiatives Committed our business. to prevent to achieving As well as the most the highest the personal common accident of standards, impact on types. The the Group our people Weir global continues resulting SHE standards to set higher from a failure are continually benchmarks to meet this reviewed. for SHE obligation, The SHE compliance we would Excellence and roll also be at Committee out cohesive risk of: is responsible programmes * Reputational damage leading to a loss of customers; for monitoring to address performance SHE risks and compliance and drive * Legal action from regulators, including fines and with Group safe and penalties; and objectives, sustainable policies working and standards practices. * Exclusion from markets important for our future relating Improvements growth. to SHE. have been There is made throughout a formal the year SHE assurance to our SHE programme Board reporting with issues and assurance escalated activities as required and our key through the performance reporting indicators structures. in place to measure our success in mitigating SHE risks continue to show improvement. ------------------ ----------------------------------------------------------- ------------------ ----------------- IT SECURITY AND CONTINUITY (Risk increasing) ---------------------------------------------------------------------------------------------------------------------- Failure to Up-to-date We continually IT security maintain data allows review the and continuity business us to make effectiveness continues systems or informed of our key to be a matter technical decisions IT security of strategic infrastructure about our controls priority that serves business. in consultation for the Group the business Therefore, with external in an needs. we require experts. environment Failure to reliable There is of ever successfully and efficient regular reporting increasing execute changes IT systems of unplanned cyber security to these and infrastructure outages and threats. business to provide potential Progress systems or our data security to strengthen technical requirements. breaches, the Group's infrastructure; Breaches with lessons defences together of our IT learned across in this respect with failure security the Group. is being to minimise could have We have an made, including disruption serious consequences IT Governance the Weir and maintain for our business, Framework Cloud programme business including: with a focus which aims as usual interruption on structured to rationalise activity to business change management our IT during technical operations; techniques, infrastructure infrastructure and loss including and service. or business of intellectual setting project system changes. property governance Failure to and other levels in adequately sensitive line with protect the data. risk. business The Group External operations is investing assurance from cybercrime. in a significant being obtained IT transformation on the Tier programme. 1 IT If this is transformation not managed projects. effectively, Policies, the consequences procedures could include and baseline interruption standards to business in relation operations to cyber if data is risk and unavailable IT security due to unsuccessful more generally execution are continuously of change, updated and
impacting rolled out our ability to operations. to compete A programme and our reputation of user training in the market. in relation At present, to cyber the Group's risk is in principal place. exposures to cybercrime relate to the misappropriation of cash and data. Our revenue streams are largely protected as our products are not currently electronic in nature and we do not, as a rule, transact over the internet. ------------------ ----------------------------------------------------------- ------------------ ----------------- SUPPLY CHAIN MANAGEMENT (Risk decreasing; Considered as part of Viability Statement assessment) ---------------------------------------------------------------------------------------------------------------------- Failure to If we fail Regular KPI Supply chain achieve supply to improve monitoring remains an chain management our supply of the supply area of improvements chain management, chain throughout strategic and the we risk: the organisation. focus for associated * Losing the opportunity to invest capital into The Group's the Group. reduction alternative value creating opportunities; operations Supply chain in costs are implementing improvements and enhanced Value Chain continue flexibility. * Damaging our reputation and as a consequence losing Excellence to be recognised customers and market share; initiatives year on year amongst other as the Group business realises * Losing market position if the Group fails to improvement benefits demonstrate to customers the value of our products objectives. from its and services; Established focused approach Centres of to these Excellence matters. * Incurring penalties as a result of late delivery drive cost A programme contractual clauses; savings, of Value efficiencies Chain Excellence and enhance initiatives * Reducing margins by incurring unnecessary additional delivery has been costs associated with late remedial actions taken to standards operating avoid missing delivery targets; and whilst throughout maintaining the Group quality. to drive * Holding excess inventory in the event of a market The Group's supply chain downturn. forward purchase improvements. commitments Initiatives are being to expand closely monitored production to manage in best-cost inventories locations at levels are reviewed appropriate and the to market procurement conditions. function Our credit continues risk management to drive procedures cost and are under quality continuous improvements appraisal through the and review. Group's supply We regularly chain. monitor market activity to ensure we remain competitive. ------------------ ----------------------------------------------------------- ------------------ ----------------- ETHICS AND GOVERNANCE (Risk increasing) ---------------------------------------------------------------------------------------------------------------------- Interactions We are unwilling The Code The governance with our to accept of Conduct, and legislative people, dishonest supplemented environment customers, or corrupt with Group in which suppliers behaviour policies the Group and other from our on related operates stakeholders people, or topics, provides continues are not conducted external a clear benchmark to evolve with the parties acting for how we and become highest standards on our behalf, expect our more complex. of integrity whilst conducting business The Group which devalues our business. will be has further our reputation. If we fail conducted. developed to act with Regular training and grown integrity, is provided its operations we are at using a range in geographies risk of: of mechanisms where ethical * Reputational damage leading to a loss of customers; including standards Town Hall may not be style sessions, as well * Increased scrutiny from regulators; online and established
induction as in other training. countries. * Legal action from regulators including fines, The financial The Group penalties and imprisonment; and control framework has reinforced is continually its commitment monitored to high * Exclusion from markets important for our future for standards growth. effectiveness. of ethics Internal and governance Audit's remit through the We expect includes Code of Conduct all areas regular review and completed of the business of the a programme to do the anti-bribery of training right thing and corruption for key and conduct and financial individuals. business controls Compliance in compliance across the procedures with procedures, Group. The adopted for applicable Group Legal Market Abuse laws, Weir team is Regulations Group operating responsible with training policies for monitoring given to and the highest compliance the Board ethical standards. with the and Group Code of Conduct. Executive. A new Disclosure Committee is now in place. A number of unprovided liabilities were identified in the China business during the year. This followed an Internal Audit report in October 2016 and local management reorganisation. Further information is set out in the Corporate Governance Report on page 72. ------------------ ----------------------------------------------------------- ------------------ ----------------- STAFF RECRUITMENT, DEVELOPMENT AND RETENTION (Risk unchanged) ---------------------------------------------------------------------------------------------------------------------- Failure to Our people Promotion We continue recruit, represent of the Weir to focus develop or our biggest Group Values on these retain key asset and & Behaviours, key areas management failure to Code of Conduct including and staff attract, and HR Policies obtaining may lead develop and sets the feedback to disruption retain key standards through staff to the Group's management and expectations surveys and operations, and staff for all our measuring functions would have staff, the success and processes. a detrimental reinforcing of our impact on our stated Leadership the Group's commitment and Development ability to to attracting Programmes. deliver our and retaining Recognising key strategic the very the importance objectives. best people. of effective High performer ongoing staff assessments communication are undertaken we continue to identify to provide and develop information our very and updates best talent. through our Succession Global Intranet, plans are Town Hall in place meetings and periodically and team reviewed briefings. for all of Recruitment our key of a Group management. Head of Reward Personal and Recognition
Development complete. Plans are set and reviewed for the effective development of all of our staff. Continue to offer competitive compensation and benefits packages. Personal development programmes including Weir University and the Weir Leadership Programme are open to participation by high potential staff members and these continue to attract high calibre individuals. ------------------ ----------------------------------------------------------- ------------------ ----------------- CONTRACT RISK (Risk unchanged; Considered as part of Viability Statement assessment) ---------------------------------------------------------------------------------------------------------------------- We fail to We operate The Group Contract adequately in an increasingly has policies management manage contract complex and and procedures continues risk and competitive for contract to be an as a result environment acceptance area of focus commit to where customers and approval. for the Group, obligations are not only These are given the which the highly focused under continuous competitive Group is on price review and environment. unable to and service improvement Group policies meet without but are also to ensure and procedures incurring more challenging they are continue significant in contract adequate to be reviewed unplanned negotiations. for current and refreshed costs. As we offer and future to provide In addition, a broader circumstances. employees failure to range of The tools with improved follow Group products and training tools to policies and services available assist them and procedures to our customers, to employees in their may lead including responsible contract to commitments those that for contract management without the are more management activities. desired level technologically are similarly of contractual advanced, under continuous protections. we risk exposing review. the Group to reputational and financial loss should our contract acceptance, negotiation and approval processes fail to protect the Group accordingly. ------------------ ----------------------------------------------------------- ------------------ -----------------
Appendix B: Directors' statement of responsibilities
The following statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from page 114 of the 2016 Annual Report and is signed on behalf of the Board of Directors by Charles Berry, Chairman and Jon Stanton, Chief Executive Officer. Responsibility is for the full 2016 Annual Report and not the extracted information presented in this announcement or the full year results announcement.
The Directors are responsible for preparing the Annual 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 have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the Company financial statements in accordance with UK Accounting Standards and applicable law.
In preparing those 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.
-- State that the Group financial statements have complied with IFRS as adopted by the European Union, subject to any material departures being disclosed and explained.
-- State for the Company financial statements whether the applicable UK Accounting Standards have been followed, subject to any material departures being disclosed and explained.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that the Group financial statements comply with the 2006 Act and 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.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
The Directors confirm that they have complied with the above requirements in preparing the financial statements.
The Directors consider that the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Each of the Directors, as at the date of this report, confirms to the best of their knowledge that:
-- 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 of the Group.
-- The Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 13, 2017 12:00 ET (16:00 GMT)
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