QinetiQ Group plc Annual Financial Report

Data : 12/06/2019 @ 12:11
Fonte : UK Regulatory (RNS & others)
Titolo : Qinetiq Group Plc (QQ.)
Quotazione : 315.2  1.2 (0.38%) @ 17:35
Quotazione Qinetiq Grafico

QinetiQ Group plc Annual Financial Report

Grafico Azioni Qinetiq (LSE:QQ.)
Storico


Da Giu 2019 a Giu 2020

Clicca qui per i Grafici di Qinetiq

TIDMQQ.

RNS Number : 9792B

QinetiQ Group plc

12 June 2019

QINETIQ GROUP PLC

12 June 2019

Availability of Annual Report and Accounts 2019 and Notice of 2019 Annual General Meeting

QinetiQ Group plc (the 'Company') has today published the following documents:

   --      QinetiQ 2019 Annual Report and Accounts; 
   --      Notice of 2019 Annual General Meeting; and 
   --      Chairman's Letter to Shareholders. 

The documents are available to view or download from the Company's website at www.qinetiq.com/investors.

In compliance with Listing Rule 9.6.1, copies of the above documents, together with a copy of the Form of Proxy for the 2019 Annual General Meeting, have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

These documents are today being posted or otherwise made available to shareholders.

The 2019 Annual General Meeting will be held at 11.00 am on Wednesday, 24 July 2019 at the offices of Ashurst LLP, Fruit and Wool Exchange, 1 Duval Square, London E1 6PW.

In compliance with paragraph 6.3.5 of the Disclosure Guidance and Transparency Rules, the information in respect of Principal Risks, Related Party Transactions and the Directors' Responsibility Statement, contained in the Appendix, is extracted from the Annual Report and Accounts and should be read in conjunction with the Group's preliminary results announcement of 23 May 2019 (the 'Preliminary Results') which can be viewed on the Company's website at www.qinetiq.com/investors. The information in the Appendix and the Preliminary Results together constitute the material required by DTR 6.3.5 to be communicated in unedited full text through a Regulatory Information Service. This is not a substitute for reading the full Annual Report and Accounts. Page and note references in the Appendix refer to page numbers and notes in the 2019 Annual Report and Accounts.

Enquiries:

 
 Jon Messent - Company Secretary       +44 (0) 1252 392000 
 Ian Brown - Group Head of Investor 
  Relations                            +44 (0) 7908 251123 
 Press Office                          +44 (0) 1252 393500 
 
 

APPIX

PRINCIPAL RISKS

How we protect our business

Effective risk management plays an integral role in everything we do: ensuring we utilise the Group-wide risk management framework to inform our decision-making, supporting the successful delivery of our objectives and increasing our operational efficiency. Our Group Head of Enterprise Risk Management is responsible for designing and facilitating the risk management processes across the organisation, provides risk expertise and support to the businesses and reports risk information across the Group including to the Executive Committee, Audit and Risk & CSR Committees and the Board.

Our focus on commercial innovation and changes in our customers' approach to risk are business drivers shaping our application of risk management. We develop innovative business models and are taking more outputs-based approaches to contracts; taking on more risk to pursue.

Risk management and assurance activity

Three lines of defence model

Our risk management and assurance activity is formed of three lines of defence, each reporting to the Executive Committee, to the Board's Audit Committee in respect of financial risks, and the Board's Risk & CSR Committee in respect of non-financial risks. The first line of defence is performed by the businesses, through managing activities in accordance with established operating principles; the second line is performed by the oversight functions, including the enterprise risk management and safety and governance teams; and the third line is performed by the internal audit team and external providers.

 
 Board 
  Responsible for effective risk management across the QinetiQ 
  Group. Sets risk appetite and assesses principal risks 
      Audit Committee/Risk & CSR Committee 
        *    Receive reports from the assurance functions 
 
 
        *    Risk deep dives 
 
 
        *    The Audit Committee focuses primarily on risks with 
             financial impacts 
 
 
        *    The Risk & CSR Committee focuses primarily on risks 
             with non-financial impacts 
 Executive Committee 
  Identifies and monitors the principal risks, as well as the 
  material risks (including operational) reported from the businesses 
  and Group functions 
   Risk owners                                                              Enterprise risk management                                  Independent 
    *    Managers identify and evaluate risks                                *    Risk Management and other oversight functions with    risk assurance 
                                                                                  limited independence                                   *    Internal Audit and independent assurance providers 
 
    *    Design and operation of internal controls to mitigate 
         risks                                                               *    Design and facilitate the risk management processes    *    Review and evaluate risk management activity and 
                                                                                  across the Group, provide risk expertise and suppor         provide assurance of the effectiveness of the control 
                                                                            t                                                                 environment to manage risks 
    *    Application of delegated authorities, policies,                          to the businesses and functions 
         procedures and codes of practice 
                                                                                                                                         *    Manage the external confidential reporting process 
                                                                             *    Report to the Board and the Executive Committee 2nd 
                                                                                  line of defence 
   1st line of defence                                                                                                                   *    Report to the Board and the Executive Committee 
 
 
 
                                                                                                                                        3(rd) line of defence 
                                                                ---------------------------------------------------------------------  ------------------------------------------------------------ 
 

QinetiQ risk appetite

The Board identifies and reviews its tolerance of risk by establishing a clear risk appetite and setting appropriate delegations of authority to the executive and senior leaders. We focus on those critical risk areas necessary to achieve our strategic goals. Risk appetite is articulated by defining three categories which balance scrutiny and mitigation activity against likely benefit:

Cautious

Avoidance of uncertainty - with negligible or low residual risk. Applying innovation prudently where the risks are fully understood.

Balanced

Preference for delivery options that have a low or moderate degree of residual risk. Applying innovation only where successful delivery is likely.

Eager

Willing to consider all delivery options despite greater inherent risk and eager to be innovative.

 
 Commercial 
 Opportunities relating to       Eager 
  increased market share where 
  we have proven delivery into 
  existing markets 
                                --------------------------- 
 Opportunities that translate    Balanced to Eager 
  proven delivery into new 
  markets 
                                --------------------------- 
 Opportunities that translate    Balanced 
  new capability or delivery 
  into existing customers. 
                                --------------------------- 
 Opportunities that involve      Cautious to Balanced 
  new capability or delivery 
  into new markets. 
                                --------------------------- 
 Operational 
 Operational delivery              Cautious to Balanced 
                                  ------------------------- 
 Compliance with legal and         Cautious 
  regulatory requirements 
                                  ------------------------- 
 
 

The Group Risk Register consists of material risks relating to effective delivery of our strategy. The Board and Executive Committee look to assess these principal risks from a number of different perspectives, including both individually and collectively. The Board recognises that some risks may be affected by factors outside the control of the Company and also recognises that however robust the risk management processes are they cannot provide absolute assurance and unknown risks may manifest without warning. The Company has processes in place to deploy appropriate management to such risks and utilise lessons learned processes across the organisation such that we continuously strive for improvement.

Strategic Risks

 
 UK Defence Test and Evaluation         International strategy 
  strategy 
 Risk                                   Risk 
  UK Government budget constraints       Plans to grow our international 
  lead to reduced spending               business may be impacted 
  in the core markets in which           by external influences outside 
  we operate. This, and modernising      of our control, such as 
  ways of evaluating capability,         geo-political risks, or 
  results in a risk that our             specific risks arising from 
  approaches/offerings may               working in new markets and 
  not remain relevant. EU exit           globalised operations. 
  causes a loss of market confidence 
  and reduction in collaborative 
  EU funding. 
                                       ----------------------------------- 
 Impact                                 Impact 
  A reduction in revenue and             Unable to realise expected 
  associated profitability               growth in the planned timeframes. 
  from the Group's government 
  and defence contracts. 
                                       ----------------------------------- 
 Mitigation                             Mitigation 
  Our strategy is focused on             Our international strategy 
  leading and modernising UK             is focused on the markets 
  test and evaluation in support         we feel we have the best 
  of our customers' objectives.          routes to access with the 
  Proactive engagement with              most appropriate products 
  our major customers enables            or services. 
  us to support their objectives.        Adopting a focused approach 
  Our investments into contracts         ensures we can closely monitor 
  enhance our offerings that             our progress, adapting and 
  support our customers with             responding as necessary. 
  their efficiency challenges            We undertake extensive due 
  as well as ensuring that               diligence, taking the appropriate 
  we provide the right services          professional advice to ensure 
  as the threat environment              structural, regulatory, 
  continues to evolve. We are            legal and political risks 
  delivering new types of evaluation     are understood and minimised. 
  and increasingly moving towards        We partner with or acquire, 
  modelling and synthetics.              where appropriate, quality 
  We continue to grow our access         local businesses to leverage 
  to international growth from           their infrastructure and 
  test and evaluation and post           de-risk local market access. 
  Brexit will maintain relationships 
  with the UK Government to              Read more on page 24 - Strategic 
  support bilateral relationships        progress International 
  within Europe. 
 
  Read more on page 24 - Strategic 
  progress UK T&E 
                                       ----------------------------------- 
 Metrics                                Metrics 
   *    Customer satisfaction            - All financial KPIs 
                                         - International revenue 
                                         as a % of revenue 
  - All financial KPIs 
                                       ----------------------------------- 
 Responsibility                         Responsibility 
  Group Director Business Development    Managing Director International 
                                       ----------------------------------- 
 Risk appetite                          Risk appetite 
  Eager                                  Balanced to Eager 
                                       ----------------------------------- 
 Likelihood/Impact                      Likelihood/Impact 
  Medium/High                            Medium/High 
                                       ----------------------------------- 
 Proximity/Velocity                     Proximity/Velocity 
  1-2 years / medium                     0 -1 years / medium 
                                       ----------------------------------- 
 
 
 Innovation strategy           A material element                        Single source contract 
                                of the Group's                            regulations 
                                revenue is derived 
                                from one contract 
 Risk                          Risk                                      Risk 
  Failure to create             A significant part                        Group performance 
  a culture of innovation       of the Group's                            is adversely affected 
  or to invest                  revenue is derived                        by application 
  adequately in, or             from UK Government                        of regulations 
  create value from,            contracts, the                            from the Single 
  our innovation                Long Term Partnering                      Source Regulations 
  investment. As well           Agreement (LTPA)                          Office (SSRO). 
  as the risks arising          being an example 
  from the                      of this. Government 
  introduction of disruptive    budget constraints 
  technologies/alternative      could impact 
  business models               our ability to 
                                grow. 
                              ----------------------------------------  --------------------------- 
 Impact                        Impact                                    Impact 
  Negative impact on            Contracts we have                         The regulations 
  the Group's market            with the UK Government                    could have an adverse 
  position,                     contribute a material                     impact on the Group's 
  competitiveness,              proportion of the                         financial performance. 
  future growth and             Group's revenue 
  failure to                    and earnings 
  deliver a return 
  on investment in 
  our Internal 
  Research and Development 
  (IRAD) fund. 
                              ----------------------------------------  --------------------------- 
 Mitigation                    Mitigation                                Mitigation 
  Our overall strategy          Our aim is to provide                     Our strategy to 
  helps us to ensure            our customer with                         lead and modernise 
  that we focus our             the capabilities                          UK test and 
  innovation on areas           they need to test                         evaluation and 
  with clear commercial         and train against                         invest in our core 
  opportunities.                current and future                        contracts allows 
  We have evolved our           threats in a cost                         us to put a greater 
  approach to investment        effective manner,                         volume of our work 
  to                            leading and modernising                   onto longer-term 
  place a greater focus         UK test and evaluation.                   contracts, reducing 
  on routes to market           As part of this                           the proportion 
  in order                      strategy, we are                          of our revenues 
  to drive a profitable         putting more of                           exposed to changes 
  return. We have also          our work onto longer-term                 in the SSRO rate. 
  further evolved our           contracts. This                           Our growing international 
  partner eco-system            provides higher                           business provides 
  to support indirect           visibility for                            the 
  routes to market.             us. For example,                          opportunity for 
  Our operating model,          the recent                                us to win competitive 
  based on matrix working,      amendments we have                        work which 
  helps to ensure that          made to the LTPA                          helps mitigate 
  any internal barriers         secure nine years                         SSRO margin pressure 
  to collaboration              of revenue, and                           within the UK. 
  and knowledge sharing         significantly increase                    We continue to 
  are removed.                  Group revenue visibility.                 support a joint 
                                Our investment                            industry position 
                                into key contracts                        in refining the 
                                and innovative                            SSRO framework 
                                delivery approaches                       and its 
                                continues to ensure                       practical application 
                                we meet the UK 
                                Government customer's 
                                expectations and 
                                remain cost effective 
                                and relevant in 
                                an evolving threat 
                                environment. 
                              ----------------------------------------  --------------------------- 
 Metrics                       Metrics                                   Metrics 
  - Customer satisfaction        *    All financial KPIs except orders    - Customer satisfaction 
  - Employee engagement                                                   - All financial 
                                                                          KPIs 
                                - Customer satisfaction 
                              ----------------------------------------  --------------------------- 
 Responsibility                Responsibility                            Responsibility 
  Group Director Business       Group Director                            Chief Financial 
  Development Group             Business Development                      Officer 
  Director Strategy             Managing Director 
  and Planning                  Maritime, Land 
                                and Weapons 
                              ----------------------------------------  --------------------------- 
 Risk Appetite                 Risk Appetite                             Risk Appetite 
  Balanced                      Balanced                                  Cautious 
                              ----------------------------------------  --------------------------- 
 Likelihood/Impact             Likelihood/Impact                         Likelihood/Impact 
  Medium/High                   Medium/low                                High/Medium 
                              ----------------------------------------  --------------------------- 
 Proximity/Velocity            Proximity/Velocity                        Proximity/Velocity 
  1 - 2 years / low             1 - 2 years / low                         0 - 1 years / medium 
                              ----------------------------------------  --------------------------- 
 

Operational Risks

 
 Recruitment and                                        Significant breach                         Security and IT 
  retention                                              of relevant                                systems 
                                                         laws and regulations 
 Risk                                                   Risk                                       Risk 
  We operate in many                                     We operate in highly                      A breach of 
  specialised engineering,                               regulated environments                    physical 
  technical and scientific                               and non-compliance                        or data security, 
  domains where key                                      has the potential                         cyber attacks or 
  capabilities and                                       to compromise our                         IT systems' failure 
  competencies may                                       ability to conduct                        could have an 
  be lost through                                        business in certain                       adverse 
  failure to recruit,                                    jurisdictions,                            impact on our 
  develop and retain                                     potentially having                        customers' 
  our employees.                                         an impact on a                            operations. 
                                                         variety of stakeholders 
                                                       -----------------------------------------  -------------------- 
 Impact                                                 Impact                                     Impact 
  Delivery of business                                   Failure to comply                         Significant 
  strategies, plans                                      with particular                           reputational 
  and projects would                                     regulations could                         damage, as well 
  be adversely impacted.                                 result in a combination                   as the 
                                                         of fines, penalties,                      possibility of 
                                                         civil or criminal                         exclusion from 
                                                         action, suspension                        some types of 
                                                         or debarment from                         government 
                                                         government contracts,                     contracts resulting 
                                                         as well as reputational                   in reduced orders, 
                                                         damage to our brand.                      revenue and profit. 
                                                       -----------------------------------------  -------------------- 
 Mitigation                                             Mitigation                                 Mitigation 
  We have created                                        Instilling the                            Data security is 
  a five-year skills                                     right behaviours                          assured through 
  forecast and built                                     and culture across                        a multi-layered 
  it into our overall                                    the Group is a                            approach that 
  strategic workforce                                    key part in minimising                    provides 
  plan.                                                  the risks.                                a hardened 
  Attraction through                                     In addition to                            environment, 
  diverse and inclusive                                  our robust policy,                        including robust 
  campaigns                                              procedures and                            physical security 
  to ensure we meet                                      mandatory training,                       arrangements 
  the changing needs                                     the QinetiQ Code                          and data resilience 
  of the                                                 of Conduct defines                        strategies. 
  business but reflect                                   clear expectations                        Information systems 
  the talent pools                                       for the Group and                         are designed with 
  we hire from.                                          its employees.                            consideration to 
  Ensuring we have                                       Key areas of focus                        single points of 
  access to talent                                       include the following:                    failure and 
  now and in the future                                  Safety of product                         comply with 
  such as STEM outreach                                  and services, health,                     relevant 
  and Early Careers                                      safety &                                  accreditation 
  development.                                           environment, international                standards. 
  Supporting our people                                  trade controls                            Mandatory security 
  to recognise, develop                                  and bribery and                           awareness training 
  and                                                    ethics, where the                         for all employees. 
  fulfil their potential                                 company adopts                            Continuously 
  via the QinetiQ                                        a zero tolerance                          reviewing 
  Talent approach,                                       approach to bribery                       the threats and 
  career frameworks,                                     and corruption.                           adapting our 
  Academy & Training.                                                                              security 
                                                                                                   strategy and 
  Read more about                                                                                  mitigations 
  our people on page                                                                               accordingly. 
  38. 
                                                       -----------------------------------------  -------------------- 
 Metrics                                                Metrics                                    Metrics 
  *    Strategic workforce planning - Apprentices and    *    Health and safety                    - Cyber dashboard 
       graduates                                                                                   - Security 
                                                                                                   dashboard 
                                                         *    Mandatory training compliance 
  *    Voluntary employee turnover against planned 
       requirements 
                                                         *    Commercial intermediary monitoring 
                                                       -----------------------------------------  -------------------- 
 Responsibility                                         Responsibility                             Responsibility 
  Group Director Human                                   Company Secretary/Group                    Chief Financial 
  Resources                                              General Counsel                            Officer 
                                                       -----------------------------------------  -------------------- 
 Risk Appetite                                          Risk Appetite                              Risk Appetite 
  Balanced                                               Cautious                                   Cautious 
                                                       -----------------------------------------  -------------------- 
 Likelihood/Impact                                      Likelihood/Impact                          Likelihood/Impact 
  Low/Medium                                             Medium/High                                Medium/High 
                                                       -----------------------------------------  -------------------- 
 Proximity/Velocity                                     Proximity/Velocity                         Proximity/Velocity 
  2 + years / low                                        0 - 1 years / high                         0 - 1 years / high 
                                                       -----------------------------------------  -------------------- 
 

Risk management in action

A balanced risk approach to implementing output-based, multi-year engineering services Engineering services were historically procured by MOD Defence Equipment & Support (DE&S) through a variety of contractual approaches delivered by over 150 providers. This was inefficient for the MOD, had the potential to delay programmes and created considerable risk to managing within budget.

We have an eager commercial risk appetite for opportunities relating to increased market share where we have proven delivery, therefore will consider all delivery options, and are eager to be innovative despite greater inherent risk. With this in mind, through our Strategic Enterprise contract (SE) with DE&S in the air environment, we developed and successfully implemented a balanced risk method for packaging engineering outputs into multi-year programmes of work.

Focusing heavily on robust but proportionate project and programme risk management, our approach ensures right first time requirements, lean delivery using standardised outputs and a proprietary output acceptance, performance and contract system. Building on this success, this approach is now being implemented on the Engineering Delivery Partner (EDP) programme to bring together previously disparate tasks into a manageable delivery service. Our implementation plan is building an effective partnership supported by our joint risk management approach with the MOD, our top-tier partners, Atkins and BMT, and our provider network of 122 engineering specialist companies. This ensures the full breadth of capability and capacity to deliver is available to MOD, minimising the supply chain risk exposure, increasing delivery standards and achieving cost efficiencies.

Read more on Engineering Delivery Partner on page 27

LONGER-TERM VIABILITY ASSESSMENT

Assessing the prospects of the Group

The Group's corporate planning processes involve the following individual processes covering differing time frames:

1. An annual Integrated Strategic Business Plan (ISBP) process that looks at the financial outlook for the following five years. This process commences with an assessment of the orders pipeline producing an order intake scenario. A review of the phased delivery profile and the cost base required to support this enables generation of base-case, high-case and low-case profit forecasts. Capex and working capital requirements are also collected, reviewed, approved and a cash flow produced for the plan period;

2. An annual budget process that covers the first year of the five-year planning horizon in detail;

3. A bi-annual forecast process to update the view of the first budget year (the year which would be in progress);

4. A rolling monthly 'latest best estimate' process to assess significant changes to the budget/forecast for the year in progress.

The corporate planning process is underpinned by assessing scenarios and risks that encompass a wide spectrum of potential outcomes, both favourable and adverse. The downside risk scenarios are designed to explore the resilience of the Group to the potential impact of all the significant risks set out on pages 33 to 35, or a combination of those risks.

The scenarios are designed to be severe but plausible, and take full account of the availability and likely effectiveness of the mitigating actions that could be taken to avoid or reduce the impact or occurrence of the underlying risks, and that realistically would be open to them in the circumstances. In considering the likely effectiveness of such actions, the conclusions of the Board's regular monitoring and review of risk and internal control systems, as discussed on page 64 to 65, is taken into account.

Alongside the annual review of risk scenarios applied to the strategic plan, performance is rigorously monitored to alert the Board and Executive Committee to the potential crystallisation of a key risk.

We consider that this stress-testing based assessment of the Group's prospects is reasonable in the circumstances of the inherent uncertainty involved.

The period over which we confirm longer-term viability

The period over which the Directors consider it possible to form a reasonable expectation as to the Group's longer-term viability is the five-year period to 31 March 2024. This is the period covered by our strategic planning process and is subject to stress-testing and scenario planning around potential risks. It has been selected because it presents the Board and readers of the Annual Report with a reasonable degree of confidence whilst still providing an appropriate longer-term outlook.

Confirmation of longer-term viability

As noted on page 95, the Directors confirm that their assessment of the principal risks facing the Group was robust. Based upon the robust assessment of the principal risks facing the Group and their stress-testing based assessment of the Group's prospects, all of which are described in this statement, the Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to 31 March 2024.

RELATED PARTY TRANSACTIONS

During the year ended 31 March 2019 there were sales to associates and joint ventures of GBP10.1m (2018: GBP10.4m). At the year-end there were outstanding receivables from associates and joint ventures of GBP1.4m (2018: GBP4.5m).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

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 (IFRSs) as adopted by the European Union and company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law). 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 company and of the profit or loss of the group and company for that period. In preparing the financial statements, the directors are required to:

   -        select suitable accounting policies and then apply them consistently; 

- state whether applicable IFRSs as adopted by the European Union have been followed for the group financial statements and United Kingdom Accounting Standards, comprising FRS 101, have been followed for the company financial statements, subject to any material departures disclosed and explained in the financial statements;

   -        make judgements and accounting estimates that are reasonable and prudent; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company's transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the group financial statements, Article 4 of the IAS Regulation.

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 financial statements may differ from legislation in other jurisdictions.

DIRECTORS' CONFIRMATIONS

The directors consider that 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 and company's position and performance, business model and strategy.

Each of the directors, whose names and functions are listed in pages 56 and 57 confirm that, to the best of their knowledge:

- the company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the company;

- the group financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the group;

- the Directors' Report includes a fair review of the development and performance of the business and the position of the group and company, together with a description of the principal risks and uncertainties that it faces.

In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the group and company's auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group and company's auditors are aware of that information.

SCOPE OF THE REPORTING IN THIS ANNUAL REPORT

The Board has prepared a Strategic report which provides an overview of the development and performance of the Group's business in the year ended 31 March 2019. For the purposes of DTR 4.1.5R(2) and DTR 4.1.8 the Directors' Report, the Directors confirm that, so far as they are aware, there is no relevant audit information of which the Company's auditor is unaware, and that they have taken all steps that they ought to have taken as Directors to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

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

ACSFTMMTMBMBBRL

(END) Dow Jones Newswires

June 12, 2019 06:11 ET (10:11 GMT)

La tua Cronologia
BIT
BMPS
Monte Pasc..
BITI
FTSEMIB
FTSE Mib
BIT
UCG
Unicredit
NASDAQ
AAPL
Apple
FX
EURUSD
Euro vs Do..
Le azioni che visualizzerai appariranno in questo riquadro, così potrai facilmente tornare alle quotazioni di tuo interesse.

Registrati ora per creare la tua watchlist personalizzata in tempo reale streaming.

Per accedere al tempo reale push di Borsa è necessario registrarsi.

Accedendo ai servizi offerti da ADVFN, ne si accettano le condizioni generali Termini & Condizioni

P: V:it D:20200606 12:11:55