Source - LSE Regulatory
RNS Number : 6445G
Morgan Advanced Materials PLC
30 March 2022
 

 

Morgan Advanced Materials plc

(the Company)

 

30 March 2022

 

Publication of 2021 Annual Report and Notice of 2022 Annual General Meeting

 

The following documents have today been posted or otherwise made available to shareholders:

 

·    Annual Report and Financial Statements for the year ended 31 December 2021 (2021 Annual Report);

·    Notice of the 2022 Annual General Meeting (AGM) to be held at the Company's offices at York House, Sheet Street, Windsor SL4 1DD, on Thursday 5 May 2022 at 10.30am; and

·    Form of Proxy for the 2022 AGM.

 

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: https://data.fca.org.uk/#/nsm/nationalstoragemechanism  

 

The documents are also available in the 'Invest In Us' section of the Company's website at: www.morganadvancedmaterials.com.

 

AGM Format

 

Following the removal of all remaining coronavirus restrictions earlier this year, we look forward to welcoming you in person to the AGM at York House. However, as we all adapt to living with COVID-19, the Board recognises the need to remain vigilant. We will, therefore, continue to take steps to protect those wishing to attend the AGM in person, and to prevent the spread of the virus.

 

The Board will continue to monitor the course of the pandemic and the latest government guidance over the coming weeks to ensure that we are able to adapt our arrangements efficiently to respond to any change in circumstances should it be necessary to do so. We would, therefore, ask shareholders to monitor the Company's website www.morganadvancedmaterials.com and regulatory news for any AGM updates.

 

Information required by Disclosure Guidance and Transparency Rule 6.3.5

The Company's preliminary results announcement of 4 March 2022 contained a management report as well as audited financial statements which were prepared in accordance with the applicable accounting standards.  The financial information set out in the Company's preliminary results announcement of 4 March 2022 does not constitute the Company's statutory accounts for the year ended 31 December 2021.  Statutory accounts for 2021 are included in the 2021 Annual Report, which will be delivered to the registrar of companies following the Company's 2022 AGM.  The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006 in respect of the accounts for 2020.

The information below, which is extracted from the 2021 Annual Report, is included solely for the purpose of complying with DTR 6.3.5.  This information should be read in conjunction with the Company's preliminary results announcement issued on 4 March 2022 (available at www.morganadvancedmaterials.com). This announcement is not a substitute for reading the full 2021 Annual Report.  All page numbers and cross-references in the extracted information below refer to page numbers in the 2021 Annual Report.

 

Related party transactions

 

There are no related party transactions requiring disclosure.

 

 

 

Risk Management

 

We have an established risk management methodology which seeks to identify, prioritise and mitigate risks, underpinned by a 'three lines of defence' model comprising an internal control framework, internal monitoring and independent assurance processes.

 

The Board considers that risk management and internal control are fundamental to achieving the Group aim of delivering long-term sustainable growth in shareholder value.

 

Principal risks and emerging risks are identified both 'top down' by the Board and the Executive Committee and 'bottom up' through the Group's global business units (GBUs) and divisions. The severity of each risk is quantified by assessing its inherent impact and mitigated probability, to ensure that the residual risk exposure is understood and prioritised for control throughout the Group.

 

Senior executives are responsible for the strategic management of the Group's principal and emerging risks, including related policy, guidelines and processes, subject to Board oversight.

 

Throughout 2021, the Board reviewed the status of all principal and emerging risks with a significant potential impact at Group level. Additionally, the Audit Committee carried out focused risk reviews of each GBU. These reviews included an analysis of both the principal risks and emerging risks, together with the controls, monitoring and assurance processes established to mitigate those risks to acceptable levels.

 

As a result of these reviews, a number of actions were identified to continue to improve internal controls and the management of risk, including:

·  Refresh of the Group's 'thinkSAFE' programme, focusing on developing a caring safety culture, together with work to strengthen our safety systems.

·  Increased awareness of the IT function's 'thinkSECURE' approach, including a cyber security month;

·  Increased focus on Trade Compliance with the appointment of a Group Trade Control Director;

·  Promotion of the Group's 'Speak Up' process;

·  Further emphasis on the ethics agenda, including implementing self-certification of policy compliance and change to the Ethics & Compliance training platform;

·  Driving forward the Group's sustainability and environmental agenda.

 

The Board reviewed its appetite for the Group's principal risks and concluded its appetite for these risks was unchanged from the previous year. Risk appetite is determined through management review and discussion with the Board. The Group is willing to take considered risks to develop new technologies, applications, partnerships and markets for its products and to meet customer needs. The Group strives to eliminate risks to product quality and health and safety, an approach which is essential to the success of the Company's products and the safety of our people and contractors.

 

The appetite for risk in the areas of legal and regulatory compliance is extremely low and the Group expects its businesses to comply with all laws and regulations in the countries in which they operate. The Group also has a low appetite for financial risk. During the year, the Board monitored the Group's current risk exposure relative to the Board's appetite for different risks. There were no risks where the current risk exposure exceeded the Board's risk appetite.

 

Emerging risks

As part of the ongoing risk management process, the Board and the GBUs also identified and assessed emerging risks. None of these emerging risks are currently deemed to be significant and they are therefore not listed amongst the Group's principal risks below. They are identified, assessed and monitored continuously to be able to respond effectively when they crystallise.

 

The key emerging risk areas identified were:

·  Environmental risk: climate change - including the potential impact of rising sea levels on low-lying or coastal sites and Morgan Advanced Materials' role in protecting and enhancing the environment. Energy intensity and water scarcity - including ways of adjusting the Company's production processes to reduce usage of natural resources. Raw materials and potential issues with their continued availability;

·  Regulatory risk: manufacturing regulations - regulatory requirements for certain hazardous materials;

·  Social/Societal: longer-term changes to end-markets redirecting effort to new end-markets for example, electric vehicles, domestic heating, decentralised generation of energy;

·  Business model: route to market - potential permanent change in traditional selling models requiring an accelerated shift to e-commerce. Change to permanent remote working models with own employees, customers and vendors.

 

These emerging risks have been recorded and will be monitored so that their potential impact can be understood and mitigated. They will also be considered as an integral part of the strategic planning process and they form part of the focused risk review of each GBU.

 

The following are the Group's principal risks and uncertainties and represent the risks that the Board feels could have the most significant impact on achieving the Group's strategy of building a sustainable business for the long term and could impact the delivery of strong returns to the Group's shareholders. An indication of the Board's assessment of the trend of each principal risk - whether the potential severity has increased, decreased or is broadly unchanged over the past year - is provided.

 

Risks

OPERATIONAL RISKS

FINANCIAL RISKS

LEGAL AND COMPLIANCE RISKS

 

     Risk


Risk description, assessment and trend from 2020


Mitigation

OPERATIONAL RISKS

 

TECHNICAL LEADERSHIP

 

Severity: Moderate

 

Trend: Unchanged 

 

Risk appetite: Moderate


The Group's strategic success depends on maintaining and developing its technical leadership in materials science over its competitors.

 

Unforeseen/unmitigated technology obsolescence, the emergence of competing technologies, the loss of control of proprietary technology or the loss of intellectual property/know-how would impact the Group's business and its ability to deliver on its strategic goals.

 

The advanced technological nature of the Group requires people with highly differentiated skillsets. Any inability to recruit, retain and develop the right people would negatively impact the Group's ability to achieve its strategic goals.

 


The Group has a dedicated technology team within each GBU which monitors relevant technology and business developments, using technology roadmaps linked to 20 major technology families, to ensure it remains at the leading edge of development. The Group also has four Centres of Excellence. These Centres focus Morgan Advanced Materials' expertise and research resources on further developing core technologies and identifying new opportunities and applications.

 

The GBU leadership teams proactively monitor their technology priorities and R&D investments and have implemented a stage-gate process to manage this effectively. These projects are also regularly reviewed by the CEO and CFO.

 

Where Group products are designed for a specific customer, they are developed in partnership with the customer. The Group seeks to secure intellectual property protection, where appropriate via a Trade Secret standard, for its existing and emerging portfolio of products and has an in-house counsel dedicated to intellectual property protection, with the support of external advisors.

 

During the year, the Group continued its global leadership programme, adding an advanced programme to develop more high-potential commercial, functional and technical leaders.

 

Further detail on our people can be found on pages 28 to 31.

 

Further detail on research and development can be found on page 107.

OPERATIONAL RISKS

 

OPERATIONAL EXECUTION/
ORGANISATIONAL CHANGE

 

Severity: Low

 

Trend: Unchanged 

 

Risk appetite: Moderate


As part of the Group's strategy to improve the efficiency of its operations and organisation, various changes have been made to operational processes at individual sites, to the GBU set up and to the Group's structure. Further improvements and changes are planned for future years. Failure to manage these changes adequately could result in interruption to operations or customer service, or a failure to maximise the Group's opportunities.


Changes to operational processes are carefully considered by site and GBU management before implementation. Operational improvements and savings are monitored against budget by the GBUs and the Executive Committee to ensure that changes deliver the savings promised without disruption to business operations. New capital investments are approved at appropriate levels of the Group and delivery of these is overseen by GBU and Group management.

 

Organisational changes are assessed by the Chief Executive Officer, the Executive Committee and sometimes the Board before being implemented in line with local employment regulations.

 

A number of functionalisation initiatives commenced within the GBUs and IT in 2021 to align and standardise data and processes. The rollout of these projects will continue in 2022.

 

Changes to the global and functional structure of our GBUs are reviewed at various levels of the organisation before being implemented.

 

Further detail on Morgan Advanced Materials' strategy can be found on page 10.

OPERATIONAL RISKS

 

PORTFOLIO MANAGEMENT

 

Severity: Low

 

Trend: Unchanged 

 

Risk appetite: Moderate


The Group operates across a range of product and technology families. These are subject to long-term market trends which may lead to either obsolescence or opportunities to further expand the Group. Failure to manage the Group's portfolio of businesses proactively and in line with this technology profile could lead to the value of the Group's businesses being eroded over time or to a failure to exploit opportunities to acquire businesses with the capability to add further value to the Group.


The Board performs regular reviews of the Group's portfolio.

 

During 2020, the Group launched a COVID-19-related restructuring and efficiency programme. This accelerated existing plans to simplify the Group's portfolio and align capacity with the anticipated demand across the business.

 

The site closures completed in the second half of 2021.

 

Opportunities to acquire businesses are reviewed on a continuing basis.

 

OPERATIONAL RISKS

 

MACRO-ECONOMIC AND POLITICAL ENVIRONMENT

 

Severity: High

 

Trend: Unchanged 


The Group operates in a range of markets and geographies around the world and could be affected by political, economic, social or regulatory developments or instability, for example an economic slowdown or issues stemming from oil and natural resource price shocks.

 

Whilst a ''no-deal' Brexit was avoided and new tariffs have not as yet been introduced, the UK's exit from the EU impacts border controls, product standards, and controls around the flow of data. The current value of Group's UK exports to the EU is approximately £26 million and imports into the UK from the EU are approximately £16 million.

 

We fully support the sanctions that have been put in place against Russia and we have ceased all trading with Russia. In 2021, we had £4.0 million of revenues from Russia, representing less than 0.5% of Group revenues. We have no significant dependency on material supply from Russia or Ukraine.


The Group's broad market and geographic spread helps to mitigate the effects of political and economic changes.

 

Budgets and forecasts for Morgan Advanced Materials' different businesses are used to monitor delivery against expectations and anticipate potential external risks to performance. These are subject to regular review by the Executive Committee and the Board.

 

In 2021, the Group saw strong organic growth as end-markets recovered. There has also been some impact of inflationary pressures on raw materials, energy and labour.

 

Global issues considered by the Board this year included the continuing impact and uncertainty relating to the trade negotiations between the USA and China. The impact of the UK's exit from the EU has been minimal; however, tariffs could be introduced in the future.

OPERATIONAL RISKS

 

ENVIRONMENT, HEALTH AND SAFETY (EHS)

 

Severity: High

 

Trend: Unchanged 

 

Risk appetite: Very low


The Group operates a number of manufacturing facilities around the world. A failure in the Group's EHS procedures could lead to environmental damage or to injury or death of employees or third parties, with a consequential impact on operations and increased risk of regulatory or legal action being taken against the Group. Any such action could result in both financial damages and damage to reputation. Given the long history of many of the operations of the Group, there is also a risk that historical operating and environmental standards may not have met today's environmental regulations. In addition, the Group may have obligations relating to prior asset sales or closed facilities.


Managing its operations safely is the Group's number one priority. The Group has a comprehensive EHS programme managed by the Group Health and Safety Director and the Group Environment and Sustainability Director, with clear EHS standards and a refreshed programme of audits to assess compliance.

 

The Group Health and Safety Director and the Group Environment and Sustainability Director, working with the Global EHS Leads, set annual priorities for EHS which are approved by the Executive Committee. These form the basis for individual sites' own EHS priorities and plans and complement the Group's 'thinkSAFE' behavioural safety programme.

 

EHS performance is monitored by the Group Executive Committee and the Board. EHS metrics are regularly assessed. Overall EHS performance deteriorated slightly during 2021.

As at 31 December 2021, the Group was managing projects to remediate legacy contamination at a number of former operational sites in conjunction with external specialists and relevant authorities.

 

The Group's commitment to protecting and enhancing the environment is set out on pages 20 to 24.

 

TCFD disclosures are set out on pages 25 to 27.

 

Details of the Group's provisions and contingent liabilities can be found in note 25 to the consolidated financial statements.

OPERATIONAL RISKS

 

CORONAVIRUS (COVID-19) PANDEMIC

 

Severity: High

 

Trend: Unchanged 


Communicable disease impacts ways of working, the supply chain and the ability of employees to travel to work in affected areas.

 

The Company's priority is to take all actions and precautions necessary to ensure the safety and wellbeing of our employees.


In all manufacturing sites, ways of working were successfully adapted to respond to the pandemic and keep people safe; introducing social distancing, hygiene measures and additional PPE. Flexible working from home was also introduced for all roles that could do so.

 

The Company has continued to be able to supply its key customers operating in essential sectors, including healthcare and power generation.

 

The Group has provided clear and timely communication to reinforce the importance of following safety measures in every part of the organisation.

OPERATIONAL RISKS

 

PRODUCT QUALITY, SAFETY AND LIABILITY

 

Severity: High

 

Trend: Unchanged 

 

Risk appetite: Very low


Products used in applications for which they were not intended or inadequate quality control/over-commitment on customer specifications could result in products not meeting customer requirements, which could in turn lead to significant liabilities and reputational damage.

 

Some of our products are used in potentially high-risk applications, for example in the aerospace, automotive, electric vehicle, medical and power industries.


Many of the Group's products are designed to customer specifications. Morgan Advanced Materials' quality management systems and training help ensure that all our products meet or exceed customer requirements and national/international standards.

 

The Group Legal Policy requires that contracts relating to products used in potential high-risk applications are subject to legal review to ensure that appropriate protections are in place for product quality risks.

 

The Group insurance programme includes product liability insurance; this Group-level insurance is reviewed annually by the Board.

OPERATIONAL RISKS

 

IT AND CYBERSECURITY

 

Severity: Significant

 

Trend: Increased 

 

Risk appetite: Very low


Across the industry the impact of cyber-attacks has been growing rapidly influenced by increased connectivity, remote working and regulatory intervention and compliance.

 

The COVID-19 pandemic resulted in a further rise in remote working and an accelerated shift to cloud platforms, thereby increasing the cyber risk severity due to threats such as email-propagated attacks (e.g phishing, cyber-fraud, impersonation, malware, ransomware).

 

If the Group were to lose critical information (such as IP or regulatory data) or if critical systems availability were affected through cyber-attacks, the business would be impacted or could suffer reputational damage.

 

The effective management of the Group's IT infrastructure is important in enabling our businesses to deliver customer requirements reliably. If a key business system were to fail or core systems implementation were to be ineffective, the ability of the business to deliver on its strategic goals might be impacted.


During 2021 information security and compliance function was further matured. Morgan Advanced Materials is currently in the second year of a three-year security programme and we have strengthened the 'thinkSECURE' internal brand through an awareness programme.

 

Multi-factor authentication has now been fully implemented.

 

The Group has continued to monitor the regulatory and compliance landscape and is following emerging regulations, such as the US Department of Defense's Cybersecurity Maturity Model Certificate (CMMC), and the EU-GDPR and UK Data Protection Act (DPA) 2018.

 

Residual and emerging risks will be mitigated through continuation of the Company's IT strategy and information security programme, including 'thinkSECURE' and implementation of the related cybersecurity projects.

OPERATIONAL RISKS

 

SUPPLY CHAIN/BUSINESS CONTINUITY

 

Severity: Moderate

 

Trend: Unchanged 

 

Risk appetite: Moderate


The Group has a number of potential single-point exposure risks, which include:

·  Single-point supplier - a significant interruption of a key internal or external supply could impact business continuity;

·  Single-point customer - the unmitigated loss of a major customer could have an impact on Group profit. The Group's largest customer represents circa 2% of Group revenue;

·  Single-point site - a key site exposed to a strike, natural catastrophe or serious incident such as fire, could impact business continuity. One Group site, Hayward, is situated in the California earthquake zone (USA). Certain of the Group's businesses are important for intercompany supply purposes.


The Group has a diversified manufacturing, customer and geographic base which provides a level of resilience against single-point exposures. Were any site to be unavailable, production in many cases could be switched to other sites. The Business Continuity Policy supports minimum standards at the Group's most important sites for intercompany supply.

 

Management of these risks also involves monitoring and reviewing supply chains (internal and external), dual/multiple sourcing of materials or strategic stock, site security and safety mechanisms, business continuity plans, and maintenance of product quality and strong customer relationships.

 

The Group insurance programme includes business interruption cover and specific cover in relation to the impact of an earthquake in California, USA; this Group-level insurance is reviewed annually by the Board.

FINANCIAL RISKS

 

TREASURY

 

Severity: Moderate

 

Trend: Improved 

 

Risk appetite: Very low


The Group's global reach means that it is exposed to uncertainties in the financial markets, the fiscal jurisdictions where it operates, and the banking sector. These heighten the Group's funding, foreign exchange, tax, interest rate, credit and liquidity risks as well as the risk that a bank failure could impact the Group's cash.


The Group's treasury function operates on a risk-averse basis. Required controls over selection of banks, cash management and other treasury practices and payments globally are documented in Morgan Advanced Materials' Treasury Policy and related procedures. The Group treasury team manages the Group's funding, liquidity, cash management, interest rate, foreign exchange, counterparty credit and other treasury-related risks. Treasury matters are regularly reviewed by the Board and Audit Committee.

 

As at 31 December 2021, the Group had an undrawn Revolving Credit Facility of £200m which matures in September 2024. Headroom on committed facilities increased during the period to £327.3m (2020: £275.8m) providing protection against future refinancing risk and ensuring sufficient funds are available to support the Group's activities.

Further detail on the Company's Treasury Policy is set out in the Group Financial Review, which can be found on page 52.

FINANCIAL RISKS

 

PENSION
FUNDING

 

Severity: High

 

Trend: Unchanged 

 

Risk appetite: Very low


The Group sponsors several defined benefit pension arrangements (the Schemes), whose liabilities are subject to fluctuating interest rates, investment values and inflation. This coupled with the increased longevity of members and a tougher regulatory funding regime will result in increased funding burdens on the Group in the future.

 

 

The deficit in Morgan Advanced Materials' global defined benefit pension schemes calculated on the basis required for IAS 19 accounting disclosures decreased from £176.3 million as at 31 December 2020 to £102.7 million as at 31 December 2021.

 

The Group also participates in two multi-employer defined benefit schemes in the USA, both of which have significant funding deficits.


Morgan's primary means of mitigating pensions funding risk is proactive management of the pension scheme assets and liabilities through an integrated pension strategy focusing on funding, investment and benefit risk. This involves both internal management within the Group and also external management through the Schemes' trustees, corporate actuaries and professional advisors.

 

In the UK, both Schemes are closed to the future accrual of benefits. In consultation with the Company, the trustees have adopted a proactive approach to the management of risk in the Schemes' investment portfolios, significantly reducing their unhedged interest and inflation rate exposure. Following the most recent Scheme valuations in March 2019, Company contributions increased to £16.5 million pa from 2020 (further increasing by 2.75% each year) for the length of the current recovery plans (2025 and 2027). The next valuations will be commenced in March 2022 with funding arrangements reviewed.

 

Risk for both of the defined benefit Pension Plans in the US has been reduced. One completed a full legal termination (in June 2016). For the other Scheme, a formal offer of a present-value-equivalent, lump-sum cash payment was made to members. Following a $36 million additional contribution (in December 2017) and a move to a significantly de-risked investment portfolio, this Scheme is now almost fully funded on an accounting basis.

 

A liability management strategy for both of the US multi-employer plans has been agreed and a proposal for withdrawal made to the Trustees of the more severely underfunded arrangement.

 

No significant funding obligations exist in any other individual country although German legacy defined benefit schemes are unfunded, in accordance with local practice. The recent risk review identified no significant liability increases were likely in foreseeable future.

FINANCIAL RISKS

 

TAX

 

Severity: Moderate

 

Trend: Unchanged 

 

Risk appetite: Very low


The Group operates in many jurisdictions around the world and could be affected by changes in tax laws and regulations within the complex international tax environment.

 

The OECD's Base Erosion and Profit Shifting (BEPS) framework is generating additional obligations and filing requirements for the Group as countries continue to implement the actions in the framework. These could have an impact on the tax paid by the Group.


The Group's tax function, working in conjunction with external specialists as required, closely monitors fiscal developments and changes such as BEPS to ensure that the Group's tax arrangements and practices continue to comply with the requirements of all relevant jurisdictions, whilst also enabling efficient management of the tax liability. The Group's Head of Tax reports to the Audit Committee on key tax issues and initiatives.

 

The Group has published its tax strategy on its website in line with UK corporate governance requirements.

 

www.morganadvancedmaterials.com/en-gb/sustainability-responsibility/governance/

LEGAL AND
COMPLIANCE RISKS

 

CONTRACT MANAGEMENT

 

Severity: High

 

Trend: Unchanged 

 

Risk appetite: Very low


As a global advanced materials business, supplying components for critical applications, the Group may be exposed to liabilities arising from the use of its products. Ineffective contract risk management could result in significant liabilities for the Group and could damage customer relationships.

 


The Group has an in-house legal function supplemented by specialist external lawyers.

 

The Group Legal Policy requires in-house legal review of high-value or high-risk contracts to ensure they contain appropriate protections for the Group. The Policy requires Chief Executive Officer approval before a business can enter into an unlimited liability contract or one where the liability cap exceeds
£5 million.

 

The Legal Policy has been updated, focusing on clarifying understanding and the position on high-risk purchase contracts. A training programme is in place.

 

The Group has product liability insurance that would respond to product liability claims (up to policy limits) to the extent this is not limited contractually.

LEGAL AND
COMPLIANCE RISKS

 

COMPLIANCE

 

Severity: High

 

Trend: Unchanged

 

Risk appetite: Very low


The Group's global operations must comply with a range of national and international laws and regulations including those related to bribery and corruption, human rights, trade/export compliance and competition/anti-trust activities.

 

A failure to comply with any applicable laws/regulations could result in civil or criminal liabilities and/or individual or corporate fines and could also result in debarment from government-related contracts or rejection by financial market counterparties and reputational damage.

 


The Group is committed to the highest standards of corporate and individual behaviour. To support this, in 2018 the Group issued the Morgan Code, which has been continuously in force since then. The Code defines the Group's approach to doing business ethically and confirms Morgan Advanced Materials' commitment to high standards of ethical behaviour. The Code is supported by a range of documents and mechanisms: policies, standards and guidance; training materials; the provision of an ethics hotline for employees; and systems to support effective screening of and due diligence on third parties. In 2021, the Company introduced the Supplier Code of Conduct.

 

Mandatory ethics training for staff covers topics including anti-bribery and anti-corruption, anti-trust, harassment and bullying and trade controls. The Group's 'Speak Up' methods enable staff to report concerns anonymously.

 

The Group has a Global Ethics and Compliance Director organising and leading the Group's activities and programmes. The Group also has a Global Trade Compliance Director whose role is dedicated to ensuring compliance with trade controls.

 

In addition to Group-level compliance specialists, the businesses are required to establish compliance officer roles, which are responsible for supporting local training and monitoring. Morgan also employs country-specific trade and export compliance specialists in higher-risk businesses and jurisdictions.

 

Further details on ethics and compliance can be found on pages 34 to 35.

 

Directors' Responsibility Statement

 

The 2021 Annual Report contains the following statements regarding responsibility for the financial statements in compliance with DTR 4.1.12.  Responsibility is for the 2021 Annual Report and Financial Statements and not the condensed statements required to be set out in the Annual Financial Report announcement.

 

Each of the Directors in post as at 3 March 2022, the names and roles of whom are set out on pages 60 and 61 of the 2021 Annual Report, confirms to the best of their knowledge: 

 

·      the Group's financial statements, which have been prepared in accordance with United Kingdom adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and

·      the management report (comprising the Directors' Report and the Strategic Report) includes 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.

 

 

 

Enquiries:  Stephanie Mackie, Company Secretary

Telephone:  01753 837000

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACSSDMFLSEESEFD
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Morgan Advanced Materials PLC (MGAM)

0p (0.00%)
delayed 11:30AM