Further disclosure on the FY18 Annual Bonus for Executive Directors

Please note: these disclosures are provided in addition to the information published on pages 82 to 90 of the Annual Remuneration Report from the Annual Report and Accounts for the period ended 30 March 2018.

Disclosure of the PBT target range under the FY18 Annual Bonus

Threshold Target Maximum PBT Outcome Outcome as a % maximum
2017/18 PBT £66.1m £73.5m £80.8m £71.6m 40.1%

Disclosure of FY18 Annual Bonus non-financial targets for Chief Executive Officer (“CEO”)

50% of the CEO bonus was based on performance against non-financial objectives. The Committee determined this element of the bonus at the year-end based on a consideration of the CEO’s progress against tangible objectives set for him at the time of his appointment. Some of the achievements which were taken into account during this assessment and given the CEO’s limited time in role are considered broadly reasonable and are as follows:

  • Develop and formalise a new strategic review process;
  • Finalise the new financial budget to be in place by year-end; and
  • Review and put forward to the Board proposals for strengthening the executive team