Halfords Group PLC (HFD)
Halfords Group plc
Annual Report and Accounts for period ended 2 April 2021
including the Notice of Annual General Meeting ("AGM") - convened for 8 September 2021
The Company announces that the Annual Report and Accounts for the period ended 2 April 2021 and Notice of Annual General meeting of the Company, have been posted or otherwise made available to shareholders and published on its website www.halfordscompany.com.
The Company's 2021 AGM will be held at Halfords Group plc, Support Centre, Icknield Street Drive, Washford West, Redditch, B98 0DE on Wednesday 8 September commencing at 3:00pm.
As detailed in the Notice of AGM, in light of the ongoing coronavirus pandemic and current government guidance, it is expected that the 2021 AGM will be held in a streamlined manner similar to last year. The health and well-being of our colleagues, shareholders and the wider community in which the Company operates is, and will continue to be, of paramount importance to us. As the social distancing requirements have now been lifted in England, the Board is optimistic that shareholders will be able to attend the AGM in person. However due to the uncertainty with regards to the coronavirus pandemic there is still a possibility that the UK Government's restrictions and/or guidance on indoor public gatherings are reinstated prior to the AGM, because of this the Board recommends to shareholders that they cast their votes through the use of a proxy. Details of how to do this can be found in the Notice of AGM.
The Board is committed to ensuring that shareholders can exercise their right to ask questions. Shareholders will be able to submit questions to the Directors in advance of the AGM via email to the Company Secretary (firstname.lastname@example.org). Written answers to all questions received will be sent directly to shareholders by email and answers to frequently asked questions will, to the fullest extent practicable, be published on the Company's website ahead of the meeting or, to the extent that has not been possible, will be addressed at the meeting itself.
In accordance with Listing Rule 9.6.1, a copy of the Annual Report and Accounts and the Notice of Annual General Meeting of the Company have been uploaded to the National Storage Mechanism and will be available for viewing shortly at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Halfords Group plc
The Appendix to this announcement is a supplement to our preliminary statement of Financial Results made on 17 June 2021 (the "Final Results Announcement"). It contains the information required pursuant to Disclosure Guidance and Transparency Rule 6.3.5 that is in addition to the information communicated in the Final Results Announcement and should be read together with the Final Results Announcement. This information is not a substitute for reading the full Annual Report and Accounts for the year ended 2 April 2021.
The Chief Financial Officer's Report in the preliminary statement of the Final Results Announcement issued on 17 June 2021 includes a commentary on the principal commercial and financial risks and uncertainties to achieving the Group's objectives.
Further details of other principal risks and uncertainties relating to the Halfords Group are set out on pages 66 to 72 of the 2021 Annual Report and Accounts. Specific financial risks (e.g. credit risk, foreign currency) are detailed in note 22 to the Financial Statements on pages 181 to 185 of the 2021 Annual Report and Accounts.
The following is extracted in full and unedited form from the 2021 Annual Report and Accounts.
Our Principal Risks and Uncertainties
Capability and Capacity to Effect Change
If we do not have sufficient capacity and capability (in terms of our people, processes, and systems) to successfully implement the changes necessary across the business, we will not realise the expected benefits of our strategy and the business will not be sustainable.
If we fail to maintain stakeholder confidence in our strategy, they may withdraw their support.
Customers are not persuaded by our value proposition and we lose market share to online retailers and discounters. Purely competing on price leads to a diminution of financial returns.
Brand Appeal and Market Share
If we continue to lose brand relevance, we will be unable to maintain and grow our customer base and build market share.
Sustainable Business Model
Changes in the UK economy (including COVID-19, consumer confidence, tax and duty rates and the value of the Pound) could materially impact our revenue and/or costs, and therefore the profitability of the business. Unless we can reduce our exposure to these economic variables (e.g. our foreign exchange exposure), and improve our ability to take action quickly on our margins and operating costs, we will not create a sustainable business model.
The service we provide to customers may fail to meet regulatory/safety requirements resulting in harm to customer and/or legal/ financial penalty.
If we fail to sufficiently detect, monitor, or respond to cyber-attacks against our systems they may result in disruption of service, compromise of sensitive data, financial loss and reputational damage.
Our employment model may not be sufficiently attractive to recruit and retain the talent that we need.
We may be unable to recruit, retain and develop enough people to have the different mix of skills that we need at all levels across the business, in the near and longer term.
IT Infrastructure Failure
Failure in our IT system(s) may cause significant disruption to, or prevention of, normal business-as-usual activities.
Critical Physical Infrastructure Failure (including supply chain disruption)
Severe damage or failure of physical infrastructure may disrupt our supply chain and/or business as usual activities and prevent the fulfilment of customer orders.
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with international standards in conformity with the requirements of the Companies Act 2006 and applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the Group financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and, have elected to prepare the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 for the Group for that period. The Directors are also required to prepare financial statements in accordance with international financial reporting standards adopted pursuant to Regulation (EC) No. 1606/2002 as it applies in the European Union.
In preparing these financial statements, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and accounting estimates that are reasonable and prudent;
* for the Group financial statements, state whether they have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and, additionally for the Group, international financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union;
* for the parent Company financial statements, state whether applicable UK Accounting Standards comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the parent Company financial statements;
* prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
* prepare a Director's Report, a Strategic Report and Director's Remuneration Report which comply with the requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for ensuring that the Annual Report and Accounts, taken as a whole, are fair, balanced and understandable, and provides the information necessary for shareholders to assess the Group's performance, business model and strategy.
The Directors are responsible for ensuring the Annual Report and the financial statements are made available on a website. Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein
Directors' Responsibilities Pursuant to DTR4
The Directors confirm to the best of their knowledge:
* the financial statements have been prepared in accordance with the applicable set of accounting standards and Article 4 of the IAS Regulation and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group; and
* the Annual Report includes a fair review of the development and performance of the business and the financial position of the Group and Company, together with a description of the principal risks and uncertainties that they face.
Approved by order of the Board.
16 June 2021
|OAM Categories:||1.1. Annual financial and audit reports|
|EQS News ID:||1222467|
|End of Announcement||EQS News Service|