TIDMWEIR
RNS Number : 4692F
Weir Group PLC
21 March 2022
The Weir Group PLC
21 March 2022
2021 Annual Report and 2022 Annual General Meeting
The following documents have today been posted or otherwise made
available to shareholders:
Annual Report and Financial Statements for the period ended
1. 31 December 2021 (the "2021 Annual Report");
Notice of 2022 Annual General Meeting; and
2.
Form of Proxy for the 2022 Annual General Meeting.
3.
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 (except the Form of Proxy) are also available on
the Company's website at
www.global.weir/investors/shareholder-information/agm/ and in
hard copy to Shareholders upon request to Investor Relations, The
Weir Group PLC, 1 West Regent Street, Glasgow, G2 1RW.
The Company currently intends to hold its 2022 Annual General
Meeting (the "AGM") at the Company's Head Office, 1 West Regent
Street, Glasgow, G2 1RW, on Thursday 28 April 2022 at 2.30pm.
The Company's full year results announcement of 2 March 2022
contained a management report as well as the audited financial
statements which were prepared in accordance with the applicable
accounting standards.
The 2021 Annual Report submitted to the National Storage
Mechanism today also contains information regarding the Company's
principal risks and uncertainties as at 2 March 2022 (being the
date of the 2021 Annual Report) and a responsibility statement
relating to the content of the 2021 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 2021
Annual Report. Page numbers and cross-references in the following
appendices refer to page numbers and cross-references in the 2021
Annual Report.
For further information, please contact:
Graham Vanhegan
Company Secretary
Telephone: 0141 308 3771
Graham Vanhegan
Chief Legal Officer and Company Secretary
APPICES
Appendix A: Principal risks and uncertainties as at 2 March 2022
(the date of the 2021 Annual Report)
A description of the principal risks and uncertainties that the
Company faces is extracted in full and unedited form pages 74 to 80
of the 2021 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. The Group's risk management and assurance framework is
designed to make this less likely by clearly identifying and
seeking to mitigate these key risks.
The Board has conducted a robust assessment of the principal
risks, alongside the Risk Appetite Statement set out on page 71
meeting the Board's responsibilities in connection with Risk
Management and Internal Control details 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 a
detailed review of each principal risk has been completed in the
year.
The Group's risk registers were reviewed and validity of the
existing prior year principal risks were reassessed and
consideration was given as to whether any new principal risks have
emerged, or certain risks are no longer considered to be a
principal risk. This review resulted in changes being made to the
principal risks in 2021.
The identified principal risks were subjected to a detailed
assessment based on the following considerations:
-- Severity of each risk relative to the Group's stated risk
appetite;
-- 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 weakness;
and
-- The extent to which each of the principal risks could impact
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 on pages 74 to 80 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.
Principal Risks and Uncertainties
Covid-19 (Risk trend: No Change)
Risk of subsequent pandemic waves giving rise to further plant closures and heightened workforce
exposures both for the Group and its key customers and suppliers which could lead to a loss
of productivity and/or loss of life.
Why we think this is important How we are mitigating the risk Changes during 2021
Whilst the emergence of new variants The Group's has continued to adapt Key initiatives rolled out in the
such as Omicron are demonstrating and innovate throughout 2021, whilst last year have included the Group
significantly milder ensuring the constant providing vaccination
symptoms, the health and wellbeing protection of our people and ability support for all employees where
threat posed to the Group's people to serve our customers safely and possible, combined with a continued
and operations remains reliably. emphasis on mental health,
in the near-term, particularly in which is a core element of the Groups
those countries with lower Underpinned by the Groups vision of recently launched Health and
vaccination rates. being a zero-harm workplace, our risk Wellbeing framework.
mitigation focus
has remained on reinforcing our Ongoing vaccination rollouts, booster
previously developed health and programmes and heightening immunity
wellbeing workplace protocols levels are all regarded
and COVID-19 specific response plans as positive indicators that society
which are cognoscente of locality and is likely to be better protected in
emerging local the future from further
authority restrictions. COVID-19 disruption. The Group
however continues to adopt a cautious
outlook, and this is
reflected in the assessed risk as
unchanged from the prior year
-------------------------------------- --------------------------------------
Technology (Risk trend: No change)
Failure of the Group to embrace technology, innovate and continue to develop and invest in
both our core and next generation solutions and services for our customers, leaves the Group's
market leading positions and ability to deliver on growth ambitions exposed.
Why we think this is important How we are mitigating the risk Changes during 2021
We need to continue to drive Continued investment in our The Group's acquisition of Motion
innovation across the Group through technology strategy aligned on smart, Metrics, a market leading developer
investment in talent and sustainable, efficient (SSE) of innovative Artificial
collaboration with research partners, priorities. Intelligence and machine vision
thus ensuring there is a sustainable technology will significantly boost
and evolving product Use of new emergent technologies our highly engineered,
offering leveraging new and adjacent radar software / process with digitally enabled mining products
technologies. embedded Artificial Intelligence proposition to support our customers
(AI) scanning capability to assess sustainability, productivity
Failure to achieve this could give potential risks & opportunities. and safety agendas.
rise to: Risk movement
Strong governance around intellectual
An inability to give sufficient property and new material/product The impact and likelihood of this
priority to outer horizon technology launches. risk is assessed to have not changed
leading to an under investment since last year.
/ delayed development to meet our Evolving WARC (Weir Advanced Research
medium-long term performance goals. Centre) model with strategic
international research,
Failure to identify and mitigate academic and technology scanning
potentially disruptive technology partnerships and funding.
trends as they appear in
mining or adjacent industries and/or Maturing of the Weir Innovation
failure to adapt at the required pace Network (WIN) approach to further
to gain / sustain promote, celebrate and reward
market competitiveness. a culture of innovation.
Failure to leverage our deep
customer/market insights to develop
products and solutions which
meet the most strategic needs of our
customers and other stakeholders.
Failure to adapt our business model
to capture economic value / prevent
economic loss from
technological advances.
Failure to leverage new technology to
reduce costs/improve our own
operational performance,
resulting in increased costs and/or
lower responsiveness relative to our
peers.
-------------------------------------- --------------------------------------
Value Chain Excellence (Risk trend: No Change)
Failure to achieve Value Chain Excellence improvements and the associated reduction in costs
and enhanced capital efficiency.
Why we think this is important How are we mitigating the risk Changes during 2021
If we fail to improve our value chain Regular KPI monitoring of the value Key mitigation initiatives in the
management, we risk: chain throughout the organisation. year have centred on increasing our
Value Chain Excellence volume aggregation plans
Losing the opportunity to meet our initiatives have been operating to best costs countries and a
customer needs in terms of product throughout the Group to drive value reduction in selling, general &
volume, quality and chain improvements including administrative (SG&A) expense
delivery, through a failure in expanding production in best cost as a percentage of sales through
internal and external supply chains countries. greater utilisation of our shared
resulting in a low of reputation services network.
and sales; The Group's forward purchase
commitments are being closely Despite some short-term challenges
Failure to optimise our inventory monitored to manage inventories experienced in the areas of
thus inhibiting the Group investment at levels appropriate to market procurement and supply chain
strategy and creating conditions. disruption, these have not been
slow moving and obsolete inventory deemed sufficiently material to
ultimately impacting our results; Our credit risk management procedures change the risk weighting
are under continuous appraisal and since last year.
Failure to manage potential above review.
inflationary increases in procurement
costs as commodity We regularly monitor market activity
prices increasing thereby reducing to ensure we remain competitive.
our cost competitiveness and margins;
and Improved demand planning and
forecasting including Sales and
Failure to develop organisational Operations Planning within VCE.
capability to sustain and improve Realising value from shared service
operational performance initiatives.
results.
-------------------------------------- --------------------------------------
Climate (Risk trend: No Change)
Failure to adapt to and mitigate climate change and the associated impact on our current or
future business.
Why we think this is important How are we mitigating the risk Changes during 2021
Failure to manage this risk has Sustainability Roadmap developed via This risk was reclassified from
significant impacts on us, our extensive multi-stakeholder previously Environmental
customers and our supply chain. materiality assessment encompassing Sustainability to Climate Risk in
These impacts can be physical or Environmental, Social & Governance order to fully reflect the Group's
relate to the transition to a (ES&G). climate change agenda and the role we
low-carbon economy and they must play in reducing
can be both acute and chronic. Two of the four Sustainability our own footprint.
Physical risks include the potential Roadmap priority areas focus on
impact of extreme weather Environmental Sustainability. Key activities in 2021 involved a
events on our operations. Failure to quantitative review of the market
manage transition risks may have Creating sustainable solutions: with risks and opportunities
political and legal targets for increased sustainability linked to the transition to a
implications following increased impact of our products low-carbon economy, with the findings
Governmental focus, such as the costs in use, sustainable design and supply then integrated directly
of complying with carbon and end-of-life stewardship for our into the strategic planning process
prices. products. and principal risk framework.
There are also wider implications of Reducing our footprint: with targets Execution of the Group's first ever
this risk including changes in for CO2 reduction (both efficiency sustainability linked public bond
revenue due to reduced and renewable supply placement, further strengthened
demand from declining market sectors, optimisation), water stewardship, our balance sheet and wider climate
loss of market share if we were not waste elimination. commitments.
able to meet demand
for products with reduced energy and We are continuing strong engagement The impact and likelihood of this
water usage, negative impact on with stakeholders in this area. risk is assessed to have not changed
reputation leading to since last year.
increased cost of capital and failure
to attract talent into the
organisation.
-------------------------------------- --------------------------------------
Safety, Health and Wellbeing (Risk trend: No change)
Failure to adequately protect our people and customers from harm presents a significant threat
to the physical and mental well-being of the Group's existing and available workforce leading
to a resultant impact on productivity and our ability to meet customer demands and expectations.
Why we think this is important How are we mitigating the risk Changes during 2021
Our commitments to a zero-harm The Group's SHE charter sets out the The Group's SHE charter was refreshed
workplace and environmental guiding principles, priorities and in 2021 and has been instrumental in
safeguarding are at the very core actions, each of which empowering individuals
of our sustainability strategy and play a vital role in supporting our and teams to focus first on safe
purpose, with policies and processes shared vision of achieving zero-harm behaviours, proactively identifying
in place to ensure workplace where everyone risks through safety
the continued health, safety and of our people has a safe start, a conversations and articulating
physical & mental wellbeing of all safe finish and a safe journey home. clearly what is expected and required
employees, customers and from us all to achieve
third parties. The Weir SHE management system then our collective vision.
establishes a common set of standards
and expectations SHE also became an integral part of
for addressing risk throughout our our employee engagement programme
operations globally. with pulse surveys undertaken
to promote active participation in
employees own and other's health,
wellbeing and safety.
The survey's findings led to the
Group launching its new Health and
Wellbeing framework focusing
on the Culture & Leadership, Safety &
Environment, Mental Wellbeing,
Physical Wellbeing and
Financial Wellbeing.
The impact and likelihood of this
risk is assessed to have not changed
since last year.
-------------------------------------- --------------------------------------
People (Risk trend: Increasing)
Failure of the Group to build an ever more inclusive and diverse culture, which gives rise
to an inability to attract and retain the very best workforce.
Why we think this is important How are we mitigating the risk Changes during 2021
Our people represent our biggest Promotion of the Weir Group Values & 2021 saw the introduction Workday,
asset and so the ability of the Group Behaviours, Code of Conduct and HR the Group's new global HR management
to attract, develop Policies sets the system which forms
and retain talent and build standards and expectations for all an integral part of our ongoing
capability at the pace required is our staff, reinforcing our stated discovery programme designed to
fundamental to the delivery commitment to attracting modernise, standardise and
of the Group's strategic objectives. and retaining the very best people. digitise our HR processes to
ultimately deliver an even better
Our ambition to foster an inclusive High performer assessments are employee experience.
and diverse workforce that undertaken to identify and develop
increasingly reflects the diversity our very best talent. In the key area of Inclusion and
of the markets in which we operate, Diversity the Group launched its
is key to creating a purpose driven Succession plans are in place and global I&D education programme,
culture where we can periodically reviewed for all of our which also included the creation of
all do the best work of our lives. key management. I&D ambassadors, global online
learning programmes and
Personal Development Plans are set the promotion of affinity groups.
and reviewed for the effective
development of all of our
staff. Given the prevailing competitive
We continue to offer competitive labour market conditions which are
compensation and benefits packages. manifesting themselves
in labour shortages and increased
Inclusion and Diversity Training and attrition rates in certain pockets ,
Steering Committee. this risk was elevated
during the year to reflect the
potential short-term impediment to
growth.
-------------------------------------- --------------------------------------
Market (Risk trend: No Change)
Changes in key mining markets, including commodity prices and macro-economic conditions have
an adverse impact on customers' expenditure plans. Fundamental market structure changes could
alter the long-term economics of the business.
Why we think this is important How are we mitigating the risk Changes during 2021
Cyclical nature of the Group's end Our aftermarket focused business Completion of the Group first ever
markets, including continued exposure model and enhanced focus on sustainability linked public bond in
to oil sands, giving technology to reduce cost and our 150-year history
rise to downturns and resultant improve efficiency combine to further strengthened our balance
pricing and operational pressures. mitigate the risk of future down sheet whilst also reaffirming our
turns. commitment to reducing
Risk of credit markets tightening our environmental impact by 30% by
limiting access to capital. The Group's strategy planning process the end of 2024.
utilises extensive market
Failure of the Group to maximise intelligence to assist in With key commodities remaining at
upturn opportunities and meet forecasting opportunities and dips in multi year highs the impact and
customer demands. markets. likelihood of this risk
is assessed to have not changed since
last year.
-------------------------------------- --------------------------------------
Competition (Risk trend: No change)
Increasing presence of low-cost competitors with improving quality in our end markets leads
to significant pricing pressure and margin deterioration. Disruptive technologies or new entrants
with alternative business models could also reduce our ability to sustainably win future business,
achieve operating results and realise future growth opportunities. Continuing threat from
third party replicators.
Why we think this is important How are we mitigating the risk Changes during 2021
Increasing presence of low cost Horizon scanning for competitor The Group's continued to focus on the
competitors with improving quality in threats including patent searches and development of technology solutions,
our end markets leads applications. it's aftermarket
to significant pricing pressure and services proposition and emphasis on
margin deterioration. Alternatively, Collaboration with customers on total cost of ownership, delivered a
increased competition technology partnerships and field series of active
forces a continual release of longer trials. product alliances with several key
wear life products resulting in customers.
maintaining market share Technology solutions with
but cannibalising our sales volumes differentiation on engineering The impact and likelihood of this
with difficulty in realising expertise, aftermarket service and risk is assessed to have not changed
commercial benefits. total cost of ownership. since last year.
Continued development of operational
efficiency and improvement plans.
Continued investment in core product
design, process and materials that
provide high value.
-------------------------------------- --------------------------------------
Digital Strategy and Roadmap (Risk trend: No change)
Failure to exploit 'digitalisation' opportunities impacting the Group's ability to meet evolving
customer expectations.
Why we think this is important How are we mitigating the risk Changes during 2021
To meet the needs of our customers, Building on work which has taken T Digital risk has been fully
the ambitions of our business and the place in preceding years a task force reviewed and the associated key risk
expectations of of senior leaders from indicators have been updated.
an increasingly digital world, Weir across the Group has been put in Acquisition of Motion Metrics and
must prioritise and accelerate its place to shape our digital vision and appointment of Chief Data Officer
digital evolution. roadmap. This 3 month align to digital strategy
Failure to do so will negatively programme is being complemented by ambitions and help to further
impact Weir's market position along additional work to increase 'digital mitigate the associated risk.
with our ability to attract fitness' across the
the people, skills and investment business and assess our approach to The impact and likelihood of this
needed to become a premium mining digital talent recruitment. risk is assessed to have not changed
technology business. If since last year.
we fail to implement a holistic, Digital and IT leadership are also
digitalised ecosystem and culture now embedded in the Group and
quickly and effectively Divisional strategic planning
competitors, who successfully embed processes to ensure digitalisation is
digitalisation, will benefit and given due consideration.
increase their market
share.
-------------------------------------- --------------------------------------
Information Security and Cyber (Risk trend: No change)
Failure to adequately protect Weir Group from cyber enabled fraud and other information security
risks which can lead to operational disruption, reputational damage, regulatory fines and/or
financial impacts.
Why we think this is important How are we mitigating the risk Changes during 2021
Weir's global operations are heavily We have an IT governance framework We have invested in operational
reliant on its IT systems and which oversees our technology capabilities and skills to support
infrastructure. As the operations. The IS&T Control the monitoring and resolution
scale, regularity and disruption of Board provides assurance and of cyber security incidents. These
cyber-attacks continues to increase oversight of our security posture improvements include the appointment
we must recognise across the business and approves of a new Cyber Security
this risk and take steps to ensure policy and control assessments in Ops director to lead the
the business is protected against relation to cyber risk and IT transformation of our operational
them. Security. cyber security capabilities. We
have also partnered with a highly
In the last eighteen months, the IT Security incidents are managed by the skilled threat hunting team who will
Transformation programme has cyber security operations team, and look for issues which
delivered a number of improvements any significant cybercriminals may be able to
to reduce the impact of cyber-attacks cyber security incidents are reported exploit. A number of additional
on our business. to the Group Executive. Internal and control enhancements were also
external audit implemented following the cyber
Our Cyber Security Strategy sets out activities are also regularly security incident in September 2021.
a three-year programme of activities undertaken to provide additional
to further improve governance around our control Our Cyber risk underwent a thorough
our cyber defences and controls. environment as well as highlighting review following the ransomware
opportunities to make further incident. The principal
One of the key objectives of the improvements. conclusion was that our developed
cyber security strategy is to risk treatment remained the same and
increase our resilience and An annual cyber security education was further underpinned
reduce the impact of a cyber-attack and awareness plan is in place to by security control enhancements. The
in addition to the implementation of ensure colleagues are completion of these initiatives, and
preventative measures. equipped with the knowledge and the continued execution
awareness they need to use technology of our approved Cyber strategy, will
safely and securely. significantly reduce the impact of
any future cyber incident
The implementation of our IT and as such the risk is assessed as
Transformation and the Cyber Security remaining unchanged from the prior
Strategy roadmap are delivering year.
improvements across multiple areas of
the business which in turn will help
to reduce the impact
of any future cyber incidents.
-------------------------------------- --------------------------------------
Attempted Ransomware Incident
The attempted ransomware incident in September 2021 was a sophisticated, determined and prolonged
assault on our business. Our swift and robust response to the incident protected our infrastructure
and data, meaning we were able to continue meeting the needs of our customers throughout.
All Weir systems have now been restored and a number of improvements introduced in direct
response to lessons learned from the incident.
Political and Social (Risk trend: No change)
Adverse political action, or political and social instability, in territories in which we
operate may result in strategic, financial or personnel loss to the Group.
Why we think this is important How are we mitigating the risk Changes during 2021
Given the global nature of the Groups Positive proactive engagement with a The geopolitical risk landscape
operations we are exposed to an ever range of Governments / elected remained unsettled throughout 2021
changing political representatives and trade and consequently involved
and social landscape which requires and industry bodies allows the Group the Group increasing its monitoring
constant monitoring. Adverse events to contribute to policy decisions and efforts in several jurisdictions.
may occur in the territories address specific
in which we operate that may require concerns. From political polarisation, to
us to act swiftly to continue to failing states, to power
protect our people and Our strategic planning process allows repositioning and rising fears of
property and adjust to regulatory for a regular review of market both traditional and cyber terrorism,
changes which have the potential to attractiveness whilst the potential risks to the Group's
impact our competitiveness also assisting in the forecasting of international operations,
or have a negative impact on our potential political and social people and reputation were seldom
return on capital employed. instability in the regions higher, with the ongoing situation
in which we operate. A combination of involving Russia and
risk horizon scanning, and the Ukraine simply reinforcing the
third-party intelligence volatility of the global landscape.
sourced from risk consultants allows As a consequence this
the Group to maintain flexibility and risk was elevated during the year.
develop appropriate
contingency and exit strategy plans.
-------------------------------------- --------------------------------------
Ethics and Governance (Risk trend: No change)
Interactions with our people, customers, suppliers and other stakeholders are not conducted
with the highest standards of integrity and in accordance with Group Policies & Procedures
which devalues our reputation.
Why we think this is important How are we mitigating the risk Changes during 2021
We are unwilling to accept The Code of Conduct, supplemented There were a number of areas of focus
dishonest or corrupt behaviour from with Group policies on related for the Group's compliance function
our people, or external parties topics, provides a clear in 2021 and these
acting on our behalf, whilst framework for how we expect our included the refreshing and updating
conducting our business. If we fail business will be conducted. our human rights policy and the
to act with integrity, we launch of an improved
are at risk of: Regular training and re-enforcement gifts and hospitality register.
of principles is provided using a
-- Reputational damage leading to a range of mechanisms The impact and likelihood of this
loss of business opportunity; including Town Hall style sessions risk is assessed to have not changed
-- Increased scrutiny from and online and induction training. since last year.
regulators;
The financial control framework is
-- Legal action from regulators continually monitored for
including fines, penalties and effectiveness.
imprisonment;
Internal Audit's remit includes
-- Exclusion from markets important regular review of the anti-bribery
for our future growth; and corruption and financial
-- Failure to meet required social controls across the Group.
standards to maintain licence to
operate in our communities. The Group compliance function designs
and administers our global compliance
We expect all areas of the business programme and
to do the right thing and conduct assists Internal Audit in monitoring
business in compliance adherence to enhance global focus on
with applicable laws, Weir Group compliance.
policies and procedures, and the
highest ethical standards. An Ethics Hotline is available to all
members of staff and the public.
Reports are investigated
on a timely basis and summary reports
provided to the Group Executive and
Board.
-------------------------------------- --------------------------------------
Appendix B: Statement of Directors' Responsibilities
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
UK-adopted international accounting standards and the 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, 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 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 UK-adopted international accounting
standards 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 estimates that are reasonable and prudent;
-- 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's 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 comply with the
Companies Act 2006.
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. 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
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 Group financial statements, which have been prepared in
accordance with UK-adopted international accounting standards, give
a true and fair view of the assets, liabilities, financial position
and profit of the Group;
-- The Company financial statements, which have been prepared in
accordance with United Kingdom Accounting Standards, comprising FRS
101, give a true and fair view of the assets, liabilities,
financial position and profit of the Company; and
-- 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 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's 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's and Company's
auditors are aware of that information.
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