Annual Report and Accounts 2019 T H E W a T C H E S O F S W
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Marlborough SPECIAL SITUATIONS FUND
MARLBOROUGH SPECIAL SITUATIONS FUND INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS for the six month period ended 20 June 2019 MARLBOROUGH SPECIAL SITUATIONS FUND Authorised Fund Manager and Registrar Marlborough Fund Managers Ltd Marlborough House 59 Chorley New Road Bolton BL1 4QP Investor Support: (0808) 145 2500 (FREEPHONE) Authorised and regulated by the Financial Conduct Authority. Trustee HSBC Bank plc 8 Canada Square London E14 5HQ Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Investment Adviser Hargreave Hale Limited Talisman House Boardmans Way Blackpool Lancashire FY4 5FY Authorised and regulated by the Financial Conduct Authority. Auditor Barlow Andrews LLP Carlyle House 78 Chorley New Road Bolton BL1 4BY Directors of Marlborough Fund Managers Ltd Andrew Staley Chairman Nicholas F J Cooling Deputy Chairman Allan Hamer Joint Managing Director Wayne D Green Joint Managing Director Dom Clarke Finance Director Geoffrey Hitchin Investment Director Helen Derbyshire Director – Compliance & Risk Richard Goodall Director – Strategy & Business Development Guy Sears Non-Executive Director David Kiddie Non-Executive Director MARLBOROUGH SPECIAL SITUATIONS FUND CONTENTS PAGE AUTHORISED INVESTMENT ADVISER’S REPORT 1 AUTHORISED STATUS AND GENERAL INFORMATION 3 DIRECTORS’ STATEMENT 3 COMPARATIVE TABLE 4 SYNTHETIC RISK AND REWARD INDICATOR 5 PORTFOLIO STATEMENT 6 PORTFOLIO TRANSACTIONS 11 UNAUDITED INTERIM FINANCIAL STATEMENTS STATEMENT OF TOTAL -
Parker Review
Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people. -
The Deloitte Swiss Watch Industry Study 2020 an Accelerated Transformation the Deloitte Swiss Watch Industry Study 2020 | an Accelerated Transformation
The Deloitte Swiss Watch Industry Study 2020 An accelerated transformation The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation About the study This report is the seventh edition of the Deloitte study on the Swiss watch industry. It is based on an online survey and interviews conducted between mid-August and mid-September 2020 with 55 senior executives in the watch industry. The study is also based on an online survey of 5,800 consumers in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. The year 2020 marks 175 years of Deloitte making an impact that matters. Today Deloitte is a thriving global organisation, which has grown to more than 300,000 people proudly carrying forth a legacy of connection and collaboration. We’re not trusted because we’ve existed for 175 years. We’ve existed for 175 years because we’re trustworthy. That’s our legacy. That’s our future. 02 The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation Contents 1. Key findings 04 2. Industry overview 05 2.1 COVID-19: Unexpected and unprecedented 05 2.2 Quartz watches: Continuing drop in exports and sales 07 2.3 China: Key for recovery and growth 09 3. Looking ahead 11 3.1 Beyond the pandemic 11 3.2 The Far East and high-end are vital for growth 12 4. Challenges remain 13 4.1 External risks: Protests and politics 13 4.2 Smartwatches: Industry missed the boat 14 5. Business strategies 18 5.1 Digitalising for a ’consumer first’ world 18 5.2 The pre-owned market heats up 23 5.3 Sustainability: The future is green 25 6. -
The Case of Switzerland and the World Watch Industry *
469 Technological discontinuities and flexible production networks: The case of Switzerland and the world watch industry * Amy Glasmeier tain and augment their competitiveness in a global Unrr~rs~t~of Texas at Austin, Texas, USA economy. On the eve of the electronics revolution, the Swiss watch production system, centered in the mountainous Jura region, was flexible, cost The twentieth-century history of the Swiss watch industry effective, and extremely profitable. Both horizon- illustrates how cultures and industrial production systems ex- tally and vertically disintegrated, the Swiss system perience great difficulty adapting to external change at differ- offered enormous variety while maintaining qual- ent points in time. The current emphasis on production net- ity and timeliness of delivery. “The multiplicity of works - unique reservoirs of potential technological innovation realized through cooperation rather than competition among enterprises, and the competition and emulation firms - lacks a detailed appreciation of historic networks, and that characterized the industry, yielded a product in particular their fragile character in times of economic of superior quality known the world over for high turmoil. While networks can and do promote innovation within fashion, design, and precision” [21, p. 481. an existing technological framework, historical experience sug- Beginning in the 1970s when foreign competi- gests their fragmented, atomistic structure is subject to dis- organization and disintegration during periods of technological tion hurdled technological frontiers in watch change. An exclusive focus on “production” ignores other movements, advancing from mechanical to elec- constraints that are powerful forces governing the reaction tric, electronic, digital and finally quartz technol- abilities of regions. Previous research has largely relied on a ogy, the Jura’s undisputed dominance ended. -
Rolex and Golf Information Sheet
ROLEX AND GOLF Perpetual Excellence For more than a century, Rolex’s quest for excellence through continuous improvement and innovation has underpinned all of the company’s activities – in its watchmaking and all its engagements. As part of Perpetual Excellence, Rolex seeks partnerships with individuals and organizations in the arts and in sport who set the highest standards of performance. Note Please note that the following is generic information in line with the “traditional” calendar. However, given the extraordinary circumstances that have impacted the world, the dates of some of these events are likely to change in 2021. ROLEX AND GOLF Rolex supports the most prestigious events, players and organizations in golf and encourages the development of the game worldwide. Its contribution to excellence in the sport is based on a rich heritage stretching back more than 50 years. Rolex champions both innovation and respect for the spirit of the ancient game. AT THE HEART OF THE GAME Rolex is a leading supporter of golf, with its universal commitment across the men’s and women’s game and from amateur through to senior ranks. The Swiss watch brand partners the principal professional tournaments and tours in golf, including four Majors in men’s golf that constitute the pinnacle of achievement for the world’s best players each year: • the Masters Tournament at Augusta National Golf Club (United States) in April; • the PGA Championship in May; • the U.S. Open in June; • The Open in the United Kingdom in July. This support extends to all five Majors in women’s golf. -
KPMG Equity Capital Markets H1 2019 Review
MARGIN MARGIN MARGIN CROP MARKS CROP MARGIN CROP MARKS CROP Equity Capital Markets H1 2019 review July 2019 kpmg.com/uk/equitycapitalmarkets CROP MARKS CROP MARGIN CROP MARKS CROP MARGIN MARGIN MARGIN MARGIN MARGIN MARGIN CROP MARKS CROP MARGIN CROP MARKS CROP £19.2 bn funds raised 5% on H1-18 22% on H2-18 £14.8 bn raised via further issues 7% on H1-18 42% on H2-18 £4.4 bn raised via IPOs 4% on H1-18 16% on H2-18 21 IPOs 49% on H1-18 43% on H2-18 UK equity capital markets exhibited resilience in spite of the continued presence of challenging macroeconomic and political conditions during H1 2019 CROP MARKS CROP MARGIN © 2019 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. CRO RKS MAR MARGIN MARGIN MARGIN MARGIN MARGIN CROP MARKS CROP MARGIN CROP MARKS CROP H1 2019 snapshot Total UK equity fundraising levels remained broadly consistent with recent periods, with placings rebounding from a relative downturn in H2 2018 UK equity issuances H1 2017 to H1 2019 Largest UK IPOs in H1 2019 Funds raised (£bn) 30 Network International Holdings plc £1,218m 25 23.6 20.2 20 19.2 17.5 15.7 Trainline plc £1,093m 15 10 Airtel Africa plc £541m 5 0 H1 H2 H1 H2 H1 2017 2017 2018 2018 2019 IPOs Rights issues Placings IPO numbers, particularly on AIM, remain low, however a number of significant Main Market IPOs in Q2 increased overall funds raised compared to H1 2018 Main Market AIM Funds raised Funds raised (£bn) No. -
Annual Report and Accounts 2020 About Us
Annual Report and Accounts 2020 About us • WH Smith PLC is a global travel retailer with a smaller business located on the UK high street. • WHSmith Travel is a world- leading travel retailer with a presence in over 30 countries across the globe, mainly in airports. The UK Travel business is in a wide range of locations including airports, hospitals, railway stations and motorway service areas. Outside of the UK, our biggest market is in North America. • WHSmith High Street is present on most of the significant high streets and shopping centres in the UK, mainly in prime locations. • WHSmith reaches customers online via whsmith.co.uk, its specialist personalised greetings cards and gifts website funkypigeon.com, its specialist online pen shop cultpens.com and through its personalised stationery websites treeofhearts.co.uk and dottyaboutpaper.co.uk. • WHSmith employs approximately 14,000 colleagues. • WH Smith PLC is listed on the London Stock Exchange (SMWH) and is included in the FTSE 250 Index. • A commitment to the principles of sustainability is a key focus for WHSmith as it continues on its journey to be a better business. • Find out more about WHSmith at whsmithplc.co.uk. Contents Strategic report Strategic Strategic report Group at a glance 2 Business model and strategy 4 Our markets 5 Chairman’s statement 7 Chief Executive’s review 8 – Review of operations: Travel 11 – Review of operations: High Street 14 – Financial review 16 Key performance indicators 20 Principal risks and uncertainties 21 – Brexit 27 Group at a glance – Viability -
Investor Overview November 2020 the Wos Group – Luxury Watch Overview
Investor Overview November 2020 The WoS Group – Luxury Watch Overview Luxury watches is a well-protected, high growth market with high barriers to entry, supply-driven dynamics and strong value accretion CHF bn 2019 up 3.0% vs 2018 25 China/HK bubble China/HK correction CAGR: 1970-2019 1996-2019 Exports to the UK up 0.1% 20 +5.4% +4.2% in 2009 15 10 5 0 1970 1975 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Long-term Increase in Prices… ...And Sales Volumes (3) Global Swiss Watch Exports ASP Volume Global Swiss Watch Exports(3) +2% 3.7 5.3 5.1 3.5 3.4 3.4 3.4 5.0 4.9 3.2 4.7 4.0 4.1 3.7 2.4 3.7 3.4 1.9 3.4 3.3 3.4 2.9 3.2 3.3 1.2 1.6 1.4 1.5 1.6 1.7 0.5 0.7 2000 2005 2010 2015 2016 2017 2018 2019 2000 2005 2010 2015 2016 2017 2018 2019 Volume in millions Volume in millions ASP in CHF ‘000 (Watches > CHF 3,000) (Watches CHF 500-3,000) Source: Company information, Swiss Watch Federation statistics, OC&C, Bank of England; Note: Swiss Watch Federation data based on Swiss watches across all price ranges unless otherwise indicated. 2 What Makes the Category of Luxury Watches Different Luxury Watches are Underpinned by Unique, Attractive Characteristics • Swiss monopoly: no threat from technology or geography • Demand exceeds supply for key brands: Rolex, Patek Philippe and Audemars Piguet • High barriers to entry: tightly controlled distribution with a high level of investment in stores, merchandising, IT, marketing required; brand partnerships take many years to establish and develop • -
FTSE Russell Publications
2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore -
History of Rolex
HISTORY OF ROLEX Rolex’s status and identity are products of a history driven by a passion for innovation and a constant quest for excellence. A succession of pioneering achievements encompassing a watchmaking, industrial and human adventure, this story is interwoven with the history of the Oyster, the first waterproof wristwatch. Launched in 1926, the Oyster was the starting point for a collection of legendary watches. HISTORY OF ROLEX The success of Rolex is inextricably linked to the extraordinary spirit of enterprise of its founder, Hans Wilsdorf (1881-1960). Through his visionary genius and uncommon capacity to embrace all fields of the company’s activities – technology, communication, organization and distribution – and as the head of the company for more than 50 years, Hans Wilsdorf set the course for an adventure which has given rise to exceptional watches and an unparalleled brand. Today, his personality and his work continue to inspire the company and permeate its corporate culture. The entrepreneur’s influence is also evident in the aesthetics and principal characteristics of the watches that remain faithful to the original Oyster, as well as in Rolex’s ability to draw on its prodigious heritage to continuously advance towards new horizons. HANS WILSDORF AND HIS VISIONARY GENIUS The Rolex adventure began in the early 1900s. Born in Bavaria, Germany, Hans Wilsdorf started his career in watchmaking in La Chaux-de-Fonds, Switzerland. In an era when pocket watches were the order of the day, he was quick to see the potential of the wristwatch for the 20th century, despite their not yet being very precise and being generally considered to be items of jewellery of particular appeal to women. -
Royal London Uk Mid-Cap Growth Fund 31.08.21
ROYAL LONDON UK MID-CAP GROWTH FUND 31.08.21 Overview FUND OVERVIEW The Fund's investment objective is to achieve capital growth over the medium term (3-5 years), by investing at least 80% in the shares of UK medium-sized companies listed on the London Stock Exchange. Fund Manager(s) Henry Lowson The Fund’s performance target is to outperform, after the deduction of charges, the FTSE 250 ex-IT Fund Size £526.92m (investment trust) Total Return GBP Index (the "Index") over rolling 5-year periods. For further Domicile United Kingdom information on the Fund's index, please refer to the Prospectus. ISA Available and Eligible Year-on-year performance Benchmark Index FTSE 250 ex Inv Co Investment Association IA UK All Companies 31.08.20 to 31.08.19 to 31.08.18 to 31.08.17 to 31.08.16 to Sector 31.08.21 31.08.20 31.08.19 31.08.18 31.08.17 Currency GBP Share Class M (Accumulation) 37.9% -4.5% -1.7% 11.6% 17.9% Share Class Z (Accumulation) 38.1% -4.4% -1.6% 11.8% 18.0% Fund Management Fee M Acc: 0.77% (FMF): Z Acc: 0.62% Share Class N (Accumulation) 38.0% - - - - N Acc: 0.70% Sector Average 32.4% -8.8% -3.2% 6.5% 13.8% FTSE 250 ex Inv Co 42.9% -9.3% -5.0% 7.1% 14.2% Share Class M (Accumulation) Unit Launch Date 11.11.09 Cumulative Performance (as at 31.08.21) Initial Charge 0.00% 3 Months 6 Months 1 Year 3 Years 5 Years Minimum Investment £100,000 Share Class M (Accumulation) 9.5% 22.3% 37.9% 29.4% 70.2% SEDOL B5BRW42 Share Class Z (Accumulation) 9.6% 22.4% 38.1% 30.0% 71.5% Mid Price 570.70p Share Class N (Accumulation) 9.6% 22.4% 38.0% - - Historic -
Taking the Lead in Total Pet Care
Taking the lead in total pet care Pets at Home Group Plc Annual Report and Accounts 2020 Overview The year in review 4 At a glance 6 Investment case 8 Chairman’s statement 10 Market overview 12 Strategy Chief Executive’s statement 14 Strategy 20 Pet care in action 24 Performance Key performance indicators 30 Business model 34 Stakeholder engagement 36 Chief Financial Officer’s review 38 Operating review 44 Risk management 52 Risks and uncertainties 54 Corporate Social Responsibility 62 Governance report Governance report 82 Board of Directors 92 Directors’ Report 94 Statement of Directors’ Responsibilities 101 Audit and Risk Committee Report 102 Nomination and Corporate Governance Committee Report 107 Corporate Social Responsibility and Pets Come First Committee 110 Directors’ Remuneration Report 112 Financial statements Independent Auditor’s report 134 Consolidated income statement 142 Consolidated statement of comprehensive income 142 Consolidated balance sheet 143 Consolidated statement of changes in equity as at 26 March 2020 144 Consolidated statement of changes in equity as at 28 March 2019 144 Consolidated statement of cashflows 145 Company balance sheet 146 Company statement of changes in equity as at 26 March 2020 147 Company statement of changes in equity as at 28 March 2019 147 Company income statement 147 Company statement of cashflows 148 Notes (forming part of the financial statements) 149 Glossary – Alternative Performance Measures 220 Advisors and contacts 226 Our vision is to become the best pet care business in the world. We provide customers with everything they need to be the best pet owner they can be. Financial and operational highlights The year in review Operational highlights Our performance in the year reflects Growing our pet care ecosystem the success of our pet care strategy.