Publication of the Annual Report 2017 and Notice of Annual General Meeting 2018 Further to the release of its preliminary results announcement on 28 February 2018, Travis Perkins plc (the 'Company') announces that it has today published its Annual Report for the year ended 31 December 2017. In addition, the Company announces that the Notice of Annual General Meeting 2018 has been sent to shareholders. The Company's Annual Report 2017 and Notice of Meeting 2018 can be viewed on the Company's website - www.travisperkinsplc.co.uk The Annual General meeting of the Company will take place at 12.30pm on Friday, 27 April 2018 at Northampton Rugby Football Club, Franklin's Gardens, Weedon Road, Northampton NN5 5BG. In accordance with rule 9.6.1 of the Listing Rules, copies of the following documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
* Annual Report and Accounts 2017; * Notice of Annual General Meeting 2018; and * Proxy Form for the 2018 Annual General meeting
A condensed set of the Company's financial statements and information on important events that have occurred during the year and their impact on the financial statements were included in the Company's preliminary announcement on 28 February 2018. That information together with the information set out below which is extracted from the Annual Report constitute the requirements of Disclosure and Transparency Rule ('DTR') 6.3.5 which is to be communicated via a Regulatory Information Service in unedited full text. This announcement is not a substitute for reading the full Annual Report. Page and note references in the text below refer to page numbers in the Annual Report. To view the preliminary announcement, visit the Company's website: www.travisperkins.co.uk
Enquiries: Graeme Barnes Graeme.barnes@travisperkins.co.uk +44 (0) 7469 401819
Helen O'Keefe Helen.okeefe@travisperkins.co.uk +44 (0) 1604 685910
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES For the year ended 31 December 2017
The Group operates in markets and an industry which by their nature are subject to a number of inherent gross risks. The Group is able to mitigate those risks by adopting different strategies and by maintaining a strong system of internal control. However, regardless of the approach that is taken, the Group must accept a certain level of risk in order to generate suitable returns for shareholders, and for that reason the risk management process is closely aligned to the Group's strategy.
The Board has a risk reporting framework that ensures it has visibility of the Group's key risks, the potential impacts on the Group and how and to what extent those risks are mitigated. As part of its risk management process, the principal risks stated in the Group's risk register are reviewed, challenged and updated by the Board and monitored throughout the year. Each operating business within the Group monitors a separate risk register. These risk registers are used to determine strategies adopted by the Group's various businesses to mitigate the identified risks and are embedded in their operating plans
Details of the Group's risk management processes are given in the Corporate Governance report on page 56.
In common with most large organisations the Group is subject to general commercial risks: for example, political and economic developments, changes in the cost of goods for resale, increased competition in its markets and the threat of emerging and disruptive competitors, material failures in the supply chain, failure to secure supply of goods for resale and / or on competitive terms, cyber-security breaches and failure of our IT infrastructure.
The risk environment in which the Group operates does not remain static. During the year, the Directors have reviewed the Group's principal risks and have concluded that as the nature of the business and the environment in which it operates remain broadly the same, the principal risks it faces are largely unchanged. However, some previously identified risks in respect of business transformation, including performance improvement in the Plumbing & Heating businesses, have considerable overlap and so they have been combined, whilst the Directors have also concluded that with so many stakeholders interacting with the Group's operations, health and safety risk should be described separately from other legislative risk. Finally, the resolution of some of the Group's tax disputes with HMRC means that the Board no longer believes that this area represents a principal risk.
The nature of risk is that its scope and potential impact will change over time. As such the list below should not be regarded as a comprehensive statement of all potential risks and uncertainties that may manifest themselves in the future. Additional risks and uncertainties that are not presently known to the Directors, or which they currently deem immaterial, could also have an adverse effect on the Group's future operating results, financial condition or prospects.
The table on pages 34 to 39 sets out, in no particular order, the current principal risks that are considered by the Board to be material, their potential impacts, the factors that mitigate them and those areas of the businesses' strategies they potentially impact. The inherent risk (before the operation of control) is stated for each risk area together with an indication of the current trend for that risk
+---------------------+------------------+----------------+--------------------+ |Inherent Risk and |Risk Description |Impact |Risk Mitigation | |Trend | | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Changing Customer and|The Group sells |Adverse effect |Changes to market | |Competitor Landscape |and distributes |on financial |practice are tracked| | |building materials|results |on an on-going basis| |Inherent Risk: High |through a number | |and reported to the | | |of channels. The | |Board each month. | |Trend: Static |number of outlets | |The Group is | | |and channels where| |building multi- | |Strategy: |building materials| |channel capabilities| | |can be purchased | |that complement its | |Customer Innovation, |continues to grow | |existing operations | |Optimising network, |with new | |and provide its | |Financial strength |competitors also | |customers with the | | |entering the | |opportunity to | | |market. These new | |transact with the | | |entrants may | |Group through | | |operate business | |channels that best | | |models which | |suit their needs. | | |differ | |The Group's strategy| | |significantly from| |allows it to use | | |the traditional | |sites flexibly. | | |merchanting and | |Alternative space | | |retail and online | |utilisation models | | |formats from which| |are possible, | | |the Group operates| |including | | |and may take | |maintaining smaller | | |market share. | |stores and | | |At the same time, | |implanting | | |customer | |additional services | | |purchasing habits | |into existing | | |are evolving with | |branches. | | |increasing online | |The development of | | |transactions. | |new, innovative and | | |Customers' | |competitive supply | | |preference for | |solutions is a key | | |purchasing | |strength of the | | |materials through | |Group. It works | | |a range of supply | |closely with | | |channels and not | |customers and | | |just through the | |suppliers on a | | |Group's | |programme of | | |traditional | |continuous | | |competitors may | |improvement designed| | |affect the Group's| |to improve its | | |performance and | |customer | | |adversely impact | |proposition. | | |the profitability | |Pricing strategies | | |of branch based | |across the Group are| | |operations. | |regularly reviewed | | |Increasing price | |and where necessary | | |transparency could| |refined to ensure | | |lead to a | |they remain | | |perception that | |competitive. | | |the Group is less | | | | |price competitive | | | | |leading to | | | | |downward pressure | | | | |on price and | | | | |margins. | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Colleague |The ability to|Inability to |The Group's | |recruitment, |recruit, retain|develop and |employment policies | |retention and |and motivate|execute |and practices are | |succession plans do |suitably qualified|development and |kept under regular | |not deliver the |staff is an|succession |review. | |required skills and |important driver|plans. | | |experience |of the Group's| |Staff engagement and| | |overall |Competitive |turnover by job type| |Inherent Risk: Low |performance. The|disadvantage |is reported to the | | |Group may also be| |Executive Committee | |Trend: Static |exposed to skills| |regularly and to the| | |shortages in| |Board. Succession | |Strategy: |certain areas| |plans are | | |which can result| |established for the | |Customer Innovation, |in salary cost| |most senior | |Portfolio Management |pressures. | |positions within the| | |The strength of | |Group and these are | | |the Group's | |reviewed annually. | | |customer | | | | |proposition is | |The Group's reward | | |underpinned by the| |and recognition | | |quality of people | |systems are actively| | |working throughout| |managed to ensure | | |the Group, | |high levels of | | |particularly in | |employee engagement.| | |customer facing | | | | |roles. Many of | |A wide range of | | |them have worked | |training programmes | | |for Travis Perkins| |are in place to | | |for some | |encourage staff | | |considerable time,| |development, whilst | | |during which they | |management | | |have gained | |development | | |valuable product | |programmes are | | |and customer | |available to those | | |knowledge and | |identified for more | | |expertise. | |senior positions. | | |The Group faces | |Salaries and other | | |competition for | |benefits are | | |the best people | |benchmarked | | |from other | |regularly to ensure | | |organisations. | |that the Group | | |Ensuring the | |remains competitive | | |retention, proper | |and the Group | | |development of | |operates incentive | | |employees and that| |structures to ensure| | |robust succession | |that high performing| | |plans exist for | |colleagues are | | |key positions is | |adequately rewarded | | |important if the | |and retained. | | |Group is not to | | | | |suffer an adverse | | | | |effect on its | | | | |prospects. | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Supplier dependency, |The Group is the |Adverse effect |Making decent | |relationships and |largest customer |on financial |returns is one of | |disintermediation |to a number of its|results. |the Group's | |leading to adverse |suppliers. In some| |cornerstones which | |impacts on ranging |cases, those |Adverse effect |requires it to treat| |and price |suppliers are |on reputation. |both customers and | | |large enough to | |suppliers fairly. | |Inherent Risk: Medium|cause significant | |The commercial and | | |supply | |financial teams have| |Trend: Static |difficulties to | |established strong | | |the Group if they | |relationships with | |Strategy: |are unable to meet| |the Group's key | | |their supply | |suppliers and work | |Customer innovation, |obligations due to| |closely with them to| |Scale advantage, |either economic or| |ensure contracts | |Financial strength |operational | |that are beneficial | | |factors. | |to both parties and | | | | |the continuity of | | |Alternative | |quality materials. | | |sourcing may be | | | | |available, but the| |To spread the risk | | |volumes required | |where possible | | |and the time it | |contracts exist with| | |may take those | |more than one | | |suppliers to | |supplier for key | | |increase | |products. | | |production could | | | | |result in | |The Group has made a| | |significant stock-| |significant | | |outs for some | |investment in its | | |considerable time | |Far East | | |leading to poor | |infrastructure to | | |customer service. | |support its direct | | | | |sourcing operation | | |The Group has | |which allows the | | |increased the | |development of own | | |sourcing of | |brand products, | | |products from | |thereby reducing the| | |overseas | |reliance on branded | | |factories. This | |suppliers. | | |has increased the | | | | |Group's exposure | |Comprehensive checks| | |to sourcing, | |are undertaken on | | |quality, trading, | |the factories | | |warranty and | |producing products | | |currency issues, | |and the quality and | | |which again may | |the suitability of | | |lead to an adverse| |those products | | |impact on customer| |before they are | | |service. | |shipped to the UK. | | | | | | | |Manufacturers of | | | | |building materials| | | | |sold by the Group | | | | |may also look to | | | | |sell their | | | | |products directly | | | | |to end customers | | | | |in the future | | | | |diminishing the | | | | |role of | | | | |distributors such | | | | |as merchanting and| | | | |retail | | | | |distribution | | | | |businesses. | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Unsafe practices |Keeping the |Adverse effect |The Group continues | |result in harm to |Group's |on financial |to challenge its | |colleagues, |colleagues, |results. |thinking and | |customers, suppliers |customers, | |approach to | |or the public |suppliers and the |Adverse effect |improving its safety| | |public safe is a |on reputation. |performance through | |Inherent Risk: Medium|cornerstone of the| |its now well | | |business. The | |established 'Stay | |Trend: Reducing |Group operates | |Safe' brand. | | |over two thousand | | | |Strategy: |sites, many with | |Stay Safe | | |complex and busy | |performance is | |Scale advantage, |yards. It also | |reviewed at all Plc | |Portfolio Management,|operates one of | |Board Meetings, by | |Financial strength |the largest | |the Executive | | |vehicle fleets in | |Committee and during| | |the UK, | |the Group's regular | | |distributing heavy| |Divisional | | |and bulky | |leadership meetings.| | |materials. Poorly | | | | |implemented safety| |Incidents are | | |practices could | |monitored, | | |result in | |investigated and | | |significant harm | |corrective action | | |to people which | |taken to reduce the | | |would damage the | |likelihood of | | |company's | |similar incidents in| | |reputation and | |future. | | |could impact | | | | |trading | |De-risking the | | |performance. | |Group's operations, | | | | |improving health and| | | | |safety awareness and| | | | |implementing | | | | |improved ways of | | | | |working are at the | | | | |forefront of the | | | | |Group's activities. | | | | |Further information | | | | |on progress made | | | | |during 2017 can be | | | | |found in the Health | | | | |and Safety report on| | | | |pages 44 to 45. | +---------------------+------------------+----------------+--------------------+ | | | | | |The Group allocates |The Group operates|Adverse effect |Return on capital is| |capital inefficiently|a number of |on financial |one of the Group's | |or under invests in |different |results. |key performance | |advantaged businesses|businesses in the | |indicators as shown | |and does not achieve |UK which operate | |on page 14. | |desired returns |in different, but | |Responsibility for | | |complementary | |identifying and | |Inherent Risk: Medium|channels. As the | |implementing | | |Group's markets | |opportunities to | |Trend: Static |continue to | |expand, improve or | | |develop, it is | |modify the Group's | |Strategy: |investing to | |operations rests | | |enhance its | |with each of the | |Customer innovation, |existing | |divisional boards, | |Optimising network, |businesses and | |with capital being | |Financial Strength |also to develop | |deployed or re- | | |new propositions | |deployed by the | | |to better serve | |Group to those | | |its customers. | |projects expected to| | | | |achieve the best | | |While the Group | |return on capital. | | |operates a | | | | |disciplined | |Major projects are | | |capital allocation| |kept under review to| | |process, there is | |monitor progress and| | |a risk that it may| |ensure the | | |be over-investing | |deployment of | | |in channels which | |capital remains | | |may decline or | |appropriate. | | |that it may not be| |Post implementation | | |allocating | |reviews are | | |sufficient capital| |undertaken of all | | |to new | |major projects and | | |propositions | |returns are | | |resulting in sub- | |monitored on an | | |optimal returns on| |ongoing basis to | | |capital. | |ensure that the | | | | |expected returns are| | | | |achieved, but also | | | | |to allow the Group | | | | |to modify its | | | | |capital allocation | | | | |when appropriate. | +---------------------+------------------+----------------+--------------------+ | | | | | |Business |The Group |Adverse effect |All potentially | |transformation |undertakes a |on financial |significant projects| |projects, turnaround |variety of |results. |are subject to | |projects and M&A |projects |Adverse effect |detailed | |activity fail to |throughout its |on shareholder |investigation, | |deliver the expected |business in order |value. |assessment and | |benefits, cost more |to generate | |approval prior to | |or take longer to |returns for its | |commencement. | |implement than |shareholders. | | | |anticipated |These projects are| |Dedicated teams, | | |intended to | |including financial | |Inherent Risk: Medium|transform the | |resource, are | | |Group's core IT | |allocated to each | |Trend: Static |systems, to | |project, with | | |develop its supply| |additional expertise| |Strategy: |chain operations | |being brought into | | |and its branch and| |the Group to | |Customer innovation, |store networks and| |supplement existing | |Optimising network, |to materially | |resource when | |Financial Strength |improve | |necessary. | | |performance in | | | | |certain businesses| |All strategic | | |which have | |projects are closely| | |underperformed in | |monitored by the | | |recent years. The | |Executive Committee | | |Group also | |with regular | | |undertakes | |reporting to the | | |acquisition and | |Board. | | |disposal activity | | | | |to optimise its | | | | |portfolio of | | | | |businesses. | | | | | | | | | |By their nature, | | | | |such strategic | | | | |projects are often| | | | |complicated, | | | | |interlinked and | | | | |may result in a | | | | |high level of | | | | |change and require| | | | |considerable | | | | |resource to | | | | |deliver them. As a| | | | |result, the | | | | |expected benefits | | | | |and the costs of | | | | |implementation of | | | | |each project may | | | | |deviate from those| | | | |anticipated at | | | | |their outset. | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Market conditions |The Group's |Adverse effect |The Board conducts | |leading to demand |products are sold |on financial |an annual review of | |uncertainty |to businesses, |results. |strategy, which | | |tradesmen and | |includes an | |Inherent Risk: High |retail customers | |assessment of likely| | |for a broad range | |competitor activity,| |Trend: Increasing |of end uses in the| |market forecasts and| | |built environment.| |possible future | |Strategy: |The Group's | |trends in products, | | |markets are | |channels of | |Customer innovation, |cyclical in nature| |distribution and | |Optimising network, |and the | |customer behaviour. | |Financial Strength |performance of | | | | |those markets is | |The Group maintains | | |affected by | |a comprehensive | | |general economic | |tracking system for | | |conditions and a | |lead indicators that| | |number of specific| |influence the market| | |drivers of | |for the consumption | | |construction, RMI | |of building | | |and DIY activity, | |materials in the UK.| | |including mortgage| | | | |availability and | |Significant events | | |affordability, | |including those in | | |housing | |the supply chain | | |transactions and | |that may affect the | | |the timing and | |Group are monitored | | |nature of | |by the Executive | | |government | |Committee and | | |activity to | |reported to the | | |stimulate | |Board monthly by the| | |activity, net | |Group CEO. | | |disposable income,| | | | |house price | |Should market | | |inflation, | |conditions | | |consumer | |deteriorate then the| | |confidence, | |Board has a range of| | |interest rates and| |options dependent | | |unemployment. | |upon the severity of| | | | |the change. | | |A significant | |Historically these | | |downturn in | |have included | | |economic | |amending the Group's| | |conditions or | |trading stance, cost| | |alternatively | |reduction, lowering | | |major uncertainty | |capital investment | | |about the future | |and cutting the | | |outlook could | |dividend. | | |affect the levels | | | | |of construction | | | | |activity in the | | | | |Group's markets | | | | |and the confidence| | | | |levels of the | | | | |Group's customers,| | | | |which could reduce| | | | |their propensity | | | | |to purchase | | | | |products and | | | | |services from the | | | | |Group's | | | | |businesses. | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Uncertainty caused by|The result of the |Adverse effect |It is still too | |the UKs decision to |UK vote to leave |on financial |early to determine | |leave the European |the European Union|results. |the full impact of | |Union |has caused | |the decision to | | |considerable | |leave, but the Board| | |market | |is closely | |Inherent Risk: High |uncertainty. This | |monitoring market | | |has made the | |conditions and will | |Trend: Increasing |economic outlook | |react accordingly. | | |more difficult to | |The Board has | |Strategy: |predict in the | |already taken steps | | |short term and has| |to reduce some | |Customer innovation, |resulted in | |costs, but is | |Optimising network, |significant | |carefully balancing | |Financial Strength |volatility in the | |the current needs of| | |value of sterling | |the business against| | |against the | |what may or may not | | |principal | |occur in the future.| | |currencies used by| |The Group continues | | |the Group to pay | |to invest in the | | |for imported | |business where those| | |goods. | |investments are | | | | |expected to realise | | |Future trading | |acceptable returns, | | |relationships with| |but it is prepared | | |foreign markets | |to reduce activity | | |have yet to be | |levels should market| | |determined and | |conditions so | | |these may result | |dictate. | | |in higher tariffs | |Where the cost of | | |or duties on | |goods increases due | | |imports of | |to the exchange rate| | |construction | |deteriorating or | | |products as well | |additional tariffs | | |as extended lead | |and duties, the | | |times on imported | |Group will seek to | | |supplies or result| |pass those price | | |in the need to | |increases through to| | |source some | |its customers, but | | |products | |its ability to do so| | |elsewhere. The | |will depend upon | | |construction | |market conditions at| | |industry and the | |the time. | | |distribution and | | | | |logistics markets | |The processes in | | |employ a | |place around the | | |significant number| |recruitment and | | |of non-UK | |retention of people | | |nationals and the | |are set out in the | | |UK may become a | |principal risk | | |less attractive | |pertaining to such | | |place for them to | |matters on page 34. | | |work resulting in | | | | |labour shortages | | | | |and consequent | | | | |salary cost | | | | |pressures. | | | | | | | | | |The effect on the | | | | |Group's operations| | | | |is unlikely to | | | | |become clear until| | | | |the UK's future | | | | |trading | | | | |relationships are | | | | |determined. | | | +---------------------+------------------+----------------+--------------------+ | | | | | |Defined benefit |The Group is |Adverse effect |All the Group's | |pension scheme |required by law to|on financial |final salary pension| |funding requirements |maintain a minimum|condition |schemes are closed | |could increase |funding level in | |to new members, | | |relation to its | |although they remain| |Inherent Risk: Medium|on-going | |open to accrual. | | |obligations to | |Since 2015 | |Trend: Static |provide current | |individual employee | | |and future | |contribution rates | |Strategy: |pensions for | |have been more | | |members of its | |closely linked to | |Portfolio management,|defined benefit | |the cost of accrual | |Financial Strength |pension schemes. | |which has resulted | | | | |in the current | | |The level of | |service contribution| | |contributions | |of the Group being | | |required from the | |capped. | | |Group to meet the | | | | |benefits promised | |For the Travis | | |in the final | |Perkins scheme, | | |salary schemes | |pensionable salary | | |will vary | |inflation has been | | |depending upon the| |capped at 3% per | | |funding position | |annum. | | |of those schemes. | | | | | | |The schemes' | | |While the Group | |investment policies | | |has taken actions | |are kept under | | |to manage the | |regular review by | | |future cost, the | |the trustees in | | |cash funding of | |conjunction with the| | |pension | |Group to ensure | | |obligations could | |asset portfolios | | |increase | |produce the desired | | |significantly due | |level of return | | |to a number of | |within an acceptable| | |factors including | |risk profile. | | |poor performance | | | | |of the pension | |In 2017 an | | |fund investments, | |investment de- | | |falling corporate | |risking plan | | |bond and gilt | |established in 2015 | | |yields and | |was completed with | | |increasing | |hedging strategies | | |longevity of | |designed to limit | | |pension scheme | |the Schemes' | | |members. | |exposure to | | | | |inflation and | | | | |interest rate | | | | |fluctuations being | | | | |put in place. | | | | | | | | | |Notwithstanding this| | | | |the Group remains | | | | |exposed to movements| | | | |in member longevity,| | | | |the value of pension| | | | |scheme investments | | | | |and falling | | | | |corporate bond and | | | | |gilt rates. | | | | | | | | | |The Group has agreed| | | | |deficit reduction | | | | |payment plans for | | | | |each of its defined | | | | |benefit pension | | | | |schemes with the | | | | |Trustees of the | | | | |schemes. The | | | | |repayment plans will| | | | |remain in place | | | | |until the next | | | | |actuarial valuation,| | | | |when in conjunction | | | | |with the Scheme | | | | |Trustees they will | | | | |be reassessed to | | | | |take into account | | | | |the circumstances at| | | | |the time. | +---------------------+------------------+----------------+--------------------+ | | | | | |Data security |Incidents of |Adverse effect |The strategic | | |sophisticated |on financial |demands of the | |Inherent Risk: Medium|cyber-crime |results |business, the | | |represent a | |resources available | |Trend: Increasing |significant and |Adverse effect |to IT, the | | |increasing threat |on |performance levels | |Strategy: |to all businesses |the Group's |of key systems and | | |including the |reputation |IT security are kept| |Customer innovation, |Group. A major | |under review by the | |Financial Strength |breach of system | |Executive Committee | | |security could | |with responsibility | | |result in system | |for monitoring and | | |disruption to both| |maintaining cyber | | |customer facing | |security delegated | | |and financial | |to a data security | | |systems and / or | |committee. | | |the theft and | |Investments in best | | |misuse of | |of breed solutions | | |confidential data | |are made that | | |with consequential| |continually adapt to| | |impacts on the | |mitigate the risk | | |Group's reputation| |associated with the | | |or ability to | |most advanced | | |trade. | |threats. | | | | | | | | | |Cyber security | | | | |controls are in | | | | |place to protect IT | | | | |systems and data | | | | |including firewalls,| | | | |virus protection and| | | | |penetration testing.| | | | |A programme of risk | | | | |oriented reviews is | | | | |undertaken to ensure| | | | |the level of control| | | | |around IT systems | | | | |remains robust. | | | | | | | | | |An IT disaster | | | | |recovery plan exists| | | | |together with a | | | | |business continuity | | | | |plan. Arrangements | | | | |are in place for | | | | |alternative data | | | | |sites for both trade| | | | |and consumer | | | | |businesses. Off-site| | | | |back-up routines are| | | | |in place. | +---------------------+------------------+----------------+--------------------+ | | | | | |The changing |The Group is |Adverse effect |The Group's legal | |regulatory framework,|subject to a broad|on the Company's|team is responsible | |including GDPR and |range of existing |reputation. |for monitoring | |new building |and evolving | |changes to laws and | |regulations, increase|governance, |Adverse effect |regulations that | |the risk of non- |environmental, |on branch |affect the business.| |compliance and fines |health and safety |operations. | | | |and other laws, | |The Group has | |Inherent Risk: Medium|regulations, |Adverse effect |policies in place | | |standards and best|on performance. |that set out the | |Trend: Static |practices which | |ways employees and | | |affect the way the| |suppliers are | |Strategy: |Group operates and| |expected to conduct | | |give rise to | |themselves. Those | |Customer innovation, |significant | |expectations are | |Optimising network, |compliance costs, | |widely disseminated | |Scale advantage, |potential legal | |using a range of | |Portfolio management,|liability exposure| |methods to ensure | |Financial strength |for non-compliance| |colleagues and | | |and potential | |suppliers understand| | |limitations on the| |their | | |development of the| |responsibilities to | | |Group's operations| |comply with the law | | | | |and other | | | | |regulations | | | | |affecting the Group | | | | |at all times. | | | | | | | | | |The Board and the | | | | |Executive Committee | | | | |regularly monitor | | | | |compliance with laws| | | | |and regulations. | | | | | | | | | |The Group operates a| | | | |whistleblowing | | | | |process that allows | | | | |the anonymous | | | | |reporting of non- | | | | |compliance with | | | | |health and safety, | | | | |environmental, | | | | |bribery and other | | | | |laws and | | | | |regulations. | +---------------------+------------------+----------------+--------------------+
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Source: Travis Perkins PLC via GlobeNewswire
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