Polypipe Group PLC Annual Financial Report

Fecha : 15/04/2019 @ 10:20
Fuente : UK Regulatory (RNS & others)
Emisora : Polypipe Group Plc (PLP)
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Polypipe Group PLC Annual Financial Report

Polypipe (LSE:PLP)
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RNS Number : 2512W

Polypipe Group PLC

15 April 2019

15 April 2019

Polypipe Group plc

Annual Financial Report for the year ended 31 December 2018

and Notice of 2019 Annual General Meeting

Polypipe Group plc ("Polypipe", the "Company" or the "Group") today published its Annual Report and Accounts for the year ended 31 December 2018 (the "2018 Annual Report") and Notice of its 2019 Annual General Meeting. The Company will hold its Annual General Meeting at 10.30 am on Thursday 23 May 2019 at the Holiday Inn, High Road, Doncaster, DN4 9UX.

Copies of the 2018 Annual Report and the Notice of the 2019 Annual General Meeting are available to view on the Company's website at www.polypipe.com and, in accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority ("FCA"), will also shortly be submitted to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/NSM.

Copies of those documents are being posted or made available to the Company's shareholders today.

The information included in the final results announcement released on 19 March 2019 under RNS Number 2185T, together with the information in the Appendix to this announcement which is extracted from the 2018 Annual Report, constitute the materials required by the FCA's Disclosure Guidance and Transparency Rule 6.3.5 to be communicated to the media in full unedited text through a Regulatory Information Service. This announcement is not a substitute for reading the 2018 Annual Report in full.

APPIX A

1. PRINCIPAL RISKS & UNCERTAINTIES

Framework for managing risk

The Board is responsible for ensuring that the Group maintains an effective risk management system. It determines the Group's approach to risk, its policies and the procedures that are implemented to mitigate exposure to risk.

Process

The Board continually assesses and monitors the key risks in the business and Polypipe has developed a risk management framework to identify, report, and manage its principal risks and uncertainties. This includes the recording of all principal risks and uncertainties on

a Group Risk Register, which is updated at least every six months. Risks are fully analysed, allocated owners, scored for both impact and probability, prioritised, and assessed for what mitigation is required.

External risks include economic conditions, the weather, Government action, policies and regulations, raw material prices and information systems disruption. Internal risks include reliance on key customers, and recruitment and retention of key personnel.

The Board seeks to mitigate the businesses' exposure to strategic, financial and operational risk, both external and internal. The effectiveness of key mitigating controls is continually monitored and subjected to periodic testing by the Group's internal

audit function.

The heat map and table that follows highlight the principal risks and uncertainties that could have a material impact on the Group's performance and prospects and the mitigating activities which are aimed at reducing the impact or likelihood of a major risk materialising. These risks have all been considered by the Board when developing the Group's Viability Statement. The Board does recognise, however, that it will not always be possible to eliminate these risks entirely. In addition, the principal risks listed below do not comprise all of the risks that the Group may face and they are not listed in order of priority, probability or magnitude of potential impact.

Risk appetite

The Board determines the appropriate level of risk for operating the business and pursuing its strategic objectives. A key focus of the Board is minimising exposure to financial, operational, human, legislative and reputational risks.

Process

Top down:

Identifying, assessing and mitigating risk at Group level

Bottom up:

Identifying, assessing and mitigating risk at business operational level

The Board

The Board continually assesses and monitors the key risks in the business and Polypipe has developed a risk management framework to identify, report, and manage its principal risks and uncertainties.

This includes:

-- The recording of all principal risks and uncertainties on a Group Risk Register which is updated at least every six months.

   --     Analysing risks and allocating owners. 
   --     Scoring risks for impact and probability to determine the exposure to the business. 
   --     Outlining which risks should be prioritised and what mitigation is required. 

Internal audit

The effectiveness of key mitigating controls is continually monitored and subjected to periodic testing by the Group's internal audit function.

Operational level

The risk management processes are embedded into the different operational areas within the Group.

 
                                                                                              Change in 
                                                                                               potential 
                                                                                               impact and/or 
Risk                           Potential impact              Mitigation                        probability 
-----------------------------  ----------------------------  -------------------------------  -------------- 
1. Failure to manage the availability of raw materials supply and pricing 
 - Brexit 
------------------------------------------------------------------------------------------------------------ 
The Group is exposed           Any increase in the           The Group seeks to               Increased 
 to volatile raw material       market price of crude         pass on raw material 
 prices, particularly           oil or other petroleum        price increases to 
 polymers, due to               feedstocks, foreign           its customers wherever 
 fluctuations in the            currency exchange             possible. There is 
 market price of crude          rate movements, or            usually at least a 
 oil and other petroleum        changes to suppliers'         three-month time lag 
 feedstocks, foreign            manufacturing capacity        from notification 
 currency exchange              could have a direct           of the raw material 
 rate movements, and            impact on the prices          price increase before 
 changes to suppliers'          the Group pays for            selling prices can 
 manufacturing capacity.        raw materials which           be adjusted in the 
                                could adversely affect        market. 
                                its financial results.        Competitors of the 
                                This impact is potentially    Group are likely to 
                                exacerbated                   experience the same 
                                by a no-deal Brexit.          pressures of any sustained 
                                                              raw material price 
                                                              increases. 
                                                              Brexit - the Group 
                                                              is planning a temporary, 
                                                              proportionate increase 
                                                              in working capital 
                                                              in the first half 
                                                              of 2019 to secure 
                                                              supply of raw materials 
                                                              against short-term 
                                                              disruption at ports. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
2. Business disruption 
-----------------------------  ----------------------------  -------------------------------  -------------- 
The Group's manufacturing      Such incidents could          The Group has developed          No change 
 and distribution               result in the temporary       business continuity, 
 operations could               cessation in activity,        crisis response, and 
 be subjected to disruption     or disruption, at             disaster recovery 
 due to incidents               one of the Group's            plans. 
 including, but not             production facilities         The Group performs 
 limited to, fire,              impeding the ability          regular maintenance 
 failure of equipment,          to deliver its products       to minimise the risk 
 power outages, workforce       to its customers,             of equipment failure. 
 strikes, or unexpected         thereby adversely             Finished goods holdings 
 or prolonged periods           affecting the Group's         across the operations 
 of severe weather.             financial results.            act as a limited buffer 
                                In addition, prolonged        in the event of operational 
                                periods of severe             failure. 
                                weather could result          The Group has the 
                                in a slowdown in              ability to transfer 
                                site construction             some of its production 
                                activity reducing             to alternative sites 
                                the demand for the            and could also subcontract 
                                Group's products,             some of its tooling 
                                thereby adversely             to reduce any potential 
                                affecting its                 loss in production 
                                financial results.            capacity. 
                                                              The Group maintains 
                                                              a significant amount 
                                                              of insurance to cover 
                                                              business interruption 
                                                              and damage to property 
                                                              from such incidents. 
                                                              Independent insurer 
                                                              inspections take 
                                                              place across all 
                                                              sites to identify 
                                                              and 
                                                              assess potential 
                                                              hazards and business 
                                                              interruption risks. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
3. Reliance on key 
 customers 
-----------------------------  ----------------------------  -------------------------------  -------------- 
Some of the Group's            Failure to manage             The Group's strategic            No change 
 businesses are dependent       relationships with            objective is to broaden 
 on key customers               key customers, while          its customer base 
 in highly competitive          continuing to provide         wherever possible. 
 markets.                       high-quality products         The Group focuses 
                                delivered on time             on delivering exceptional 
                                in full, and developing       customer service and 
                                new innovative products,      maintains strong relationships 
                                could lead to a loss          with major customers 
                                of business, thereby          through direct engagement 
                                adversely affecting           at all levels. 
                                the Group's financial         The Group maintains 
                                results.                      customer service matrices 
                                                              which are continually 
                                                              tracked and monitored 
                                                              with intervention 
                                                              made where required. 
                                                              The Group closely 
                                                              manages its pricing, 
                                                              rebates, and commercial 
                                                              terms with its customers 
                                                              to ensure that they 
                                                              remain competitive. 
                                                              The Group continually 
                                                              seeks to innovate 
                                                              and develop its product 
                                                              lines to ensure its 
                                                              products are to the 
                                                              standard our customers 
                                                              expect. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
4. Recruitment and retention of key personnel 
------------------------------------------------------------------------------------------------------------ 
The Group is dependent         Loss of any key personnel     The Group has a formal           Reduced 
 on the continued               without adequate              succession plan in 
 employment and performance     and timely replacement        place facilitating 
 of our senior management       could disrupt business        staff retention and 
 team and other key             operations and the            progression through 
 skilled personnel.             Group's ability to            the Group. This succession 
                                implement and deliver         plan has been augmented 
                                its growth strategy.          through recent recruitment. 
                                                              The Group aims to 
                                                              provide competitive 
                                                              remuneration packages 
                                                              and incentive schemes 
                                                              to retain and motivate 
                                                              key personnel. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
5. Economic conditions 
 - Brexit 
-----------------------------  ----------------------------  -------------------------------  -------------- 
The Group is dependent         Lower levels of activity      The Group closely                Increased 
 on the level of activity       within the construction       monitors trends in 
 in the construction            industry could reduce         the industry, invests 
 industry and is therefore      sales and production          in market research 
 susceptible to any             volumes,                      and is an active member 
 changes in its cyclical        thereby adversely             of the Construction 
 economic conditions.           affecting the                 Products Association. 
                                Group's financial             The Group uses Construction 
                                results.                      Products Association 
                                                              and Euroconstruct 
                                                              forecasts in its budgeting 
                                                              process. 
                                                              The Group closely 
                                                              manages its demand 
                                                              forecasts and costs 
                                                              through weekly operational 
                                                              review meetings. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
6. Change in Government actions and policies relating to public and private 
 investment 
------------------------------------------------------------------------------------------------------------ 
The Group is in part           Significant downward          The Group's strategy             No change 
 dependent on Government        trends in Government          is to have its operations 
 action and policies            spending on public            structured so that 
 relating to public             and private investment        it has a balanced 
 and private investment         arising from economic         exposure to the residential, 
 and is therefore               uncertainty and ongoing       commercial and infrastructure 
 susceptible to changes         austerity policies            construction sectors 
 in Government spending         could have an adverse         so as to reduce the 
 priorities.                    impact on the construction    impact of any adverse 
                                industry which could          Government action 
                                impact on sales and           or policy on any one 
                                production volumes,           of the construction 
                                thereby adversely             sectors. 
                                affecting the Group's         The Group closely 
                                financial results.            monitors trends in 
                                                              the industry, invests 
                                                              in market research 
                                                              and is an active member 
                                                              of the Construction 
                                                              Products Association. 
                                                              The Group closely 
                                                              manages its demand 
                                                              forecasts and costs 
                                                              through weekly operational 
                                                              review meetings. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
7. Environmental regulations and other obligations relating to environmental 
 matters 
------------------------------------------------------------------------------------------------------------ 
The Group is subject           Failure of the Group          The Group has a formal           No change 
 to the requirements            to comply with changes        Health, Safety and 
 of UK and European             to environmental              Environmental policy, 
 environmental and              regulations and other         and procedures are 
 occupational safety            obligations relating          in place to monitor 
 and health laws and            to environmental              compliance with the 
 regulations, including         matters could result          policy. 
 obligations to investigate     in the Group being            The Group performs 
 and clean up environmental     liable for fines,             internal environmental 
 contamination on               require modification          audits and is subjected 
 or from properties.            to operations, increase       to external environmental 
                                manufacturing and             audits on a periodic 
                                delivery costs, and           basis. 
                                could result in the           The Group performs 
                                suspension or termination     weekly and monthly 
                                of necessary operational      reporting on key health, 
                                permits, thereby              safety and environmental 
                                adversely affecting           matters which require 
                                the Group's financial         the attention of the 
                                results.                      Board. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
8. Product failures in the marketplace could harm our reputation and our 
 results of operation 
------------------------------------------------------------------------------------------------------------ 
The Group manufactures         A product failure             The Group operates               No change 
 products that are              or recall could result        comprehensive 
 potentially vital              in a liability claim          quality assurance 
 to the safe operation          for personal injury           systems and procedures 
 of its customers'              or other damage leading       at each site. 
 products or processes.         to substantial financial      Wherever required, 
 These products are             settlements, damage           the Group obtains 
 often incorporated             to the Group's brand          certifications over 
 into the fabric of             reputation, costs             its products to the 
 a building or dwelling         and expenses and              relevant national 
 or buried in the               diversion of key              and European standards 
 ground as part of              management's attention        including Kitemarks, 
 an infrastructure              from the operation            BBAs, WRCs and WRACs. 
 system and in each             of the Group, which           The Group maintains 
 case,                          could all adversely           product liability 
 it would be difficult          affect the Group's            insurance to cover 
 to access, repair,             financial results.            third party claims 
 recall or replace                                            arising from potential 
 such products.                                               product failures or 
                                                              recalls. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
9. Failure of information systems 
------------------------------------------------------------------------------------------------------------ 
The Group is dependent         Disruption or failure         The Group contracts              No change 
 on the continued               of the information            with several third-party 
 efficient operation            systems could affect          providers to supply 
 of its information             the Group's ability           off-site, business 
 systems and is therefore       to conduct its ongoing        continuity arrangements 
 vulnerable to potential        operations which              for wholesale or partial 
 failures due to power          could adversely affect        recovery of the key 
 losses, telecommunication      the Group's financial         servers and applications 
 failures, or from              results.                      which are used within 
 an external security                                         the various business 
 breach due to the                                            units of the Group. 
 increasing levels                                            These continuity 
 of sophisticated                                             arrangements are subject 
 cybercrime now threatening                                   to periodic validation 
 businesses.                                                  and testing. 
                                                              Some business units 
                                                              of the Group also 
                                                              take advantage of 
                                                              their multi-site operations 
                                                              to provision server 
                                                              and applications recovery 
                                                              between those sites. 
                                                              There are a range 
                                                              of local, business 
                                                              unit-specific, back-up 
                                                              processes which 
                                                              are performed on 
                                                              a daily, weekly and 
                                                              monthly basis. 
                                                              Firewalls are in place 
                                                              to protect the perimeter 
                                                              of the Group's networks 
                                                              and any off-site access 
                                                              to the Group's servers 
                                                              and applications is 
                                                              through secure Virtual 
                                                              Private Network connections. 
                                                              In addition, email 
                                                              and Internet traffic 
                                                              filtering is in place 
                                                              to protect against 
                                                              potential viruses 
                                                              or malware entering 
                                                              the Group's networks. 
                                                              User and server computing 
                                                              devices have anti-virus 
                                                              software installed 
                                                              to protect from potential 
                                                              infection. 
                                                              The Group continually 
                                                              invests in the maintenance 
                                                              and upgrade of IT 
                                                              infrastructure and 
                                                              information systems. 
                                                              All upgrades are 
                                                              carefully planned 
                                                              and actively managed 
                                                              by senior personnel 
                                                              to minimise potential 
                                                              business disruption. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
10. Acquisitions do not perform as expected 
--------------------------------------------------------------------------------------------  -------------- 
The management of              Ineffective management        Full due diligence               No change 
 acquisitions' activity         of acquisitions could         is performed 
 and their integration          lead to management            before any acquisition 
 play a part in delivering      distraction,                  is made. 
 the Group's growth             a drain on financial          The Group seeks contractual 
 strategy and there             resources, and impact         assurances from the 
 is a risk that any             on the Group's ability        sellers to mitigate 
 acquisitions may               to successfully implement     against any identified 
 not perform as expected.       and deliver                   issues or risks. 
                                its growth strategy.          Formal Board level 
                                                              approvals are required 
                                                              in accordance with 
                                                              the Group's delegation 
                                                              of authority structure 
                                                              for any acquisition 
                                                              activity. Where appropriate, 
                                                              the Group will pay 
                                                              deferred consideration 
                                                              linked to the ongoing 
                                                              performance of the 
                                                              acquisition. 
                                                              The progress of any 
                                                              integration is closely 
                                                              monitored at Board 
                                                              and senior management 
                                                              team level. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
11. Foreign currency 
 risk 
-----------------------------  ----------------------------  -------------------------------  -------------- 
The risk that the              Foreign currency              The Group enters into             Reduced 
 fair value of a financial      exchange rate fluctuations    forward foreign currency 
 instrument or future           could adversely affect        exchange rate contracts 
 cash flows will fluctuate      the Group's financial         for the purchase and 
 because of changes             results.                      sale of foreign currencies 
 in foreign currency                                          to manage its exposure 
 exchange rates. The                                          to fluctuations in 
 Group's risk relates                                         foreign currency exchange 
 primarily to its                                             rates primarily in 
 operating activities                                         respect of US Dollars 
 where the revenue                                            and Euros relative 
 or expense is denominated                                    to Pounds Sterling. 
 in a currency other                                          It is not possible 
 than the functional                                          for the Group to mitigate 
 currency of the entity                                       foreign currency exchange 
 undertaking the transaction.                                 rate movements which 
                                                              impact the translation 
                                                              of its overseas subsidiaries' 
                                                              results and net assets 
                                                              as all the Group's 
                                                              long-term borrowings 
                                                              are Pounds Sterling 
                                                              denominated. However, 
                                                              with the disposal 
                                                              of the French business, 
                                                              foreign currency risk 
                                                              has been reduced. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
12. Credit risk 
-----------------------------  ----------------------------  -------------------------------  -------------- 
The risk that a counterparty   The failure of a              Customer credit risk              No change 
 of the Group will              counterparty to meet          is managed by each 
 not be able to meet            their financial obligations   business unit subject 
 its obligations under          could lead to                 to the Group's established 
 a financial instrument         a financial loss              policy, procedures 
 or customer contract.          for the Group.                and controls relating 
 The Group is exposed                                         to customer credit 
 to credit risk from                                          risk management. Credit 
 its trading activities                                       quality of the customer 
 (primarily from trade                                        is assessed based 
 receivables) and                                             on an extensive credit 
 from its financing                                           rating scorecard and 
 activities, including                                        individual credit 
 deposits with banks.                                         limits are defined 
                                                              in accordance with 
                                                              this assessment. 
                                                              Outstanding customer 
                                                              receivables are regularly 
                                                              monitored and any 
                                                              shipments to major 
                                                              export customers are 
                                                              generally covered 
                                                              by letters of credit 
                                                              or credit insurance. 
                                                              Where the Group perceives 
                                                              there to be a significant 
                                                              credit exposure it 
                                                              will take out credit 
                                                              insurance or obtain 
                                                              an irrevocable letter 
                                                              of credit prior to 
                                                              any transaction. 
                                                              Credit risk arising 
                                                              from cash deposits 
                                                              with banks is managed 
                                                              in accordance 
                                                              with the Group's 
                                                              established treasury 
                                                              policy, procedures 
                                                              and controls. Investments 
                                                              of surplus funds are 
                                                              made only with banks 
                                                              that have as a minimum 
                                                              a single A-credit 
                                                              rating. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
13. Liquidity risk 
-----------------------------  ----------------------------  -------------------------------  -------------- 
The risk that the              Insufficient funds            The Group's approach              Reduced 
 Group will not be              could result in the           to managing liquidity 
 able to meets its              Group not being able          is to ensure that 
 financial obligations          to fund its operations.       it will always have 
 as they fall due.                                            sufficient liquidity 
                                                              to meet its liabilities 
                                                              when due, under both 
                                                              normal and stressed 
                                                              conditions, without 
                                                              incurring unacceptable 
                                                              losses or risking 
                                                              damage to the Group's 
                                                              reputation. The successful 
                                                              completion of the 
                                                              refinancing of the 
                                                              RCF has reduced this 
                                                              risk. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
14. Interest rate 
 risk 
-----------------------------  ----------------------------  -------------------------------  -------------- 
The risk that interest         Increases to interest         To reduce the Group's            No change 
 rates could rise               rates could result            exposure to future 
 impacting on the               in significant additional     increases in interest 
 Group's borrowings.            interest rate cash            rates, the Group has 
                                payments being required       entered into interest 
                                on any borrowings.            rate swaps from variable 
                                                              to fixed interest 
                                                              rates. These will 
                                                              be progressively renewed 
                                                              when necessary to 
                                                              ensure appropriate 
                                                              levels of cover for 
                                                              utilisation of Group 
                                                              lending. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
15. Failure to manage health and safety resulting in fatality or serious 
 injury 
------------------------------------------------------------------------------------------------------------ 
The risk that management       Lack of management            There is a Group Health          No change 
 fail to take the               focus and                     and Safety Director 
 correct measures               a poor cultural               (with a team throughout 
 to prevent fatalities          attitude towards              the Group) with clear 
 or serious injury.             health and safety             accountability for 
                                could result in increased     health and safety 
                                incidences and serious        ('H&S'). H&S performance 
                                or indeed fatal accidents.    is tracked weekly 
                                                              by all levels of management 
                                                              and investigations 
                                                              performed to uncover 
                                                              cause and key learnings 
                                                              as quickly as possible. 
                                                              If employees have 
                                                              failed to adhere to 
                                                              H&S policies, then 
                                                              they may be subject 
                                                              to disciplinary action. 
                                                              Key messages are constantly 
                                                              reinforced throughout 
                                                              the organisation. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
16. Agreement of unfavourable commercial terms 
------------------------------------------------------------------------------------------------------------ 
The risk that new              Lack of experience            The Group employs                No change 
 contracts                      in negotiating commercial     experienced procurement 
 (or renewed contracts)         terms and insufficient        specialists to ensure 
 with                           oversight of such             key supplies are secured 
 suppliers and merchants        negotiations may              on the best possible 
 may contain unfavourable       result in unfavourable        terms (e.g. polymers). 
 commercial terms.              commercial terms              In other areas of 
                                being contracted.             the business, larger 
                                                              contracts are only 
                                                              negotiated by more 
                                                              senior managers. Significant 
                                                              contracts are also 
                                                              reviewed by Group 
                                                              legal counsel. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
17. Fraud including misreporting of periodic financial information by business 
 units to the Group 
------------------------------------------------------------------------------------------------------------ 
The risk that actuals          Lack of experience            Results are subject              No change 
 reporting and forecasting      or oversight as well          to regular analytical 
 may be misreported             as possible excessive         review by senior management 
 to the Group by the            pressure placed on            at Group level and 
 business units.                managers may result           appropriate enquiries 
                                in the misreporting           are made if anomalous 
                                of results (both              results are seen. 
                                actuals as well as            Balance sheet reviews 
                                forecasts).                   will be introduced 
                                                              throughout the Group 
                                                              to help uphold the 
                                                              integrity of financial 
                                                              reporting. Financial 
                                                              results are also subject 
                                                              to one external review 
                                                              ('interims') as well 
                                                              as a full external 
                                                              audit by Ernst & Young 
                                                              LLP each year. Internal 
                                                              auditing also conducts 
                                                              reasonable procedures 
                                                              to help prevent material 
                                                              misstatements. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
18. Breach of Group policies regarding Competition Law, the Bribery Act 
 and Sanctions Compliance 
------------------------------------------------------------------------------------------------------------ 
Fines may be levied            Alongside the financial       Training is provided             No change 
 on the Group and/or            impact of fines,              to all new relevant 
 individuals if legislation     breaches could result         employees on Competition 
 is breached. This              in damage to the              Law including those 
 legislation includes,          Group's reputation            changing roles. 
 but is not limited             and adversely impact          Annual declarations 
 to, Competition Law,           potential current             of compliance are 
 the Bribery Act and            and future business.          undertaken in respect 
 Sanctions Compliance.                                        of Competition Law 
                                                              and the Bribery Act. 
                                                              A Sanctions Compliance 
                                                              Policy is in place 
                                                              and all business in 
                                                              higher risk countries 
                                                              requires approval 
                                                              by the Company Secretary. 
                                                              An external agency 
                                                              (Reuters) is used 
                                                              to check Sanctions 
                                                              against companies 
                                                              and/or individuals. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
19. Political unrest in the Middle East 
------------------------------------------------------------------------------------------------------------ 
Political unrest               A negative impact             Financial performance,           No change 
 in the Middle East             to the Group's Middle         including future expectations, 
 could adversely impact         East operations could         is discussed weekly 
 the Group's Middle             adversely impact              while cash is remitted 
 East operations and/or         the Group's financial         to the Group treasury 
 create a threat                results and its ability       team frequently to 
 to the safety of               to deliver its growth         minimise the impact 
 Group employees.               strategy.                     to the Group of any 
                                If the safety of              changes in the Middle 
                                employees is compromised      East situation. 
                                this could result             The Group retains 
                                in serious injuries           and encourages an 
                                or fatalities.                open communication 
                                                              policy with all employees 
                                                              including discussions 
                                                              regarding their welfare 
                                                              and wellbeing. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
20. Labour availability and wage inflation - Brexit 
------------------------------------------------------------------------------------------------------------ 
Post-Brexit the UK             With UK unemployment          The Group continues              New risk 
 may focus on enabling          at historically low           to recruit and train 
 higher-skilled migration       levels, any reductions        staff across all levels 
 into the UK and potentially    in labour availability        of the business, being 
 introducing a more             may adversely impact          an 'employer of choice' 
 restrictive policy             operations.                   aiding staff recruitment 
 on lower-skilled               Further, increased            and retention. All 
 migration.                     demand for a limited          our competitors face 
                                labour pool may increase      the same pressures 
                                salary inflation              not putting the Group 
                                and adversely impact          at a competitive disadvantage. 
                                the Group's financial 
                                results. 
-----------------------------  ----------------------------  -------------------------------  -------------- 
 

2. DIRECTORS' RESPONSIBILITY STATEMENT

The 2018 Annual Report contains the following statements regarding responsibility for the financial statements in compliance with DTR 4.1.12.

Each of the directors confirms that, to the best of their knowledge:

the Group's consolidated financial statements, prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;

the Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.

The Directors of Polypipe Group plc are listed in the 2018 Annual Report, and on the Company's website: https://investors.polypipe.com/about-us/board-of-directors/

Enquiries:

 
 Polypipe 
  Martin Payne, Chief Executive 
  Officer 
  Paul James, Chief Financial 
  Officer 
  +44 (0) 1709 770 000 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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