Principal Risks and Uncertainties
| Chairman's Statement |
| Chief Executive's Review |
| Financial Review |
| Statement of Directors' Responsibilities |
| Principal Risks and Uncertainties |
Review of Operations
- Chairman's Statement
- Chief Executive's Review
- Financial Review
- Statement of Directors' Responsibilities
- Principal Risks and Uncertainties
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The group has in place processes for identifying, evaluating and managing the key risks which could have an impact upon the group’s performance.
These risks, together with a description of the approach to managing them, are set out in the 2008 Annual Report (pages 23-24) which is available on the group’s website here.
The group has reviewed these risks and concluded that they continue to remain relevant for the second half of the financial year. They comprise:
- Acquisition integration
- New product development
- Competitive activity
- Supply chain disruption
- Seasonal fluctuations in sales
- Fluctuations in exchange rates
- Liquidity and interest rate risk
- Intellectual property
- Information technology/business disruption
- Political and economic environment
There has been a material adverse change in the economic conditions in the majority of the markets in which the group operates which may have a negative effect on the group’s performance for the second half of the year. The group has taken a number of actions over the past 12 months to mitigate the impact of these adverse conditions and will take additional actions as needed should conditions deteriorate further, whilst keeping the resources in place to deliver on its longer-term strategy. It is considered that by taking these actions, together with a strong focus on cash management, maintaining a strong balance sheet and financial position, the group should be well placed to manage this risk.