Annual Report 2016 | Page 44

Annual Report 2016
Annual Report 2016

DIRECTORS ’ REPORT

The Directors have pleasure in presenting their Annual Report , together with the audited Group financial statements , for the year ended 31 March 2016 .
Major corporate transactions There were no major corporate transactions occurring in the year ended 31 March 2016 . Details of an acquisition made during the year are provided in note 26 to the financial statements .
There have been no significant events affecting the Group since 1 April 2016 .
Business review The Strategic Report on pages 4 to 39 provides detailed information relating to the Group , its strategy and the operations of its businesses , future developments and the financial results and position for the year ended 31 March 2016 .
Details of the principal risks and uncertainties facing the Group are set out on pages 37 and 38 .
Financial results The Group ’ s turnover was £ 234.9m ( 2015 : £ 238.9m ) with operating profit before exceptional items of £ 47.5m ( 2015 as restated : £ 44.3m ) and profit before tax of £ 43.3m ( 2015 as restated : £ 32.7m ). The Group ’ s financial results and position are explained in more detail in the Financial Review section of the Strategic Report on pages 32 to 39 and shown in the consolidated profit and loss account , consolidated balance sheet and consolidated cash flow statement on pages 52 , 53 and 57 .
Directors Details of the Directors who held office during the year and subsequently are provided in the table below .
No Director had any material interest in any contract of significance with the Company or Group during the year under review .
The Company maintain a Directors ’ and officers ’ liability insurance policy in respect of legal action that might be brought against its Directors and officers . To the extent permitted by law , the Company indemnifies each of its Directors and other officers of the Group against certain liabilities that may be incurred as a result of their positions within the Group .
Retirement and re-election of directors In accordance with the Companies Act 2006 and the Articles of Association , Mr Olmos and Mr Kumar will retire by rotation and being eligible will offer themselves for re-election . Mr Tamiya , having been appointed by the Board after the last Annual General Meeting , will stand for election .
Appointed Mr A Page ( Group Chief Executive ) 4 December 2003
Mr J Olmos * ( Chairman ) 30 July 2013
* Denotes a Non-Executive Director
Corporate Social Responsibility South Staffordshire Plc regards compliance with relevant environmental laws , the adoption of responsible social and ethical standards and the health , safety , wellbeing and development of its employees , including disabled persons , as integral to its businesses . A report of the Group ’ s practices and activities in this regard is provided on pages 26 to 31 .
Corporate governance A detailed report on corporate governance is set out on pages 44 to 49 .
Financial and treasury risk Details of the Group ’ s policy in respect of financial and treasury risk are provided in note 28 to the financial statements .
Fixed assets Capital expenditure before contributions from third parties and excluding infrastructure renewals during the year amounted to £ 35.9m ( 2015 : £ 33.9m ).
Mr R Kumar * 30 July 2013 Mr R Ammoun * 30 July 2013 Mr S Tamiya * 28 April 2016
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