Download our annual report and accounts for the year ended 31 May 2022
Strategic report | 3 |
Highlights | 3 |
At a glance | 4 |
Our investment case | 6 |
Our strategic roadmap | 7 |
Chair’s statement | 8 |
Business review | 10 |
Meet the CEO | 14 |
Our continued Covid-19 response | 15 |
Market outlook | 16 |
Market dynamics | 18 |
Business model | 20 |
Market drivers | 22 |
Stakeholder engagement | 26 |
Strategy and KPIs | 30 |
Sustainability | 38 |
Chief Financial Officer’s review | 58 |
Principal risks and uncertainties | 66 |
Governance | 75 |
Chair’s introduction to governance | 76 |
Governance framework | 79 |
Board of Directors | 80 |
Executive Committee | 82 |
Board composition and division of responsibilities | 84 |
Shareholder engagement | 95 |
Audit Committee report | 96 |
Nomination Committee report | 102 |
Cyber Security Committee report | 105 |
Remuneration Committee report | 108 |
Directors’ report | 130 |
Directors’ responsibilities statement | 135 |
Financial statements | 136 |
Independent auditor’s report | 137 |
Consolidated income statement | 145 |
Consolidated statement of comprehensive income/(loss) | 145 |
Consolidated balance sheet | 146 |
Consolidated cash flow statement | 147 |
Consolidated statement of changes in equity | 149 |
Company balance sheet | 150 |
Company cash flow statement | 151 |
Company statement of changes in equity | 152 |
Notes to the Financial Statements | 153 |
1 Accounting policies | 153 |
2 Critical accounting judgements and key sources of estimation uncertainty | 166 |
3 Alternative Performance Measures (APMs) and adjusting items | 167 |
4 Segmental information | 171 |
5 Individually Significant Items | 173 |
6 Expenses and auditor’s remuneration | 173 |
7 Staff numbers and costs | 174 |
8 Finance costs | 174 |
9 Taxation | 174 |
10 Dividends | 175 |
11 Earnings per ordinary share | 176 |
12 Goodwill and intangible assets | 177 |
13 Property, plant and equipment | 181 |
14 Right-of-use assets | 182 |
15 Investments | 182 |
16 Inventory | 182 |
17 Trade and other receivables | 183 |
18 Deferred tax assets and liabilities (Group) | 184 |
19 Trade and other payables | 185 |
20 Lease liabilities | 186 |
21 Provisions | 187 |
22 Contract liabilities - deferred revenue | 187 |
23 Contract balances | 188 |
24 Cash and cash equivalents and borrowings | 188 |
25 Financial instruments | 189 |
26 Share-based payments | 194 |
27 Called up share capital and reserves | 198 |
28 Profit attributable to members of the Parent Company | 198 |
29 Other financial commitments | 199 |
30 Contingencies | 199 |
31 Pension scheme | 199 |
32 Related party transactions | 199 |
33 Investments in subsidiary undertakings | 199 |
34 Acquisitions | 202 |
Additional information | 205 |
Glossary of terms - Alternative Performance Measures (APMs) | 205 |
Glossary of terms - other terms | 207 |
Other information | 209 |
Financial calendar | 210 |
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