Annual Report 2015
Directors’ Report
The Directors have pleasure in
presenting their Annual Report for
the year ended 31 March 2015.
Major Corporate Transactions
There were no major corporate
transactions occurring in the year
ended 31 March 2015.
Except for any matters referred to
elsewhere in this Annual Report,
there have been no other significant
events affecting the Group since 1
April 2015.
Financial Results
The Group’s turnover increased to
£238.9m (2014: £224.7m) with
operating profit of £46.1m (2014:
£47.5m) and profit before tax of
£36.0m (2014: £35.1m). The Group’s
financial results and position are
explained in more detail in the
Financial Review section of the
Strategic Report on pages 26 to 31
and shown in the consolidated profit
and loss account, consolidated
balance sheet and consolidated cash
flow statement on pages 54, 55 and
58.
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,
including infrastructure renewals,
amounted to £40.3m (2014: £42.1m)
during the year.
Directors
No Director had any material interest
in any contract of significance with
the Company or Group during the
year under review.
Retirement and Re-Election
of Directors
In accordance with the Companies
Act 2006 and the Articles of
Association, Mr Page and Mr
Ammoun will retire by rotation and
being eligible will offer themselves for
re-election.
Details of the Directors who held
office during the year and
subsequently are provided in the
table below:
Appointed
Mr A Page (Group Chief Executive)
4 December 2003
Mr J Olmos* (Chairman)
30 July 2013
Mr R Kumar*
30 July 2013
Mr R Ammoun*
30 July 2013
* Denotes a Non-Executive Director
40
Indemnities have been given to all of
the Directors to the extent permitted
by the Companies Act. Directors and
Officers insurance has been
established for all Directors, executives
and senior management to provide
cover against any actions bought
against them as Officers of the South
Staffordshire Plc group of companies.