TIDMEDP
RNS Number : 2135D
Electronic Data Processing PLC
29 January 2018
29 January 2018
Electronic Data Processing PLC (the "Company")
Annual Financial Report and Notice of AGM
The Company released its preliminary results announcement of
annual results for the year ended 30 September 2017 on 13 December
2017.
The Company has today published its Annual Report and Accounts
for the year ended 30 September 2017 on its website www.edp.co.uk
and has submitted it to the UKLA. This will shortly be available
for inspection at the National Storage Mechanism which is located
at www.hemscott.com/nsm.do.
Printed copies of the accounts will be posted to shareholders in
due course and will include a Notice convening the Annual General
Meeting at Tapton Masonic Hall, Shore Lane, Sheffield S10 3BU on 20
March 2018 at 12.00 noon.
A condensed set of the Company's financial statements and
extracts of the Strategic Report were included in the Company's
preliminary results announcement. That information, together with
the Appendix to this announcement, which contains additional
information that has been extracted from the Annual Report and
Accounts for the year ended 30 September 2017, constitutes the
material required to be communicated in unedited full text for the
purposes of compliance with DTR 6.3.5.
Appendix
1. Principal Risks and Uncertainties
A description of the principal risks and uncertainties that the
Company faces is extracted from pages 6 and 7 of the 2017 Annual
Report and Accounts.
"We operate in a changing economic and technological environment
that presents risks, many of which are driven by factors that we
cannot control or predict. The key risks and uncertainties facing
EDP and the measures taken to mitigate these risks are as
follows:
Systems and networks
Risk
EDP's business operations rely significantly on the efficient
and uninterrupted operation of its information technology systems
and networks.
Our computer network may be vulnerable to unauthorised access,
viruses and other disruptive problems.
Potential impact
Any damage or interruption to EDP's networks, however caused,
could have a material adverse effect on the delivery of our
products and services.
A party that is able to override security measures could
misappropriate proprietary information or cause disruption to our
operations.
Mitigation
We continually review and test the security of internal systems
and networks and have developed recovery plans in the event of
systems disruption. We use a third party to internally and
externally scan our network to identify any potential
vulnerability.
Where reliance is placed upon externally provided systems and
networks we undertake regular performance ability reviews and
ensure that contracts provide for an appropriate level of service
maintenance.
Product technology advances
Risk
The markets in which EDP operates are characterised by evolving
technology, market practices and industry standards.
Potential impact
Competitors could develop superior products or more
cost-effective techniques which could render our products
uncompetitive or less acceptable to the market. This could result
in the loss of new revenue opportunities, the non-renewal of
contracts by existing customers or the failure of users of our
legacy applications to migrate to Quantum VS.
Mitigation
We have an ongoing commitment to research and development which
allows us to identify and adapt to any technological and market
changes that do occur thereby ensuring that our products continue
to meet the demands of our customers.
External economic factors
Risk
As with most other businesses in the UK, our operations can be
adversely affected by a significant downturn in the economy. The UK
economy faces considerable uncertainty over the coming years and
most of our customers, the majority of whom import and are
therefore exposed to exchange rate movements, are directly impacted
by Brexit. Furthermore, the uncertainties caused by Brexit could
have a significant impact on discretionary capital expenditure
decisions including IT projects.
Potential impact
Restricted availability of finance for businesses and a stagnant
or recessionary economy could have an adverse effect on the
prospects for EDP, as potential customers, particularly in the
builders and timber merchants sectors may scale back their IT plans
in response to funding difficulties and/or reduced prospects for
their businesses.
Mitigation
We seek to ensure that a significant proportion of our revenues
are derived from long-term contracts with our customers, that our
products appeal to businesses operating in a range of business
sectors and that payments for our recurring fees are received
annually in advance.
Competitor activity
Risk
EDP operates in a competitive environment.
Potential impact
New entrants to our marketplace and actions taken by existing
competitors could have an impact on our levels of business activity
and product pricing in the market generally.
Mitigation
We endeavour to provide excellent customer support together with
high quality products at a competitive price in order to develop
and protect strong customer relationships.
Key employees
Risk
In common with all people-based businesses, our success will, to
a significant extent, be dependent on the experience of the Board
and senior management. The retention of the services of EDP's key
employees cannot be guaranteed.
Potential impact
The loss of key employees could have a material adverse effect
on EDP.
The failure to retain and develop key technical skills and
product knowledge could hinder EDP's future prospects.
Mitigation
We are continually focused on the need to recruit, retain,
reward and motivate staff with the appropriate skills."
2. Statement of Directors' Responsibility
The following responsibility statement is repeated here solely
for the purpose of complying with Disclosure and Transparency Rule
6.3.5. This statement relates to the full 2017 Annual Report and
Accounts and is extracted from page 11 of the 2017 Annual Report
and Accounts.
"Responsibility statement of the Directors in respect of the
annual financial report
We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit of the
Company and the undertakings included in the consolidation as a
whole;
-- the annual report and financial statements, taken as a whole,
provides the information necessary to assess the Company's
performance, business model and strategy and is fair, balanced and
understandable; and
-- the Strategic Report includes a fair review of the
development and performance of the business and the position of the
Issuer and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face.
The Directors are shown on page 9.
By order of the Board
J.M. Storey
Director
12 December 2017"
For further information please contact:
Julian Wassell James Storey Toby Mountford
Chief Executive Finance Director Citigate Dewe Rogerson
0114 262 2010 0114 262 2010 020 7638 9571
07710 356611
www.edp.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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