|
|
|
|
||
|
||
|
The principal activity of the Group is the retailing of jewellery, watches and gifts with branches throughout the UK and the US. A review of the Group's performance during the year, with comments on the financial results and likely future developments, are set out in the following section: Chairmans Statement, Group Executives Review, Five year financial summary, US operating review, UK operating review, Group employees, Description of property, Financial Review. Going concern On the basis of current financial projections and facilities available, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to continue to adopt the going concern basis in preparing accounts. Results and dividends The results of the Group for the year appear in the consolidated profit and loss account. The directors recommend the payment of a final dividend of 1.50p per ordinary share, to be paid on 5 July 2002 to shareholders on the register of members at close of business on 7 June 2002. An interim dividend of 0.289p per ordinary share was paid in November 2001 making a total of 1.789p for the year (2000/01: 1.625p). See note 8 for waiver of dividend by Signet Group QUEST Limited. Directors and alternate director The directors who served during the period were James McAdam (Chairman), Lee Abraham, Robert Blanchard, Walker Boyd, Terry Burman, Ian Dahl, Brook Land and David Wellings. Details of the current directors are shown in directors, officers and advisers. Richard Miller served as an alternate director. Directors' service contracts and share interests Details of directors' service contracts and the interests in the share capital of the Company of the directors and their immediate families at 2 February 2002 are given in the Board report on remuneration. Allotment of equity securities There were no equity securities allotted save in relation to the exercise of options as set out in note 20. Social, ethical and environmental matters Matters relating to these issues, including employees, payment of creditors and charitable and political donations, are set out in social, ethical and environmental matters. Properties In the opinion of the directors, following an external revaluation at 2 February 2002 (see note 11), the market value of the Group's freehold and long leasehold properties at that date was not substantially different from their book value. Substantial shareholdings and control of the Company Details of substantial shareholdings and control of the Company are as set out in substantial shareholdings and control of the Company. Purchase of own shares At 2 February 2002 there was outstanding an authority, granted by the shareholders at the annual general meeting in 2001, to purchase, in the market, up to 168,751,972 ordinary shares of 0.5p each in the Company at a minimum price of 0.5p per share and a maximum price of 105% of the average of the market values derived from the London Stock Exchange Daily Official List for the preceding five business days. During the financial year no purchases were made or proposed to be made and no purchases or options or contracts to make purchases have been made or entered into since the end of the financial year. The authority expires at the forthcoming annual general meeting and a resolution to renew it will be proposed at the meeting. Pension funds Information about the Group's pension schemes is set out in note 22 in the notes to the accounts. Information about pension arrangements for executive directors is set out in the Board report on remuneration. Auditors The auditors, KPMG Audit Plc, are willing to continue in office and a resolution for their re-appointment as auditors of the Company will be submitted to the annual general meeting. The annual general meeting is to be held at 12.00 noon on 13 June 2002 at the offices of Deutsche Bank AG, Winchester House, 75 London Wall, London EC2. A description of the business to be transacted at the annual general meeting is included with the notice of the meeting. By order of the Board T J Jackson
|
