Flexible working We recognise the need for all employees to want to work flexibly and we comply with all laws relating to the Children and Family Act 2014. We have policies and procedures in place to encourage and support flexible working, which are communicated to all employees and human resources managers. All policies are accessible to all employees via our corporate intranet. Each request will be reviewed on a case-by-case basis and, to the extent possible, will be reviewed in accordance with operational requirements. Since November 2013, as introduced by the government, we have automatically included all employees in our pension system, taking into account age and income criteria. In addition, we launched a second automatic enrollment program in 2016 to meet our legal obligations, and the next one is scheduled for 2019. In 2018, there will be an increase in contribution rates by the government, and Whistl will do so as part of our statutory responsibility to employees. Price competition The Group operates in a very competitive market, the marketing of lettermail continues with constant pressure on margins. The Group focuses on account management excellence and consistent service quality with initiatives to improve skills in the areas of customer service, operational improvement, sales support and training. Whistl offers a high level of customer service at prices that offer customers the best value for money. She also strives to maintain strong relationships with key customers and develop new services. Business Continuity The Group has detailed business continuity plans for all sites to ensure an immediate and appropriate response to a business continuity issue or disaster scenario. The Group has a whistleblowing policy that all employees and other defined individuals must adhere to and that suppliers and customers are available if they wish to report concerns.
The Whistleblower Directive sets out the ethical standards expected of all persons to whom the Directive legally applies and includes the procedure for expressing concerns confidentially. Employees are encouraged to express their sincere concerns about possible misconduct within the Group without fear of harassment or victimization. Any disclosure by employees regarding professional misconduct is reported to the Board of Directors. No cases of misconduct were reported to the Committee during the year. The Group has an anti-corruption policy put in place in response to the UK Bribery Act 2010. This policy sets out the responsibilities of Group employees in respecting and maintaining the Group`s position on bribery and corruption, namely that Whistl complies with all relevant anti-corruption laws in all jurisdictions in which it operates. As part of their onboarding process, all employees are required to complete a training program to raise their awareness of corruption when they join the Group. We publish our anti-bribery policy on our intranet and each staff member must conduct an annual evaluation via the company`s myAcademy online training portal. We are committed to actively investigating all reports of policy violations. No violations were reported this year. Modern Slavery Act Compliance We adhere to the requirements of modern slavery legislation to ensure that we only use resources that can legally operate within the organization and to ensure that no employee is employed who has a connection to personal activities. We actively work to demonstrate appropriate due diligence of our supply chain and maintain a Modern Slavery Policy and Statement, as required by the Modern Slavery Act 2015.
What is in those terms? These Terms inform you about the rules of use of our www.whistl.co.uk website (“our website”). Charles is responsible for the development of Whistl`s corporate strategy, including its relationship with Royal Mail and the legal and regulatory environment in which the company operates. Charles joined the board of directors of Whistl, which was formed after the MBO in 2015, and has worked for various companies in the mail industry for the past 30 years. He brings in-depth knowledge of media planning and data analytics to develop and improve our direct mail and door-to-door drop-off services. Home media revenue for the year of £58.4 million (2016: £63.3 million) was affected by political and economic uncertainty in the months leading up to the June 2017 general election due to the freeze on advertising budgets, but recovered in the second half of the year. The underlying trends have been positive with customer growth, strong customer retention and market share gains from our competitors. Whistl adds value by helping brands reach their customers with brochures, catalogs and multi-channel and targeted sample distribution. Operating profit of £1.4 million (2016: £0.9 million) increased by 56% compared to 2016. Execution In August 2017, Whistl acquired 76% of Prism DM`s share capital for £1.37 million, supporting our strategy to expand our e-commerce delivery and execution capabilities for new and existing customers. The acquisition was financed by the Group`s retained earnings. Prism DM was integrated into the group under the name Whistl Fulfillment. Revenue for the post-acquisition period at the end of the financial year was £6.0 million and operating profit was £0.2 million.
Goodwill and other intangible assets of 0.6 million Pounds sterling were recognised in the consolidated financial statements of Whistl Group Holdings Ltd in connection with the acquisition of Prism DM. Extraordinary costs Special charges amounting to GBP 1.9 million were incurred during the year under review. These include £1.2 million in restructuring costs related to the relocation of the Leeds and Warrington depots to Bolton, representing an exceptional relocation and double the operating costs per year. The move was successfully completed in 2017 and all individual costs have now been incurred and recorded in 2017. Other exceptional legal and professional expenses of £0.7 million were incurred in connection with M&A activities, including the acquisition of Prism DM and other ongoing or cancelled projects. To support the change process, the ICO has created a 12-step preparation guide. From raising awareness at all levels of an organization, to reviewing data, to creating a legal basis for processing and storing personal data, this guide can help organizations plan for compliance. How we may use your personal data We will only use your personal data in accordance with our Privacy Policy – www.whistl.co.uk/privacy/ In 2011, John was seconded to Honda Motor Europe as Acting General Counsel, then to Whistl (then TNT Post) before officially joining the company in 2012. He became Head of Legal in 2014 before being appointed General Counsel and Member of the Management Board in 2019.
John is a specialist in corporate and commercial law and provides strategic legal, risk management and compliance advice and support to all Whistl companies. As Corporate Secretary, he is also responsible for the company`s administration, legal and regulatory governance of the Whistl Group. The content of our website is provided for general information purposes only. This is not advice you should rely on. You should seek professional advice before taking or refraining from taking any action based on the content of our website. CAPITAL MANAGEMENT Management takes into account equity plus net debt capital as presented on the balance sheet. The main objective of the Group`s capital management is to ensure healthy capital ratios to support the company and maximize shareholder value. The Group`s financial instruments include cash and cash equivalents and various other items such as trade receivables and debts that result directly from operating activities. The Group`s policy is to fund its operations through operating cash flow and access to a fully committed £65 million facility from RBS. MARKET RISK The Group`s activities are mainly provided to UK companies, so the company`s wealth is linked to the overall health of the UK economy. The company`s exposure is limited by a large customer base, but the company remains subject to fluctuations in marketing budgets, electronic substitution, recession and continuous market development. REGULATORY RISK The Company operates in a regulated area that provides a certain level of protection against anti-competitive behaviour, requires access to Royal Mail`s network and controls the elements of Royal Mail`s pricing with which we compete.
Regulator Ofcom recently carried out a fundamental regulatory review and concluded that these safeguards should be extended for a further five years, until 2022. Management considers this risk manageable. If you have any questions about our GDPR readiness, please contact Mr. Stephen A Betts, Chief Security Officer Designated Person: gdpr@whistl.co.uk We are not responsible for websites to which we link or content provided by users of our website. CASH MANAGEMENT In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, all risk positions, including funding, currencies, interest rates and cash management, are regularly monitored by the Board of Directors.
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