30 January 2025
Carr's Group plc
("Carr's", the "Company", or the "Group")
Directors' Remuneration Report - Correction
Further to the publication of the Company's Annual Report and Accounts for the year ended 31 August 2024, the Company advises that the Remuneration Committee Report contains errors regarding the CEO's pay. There is no impact on the Company's profit, balance sheet, earnings per share or other financial information in the Accounts.
David White's bonus of £79,854.25 for FY24 was correctly stated on page 103, however, the table on page 101 erroneously states that his bonus was £17,000, and thus his total remuneration £327,000. The corrected extract of the table is below.
| £'000 | Salary/Fees | Benefits | Pension | Total fixed pay | Bonus | LTIP | Total variable pay | Total remuneration | ||||||||
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| FY24 | FY23 | FY24 | FY23 | FY24 | FY23 | FY24 | FY23 | FY24 | FY23 | FY24 | FY23 | FY24 | FY23 | FY24 | FY23 |
| Executive Directors |
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| 290 | 142 | 9 | 1 | 12 | 10 | 311 | 153 | 80 | 22 | - | - | 80 | 22 | 391 | 175 | |
Consequently, the information in the final table on page 107 (Assessing Pay and Performance) has also been corrected as per the extract below, with footnote 6 being replaced by the following: "As CEO from 17 November 2023. Figures above represent tenure as CEO only.".
| | FY15 Tim Davies | FY16 Tim Davies | FY17 Tim Davies | FY18 Tim Davies | FY19 Tim Davies | FY20 Tim Davies | FY21 Tim Davies | FY21 Hugh Pelham1 | FY22 Hugh Pelham2 | FY22 Peter Page3 | FY23 Peter Page4 | FY24 Peter Page5 | FY24 David White6 |
| Single figure of total remuneration | 911 | 531 | 308 | 861 | 764 | 508 | 259 | 244 | 210 | 312 | 368 | 475 | 322 |
| Annual variable element (actual award versus maximum opportunity) | 100% | 55%
| 0%
| 100%
| 60.41% | 15%
| 100% | 0% | N/A | 0% | 0% | 0% | 25% |
In addition, the information in the first table on page 108 (Change in Directors' Remuneration) has also been corrected as per the extracts below, with footnote 1 being replaced by the following: "David White was CFO from 21 February 2023 until 17 November 2023 and CEO from 17 November 2023 (figures are on an annualised basis). No comparatives exist in respect of CEO benefits and bonus for FY24 as former CEO, Peter Page, did not receive any benefits or bonus in FY23.".
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| Base pay/fees | Benefits | Annual bonus |
| Current Directors* | | | |
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| David White1 (CFO) | 5% | 0% | 180% |
| David White1 (CEO) | -13% | N/A | N/A |
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| Base pay/fees | Benefits | Annual bonus |
| Other UK employees | 5% | N/A | -4% |
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An updated version of the Company's FY24 Annual Report and Accounts will be available on the Company's website at www.carrsgroup-ir.com and will be submitted to the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Enquiries:
| Carr's Group plc
| 01228 554 600 |
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