Why integrated reporting?
An integrated report provides a concise overview of how value is generated for all stakeholders. In essence how we manage risk, strategy and ethics in a sustainable way.
The global drive for public companies to transparently report on sustainable competitive advantage with a view to the short, medium and long term impact on stakeholder value has informed our first integrated report.
Our primary focus in this report is on shareholder value generation but this report also demonstrates how we interact with other stakeholders.
What's changed in this report
- Strategic focus and future orientation - The business model has evolved to provide greater clarity of our ability to create value in the short, medium and long term, and to its use of and effects on the capitals.
- Connectivity of information - Signposting for interrelated factors has improved with more signposting from the Business Model) and Material Issues.
- Stakeholder relationships - The nature and quality of our relationships with our key stakeholders have been outlined, along with the material issues that relate to those groups and how we are engaging with them (Read more on Material Issues).
- Materiality - Information has been disclosed about matters that substantively affect our ability to create value over the short, medium and long term (Read more on Risks and Uncertainties).
- Conciseness - Repetition has been removed where possible to provide a more intuitive and logical signposting throughout our integrated report.
- Reliability and completeness - Material matters both positive and negative have been approached in a fair, balanced and understandable way and without material error.
- Consistency and comparability - A commitment to provide performance KPIs with 5 year comparisons throughout the document has been achieved. Although some narrative content is provided in a language that is consistent with the Halfords brand, the framework and the use of plain English provides greater clarity of information and enables comparisons with other organisations.
Integrated reporting is evolving and this, our first integrated annual report, is an important step in the journey. In future reports, we will seek to:
- Incorporate measurement of the broader value we deliver to the UK.
- Explore the connections and interdependencies between the resources and relationships that sustain our business and to which we contribute.
- Demonstrate how integrated reporting affects thinking in our business.
- Develop further our approach for identifying and prioritising material issues.
Find out more
International Integrated Reporting Council: www.theiirc.org
Our updated business model provides a more comparable model, value proposition and revenue streams, all clearly linked to further content.
Sustainability activities and corporate responsibility are signposted and highlighted.
Our table of material issues provides guidance on our approach to a sustainable business.
Our risk reporting provides links and mapping to our material issues.
Taking a responsible and sustainable approach to running our business means being totally focused on helping and inspiring our customers.