This was our first annual for Empiric, following on from drafting its interim results statement earlier in the year.

The company faced two main challenges in producing this report. First, the management team needed to clearly explain their turnaround plan, following a profit warning towards the end of the year and the departure of the previous chief executive. Second, they wanted to streamline and simplify the report, to cut clutter while improving key disclosures such as the business model and risk.

We helped Empiric to reshape the strategic report to meet these goals, including redefining the content covered the chairman and chief executive and developing a new operational and financial review section.

The client had also decided to switch from following the AIC code for corporate governance to the full UK Corporate Governance Code. We helped to redraft the corporate governance sections to meet this standard, including identifying and proposing new content required to ensure full compliance.