7.01 Six drafting slips in the 2025 Strategic report's financial review, innovation and customer pages
UK Company A · a UK-listed medical technology group · Drafting slip
In brief
Six slips in the narrative pages of the 2025 Strategic report: a stray comma in the prior-year revenue figure in the Chief Financial Officer's review, a misspelt product name, 'Medical' for '[name]' in a product name that is spelt correctly two pages later, a count of [customer sites] ([name]) given as both '>[n]' and 'close to [n]' on the same page, 'the Company's', and a phrase printed twice. None changes a figure in the accounts.
The evidence, as filed
Screenshot withheld to protect the company’s identity: Annual Report 2025, page 18; Annual Report 2025, page 27; Annual Report 2025, page 28; Annual Report 2025, page 30; Annual Report 2025, page 38; Annual Report 2025, page 45. Their wording or layout could lead back to the company even with names and figures masked; the evidence list below records what each page shows.
What the report shows, and what the rule requires
| What the annual report shows | What the rule requires |
|---|---|
| What the annual report shows '(2024: $,[n])'; '[name]'; '[product] [name]'; '>[n] [market] [name]' beside 'close to [n] [name] in the US'; 'the Company's'; '[product] and [product] product lines' | What the rule requires '(2024: [amount])'; '[product]'; '[product] [name] Stabilised [name]'; one consistent ASC count ('close to [n]' or '>[n]'); 'the Company's'; '[product] product lines' |
Why it matters
Proof-reading slips in the front half of the report; a reader may question the care taken over the narrative.
Exposure
Drafting only.
Our workings
each slip is quoted from the page image in the evidence rows. The product is spelt [product] elsewhere in the report and the [product] insert is described as '[name] Stabilised' in the 2025 product launches section. The ASC graphic says more than [n] while the text on the same page says close to [n] and 'Out of these [n]'.
Management’s best defence, and our reply
Management could say these are typographical slips that no reader would misunderstand and that the correct names and figures appear elsewhere in the same report. They could add that none touches the audited statements. That is accepted as to weight, which is why they are drafting points only; they are still errors in the published Strategic report and easy to remove.
The fix
- Correct the six slips in the Annual Report 2026 equivalents and add a product-name and figure-format check to the proof-reading list.
Evidence relied on
| # | What it shows | Type | Where |
|---|---|---|---|
| 1 | Chief Financial Officer's review: stray comma in the prior-year revenue figure | Document | Annual Report 2025, page 18 |
| 2 | Research & Development: product name misspelt ([product] elsewhere) | Document | Annual Report 2025, page 27 |
| 3 | Product showcase: 'Medical' for '[name]' | Document | Annual Report 2025, page 28 |
| 4 | The 2025 launches section names the same product correctly | Document | Annual Report 2025, page 30 |
| 5 | Text gives close to [n] [name] while the graphic on the same page says >[n] [market] [name] | Document | Annual Report 2025, page 38 |
| 6 | The graphic on the same page gives more than [n] | Document | Annual Report 2025, page 38 |
| 7 | Possessive misspelt | Document | Annual Report 2025, page 38 |
| 8 | [business unit] 2025 performance: phrase printed twice | Document | Annual Report 2025, page 45 |
Prepared by Pramanex from the company’s published annual reports, without the company’s involvement, to show how an annual report review reads. The company is not named, and nothing on this page is a statement about any identifiable company. Observations are not an audit, review or other assurance engagement, and not legal advice. A regulator-style question is a question, not a conclusion.
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