The 'split' report gives them the option to take a simpler document, and may be a more appropriate piece of communication. There is also a cost-saving element for the company. The interesting thing about an annual report is that it has to address a number of varied, segmented audiences. Some of them are terribly boring. In many respects companies are not getting any braver.
People are reluctant to comment on the future as the corporate climate becomes less easy to predict.
The annual report is the only promotional document that absolutely has to be delivered on time. You can cancel an advertising campaign or delay a brochure, but the annual report is not something that will bear any delay. The time to produce the report varies according to the size of the company. The 100 FTSE companies, which require reports with a high degree of complexity, commonly work on a 9 month planning cycle, of which 6 months is active production. Smaller companies, with less complex reports, usually need around three months.