In 2013/14 a new long-term strategy was developed for the Group. The core of this strategy revolves around building a solid platform for continued growth. To support this strategy, we have articulated a vision for the Group, and its core values.
Our vision is to be recognised as world-class leaders in structural steel, known for our ability to deliver any project, to the highest possible standards.
There's a reason it is known as 'safety first'. We make no apologies for the fact that profit and loss, deadlines and headlines, all come second to making sure everyone goes home safely. Every day.
As ambitious, innovative leaders in a demanding and ever developing industry, we will use our collective strengths and resources to build the capacity required to deliver the structures of the future.
Our clients are paramount in all that we do. We are here to understand their requirements and meet their aspirations. Together we will deliver projects of which we can all be proud.
We operate in a complex and challenging industry, one that often requires innovative thinking and a flexible approach to deliver successful outcomes. The one thing we'll never compromise on though is our integrity, which ensures we're able to maintain the exceptionally high standards we set for ourselves.
We may move with the times, but our long and rich history means that we have a few old-fashioned beliefs. One of those beliefs is that you stand by your word. When the Group say we'll deliver, whatever challenges lie ahead, you can depend on us to deliver, and to the highest possible standard.
Identify growth opportunities
In the short to medium-term, our aim is to capitalise on growth opportunities both in the UK and in overseas markets as follows:
- Increase UK market share — growing market share in areas where the business already operates.
- Enter new UK market sectors — looking for new market areas where the business has not operated in the past, taking advantage of our existing capacity and capabilities.
- Building from existing European opportunities, including through working with known construction companies.
Quality of service
Our industry experience allows us to better understand our customers' own strategic objectives and enables us to design, fabricate and construct structural steelwork solutions to support these objectives. By understanding, anticipating and responding to customer needs we aim to build secure, sustainable and mutually valuable relationships and create lasting customer satisfaction.
Find out more about our business model
Drive operational improvements and efficiencies
During the year, recognising the difficult economic conditions, we launched a comprehensive Group operational improvement programme. The objective of this has been to improve risk assessment, operational and contract management processes within the business, which should ultimately lead to an improvement in operating margins. Our aim is to restore underlying operating margins to 5–6 per cent in 2015/16 in current market conditions which, in accordance with the Group's business model, should generate surplus cash flow.
Find out more in the operating review
Develop our people
Our people are at the heart of our business and are vital to the success of our vision and the achievement of our strategic goals. Our aim is to attract and recruit the right person at every level and to keep them engaged so that we can deliver our goals and customer commitments whilst maintaining a safe working environment.
Find out more about developing talent
Sustainability of India
We believe that the Indian market presents great opportunities for steel fabrication. However, the poor recent performance of the joint venture has highlighted that the conversion of the market from concrete to steel is taking longer than expected.
In response, we have taken actions to improve the order book, strengthen management, reduce overheads and improve business development, which should lead to better future performance. Our aim is to ensure that the business develops a sustainable position whilst the market continues its conversion to steel.
Find out more about India
Investment in technology
We will invest in market-leading technology in the short and medium-term in order to support the ongoing requirements of the business and for growth. Capital investment will be determined by a structured and responsive approach to meeting customer expectations and as part of a more general capital replacement programme. We expect the level of investment to increase to a replenishment rate of £4–5m per annum in the future.
Find out more about how these strategic objectives will be measured through our KPIs