Business model

How we deliver value

By the effective management and control of our subsidiary businesses, we deliver shareholder value through capital growth and a progressive dividend policy.

Ensuring the consistent delivery of quality

We are committed to ensuring we consistently deliver quality. Our businesses focus on maintaining and improving standards across their operations including in logistics, training, technology, sustainability and in the management of their supply chain. We strive to continue to develop and improve our business processes.

Safe delivery of our services is paramount

Safety remains the Group’s priority. Our safe operations are managed by our subsidiary businesses alongside their safety advisors, who have specific knowledge in the individual environments. Safety advisors share knowledge and best practice, assisting our businesses in maintaining their high safety standards. We are pleased that our commitment to reducing unsafe working practices has resulted in a further improvement in the Group’s accident incident rate in the year.

Development of long-term positions in target markets

We support the day-to-day operational requirements of some of the country’s key infrastructure and, as such, we build strong relationships with our clients, many of which we have worked with for many years. We provide both planned and responsive services where we fulfil a high volume of low-cost tasks on a range of assets through long-term framework agreements. Our responsive engineering services, combined with consistent delivery, mean we are well positioned to work on some of the largest asset maintenance and renewal frameworks nationally, which are largely delivered through our clients’ operational expenditure budgets.

Development and delivery of our growth strategy

We focus on developing our engineering services both organically and by acquisition to broaden our service offering to existing and new clients. Organic growth is achieved by aligning our operating subsidiaries with their clients’ day-to-day service requirements on key infrastructure assets. The Group also continues to look for complementary acquisition opportunities where businesses have strong relationships in regulated markets.

Ensuring thorough risk management

Our subsidiary businesses are governed by a system of controls that includes our Group minimum standards. These standards are monitored by an internal audit process to ensure compliance. Minimum requirements ensure compliance in areas such as risk management, control environment and activities, information and communication, and the evaluation of effectiveness to deliver robust commercial risk management. Regular operational and financial reporting is supported by monthly management meetings attended by a Group Executive member, Executive Management Committee meetings and monthly Main Board meetings. Each subsidiary business is required to have a management system in place certified to at least ISO 9001.

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Investment case
The regulated markets in which we operate have high barriers to entry and, alongside the Group’s extensive expertise in delivering asset care and maintenance, provide strong opportunities for growth.

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