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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Morgan Sindall Group Plc | LSE:MGNS | London | Ordinary Share | GB0008085614 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5.00 | -0.21% | 2,420.00 | 2,430.00 | 2,440.00 | 2,470.00 | 2,420.00 | 2,470.00 | 64,083 | 16:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gen Contractor-nonres Bldgs | 4.12B | 117.7M | 2.4853 | 9.82 | 1.16B |
From May 2019 to May 2024
TIDMMGNS
RNS Number : 9397I
Morgan Sindall Group PLC
26 March 2018
Morgan Sindall Group plc ('the Company')
Legal Entity Identifier (LEI) number: 2138008339ULDGZRB345
Annual Financial Report
26 March 2018
Further to the release of the Company's Preliminary Results announcement on 22 February 2018, the Company announces that it has today published and issued to shareholders the 2017 Annual Report and Accounts ('Annual Report'), Notice of Annual General Meeting 2018 and the Form of Proxy. The following documents can be downloaded from the Company's website at www.corporate.morgansindall.comwww.morgansindall.com:
-- 2017 Annual Report -- Notice of Annual General Meeting 2018
A copy of each document listed above has been submitted to the Financial Conduct Authority's national storage mechanism ('NSM') and will shortly be available via the NSM website at www.hemscott.com/nsm.do.
The Company will hold its Annual General Meeting at 10.00 am on Friday 4 May 2017 at the offices of Jefferies International Limited, Vintners Place, 68 Upper Thames Street, London EC4V 3BJ.
In accordance with the requirements of Rules 4.1 and 6.3.5 of the Disclosure Guidance and Transparency Rules, a description of the principal risks and uncertainties affecting the Group is set out in Appendix 1 to this announcement. The Company's Preliminary Results announcement released on 22 February 2018 contained all other information required by DTR 6.3.5.
ENQUIRIES:
Morgan Sindall Group plc Tel: 020 7307 9200
Clare Sheridan, Company Secretary
Appendix 1
The Group's risk profile has improved with a strong balance sheet, continued focus on contract selectivity and no noticeable impact relating to Brexit.
Our approach
Risk is inherent in our business and cannot be completely eliminated if we are to achieve growth. Our risk governance model ensures that our principal risks and the controls implemented throughout the Group are under regular review at all levels.
Group Board
The Board is responsible for risk management and assesses the principal risks to the Group that threaten our strategy and performance.
Hot Features
Premium
Divisional boards Risk committee
------------------------------------- -------------------------------
In accordance with our decentralised The risk committee consists
philosophy, each division of heads of key Group
identifies the risks facing functions, including legal,
its business and takes measures company secretarial, IT,
to mitigate the impacts. finance, internal audit,
Senior managers take ownership tax, treasury and commercial.
of specific risks and ensure The committee identifies
that tolerance levels are risks for entering in
not exceeded. the Group risk register.
It also reviews both the
Group and divisional risk
registers before they
are presented to the Board
and audit committee.
------------------------------------- -------------------------------
Risk reviews Strategic Delegated Divisional
planning authorities reporting
----------------------- ------------------- -------------------- --------------------------
Twice a year We view risk Our finance The divisional
every division management director and risk registers
carries out as a fundamental Group head record the
a detailed part of our of audit and activities
risk review, business planning assurance needed to
recording significant process. Each have produced manage each
matters in year objectives a formal document risk, with
its risk register. and strategies which delegates mitigating
Each risk is are set that approval for activities
evaluated, align with material decisions embedded in
both before the risk appetite throughout day-to-day
and after the defined by the Group operations
effect of mitigation, the Board. to appropriate for which
on its likelihood levels of every employee
of occurrence management. has some responsibility.
and severity Such decisions Rigorous reporting
of impact on include project procedures
strategy. The selection, are in place
Group head tender pricing, to monitor
of audit and and capital significant
assurance follows requirements. risks throughout
the same process Board approval the divisions
for identifying is required and ensure
and reviewing before undertaking they are communicated
Group risks, large, complex to the Group
conferring projects. head of audit
with the risk The approval and assurance.
committee. system is
regularly
reviewed.
----------------------- ------------------- -------------------- --------------------------
Internal audit Audit committee
--------------------------- -------------------------------
The Group head of audit The audit committee assists
and assurance reviews and the Board in monitoring
collates the divisional risk management and internal
risk registers and draws control, and formally reviews
from them when compiling the Group and divisional
the Group risk register. risk registers before they
are presented to the Board.
--------------------------- -------------------------------
Overview of the Group's risk profile
The UK's decision to withdraw from the EU continues to generate uncertainty, however the economy has performed well in the reporting period and this is reflected in our trading position. It is still too early to predict the medium- to long-term effects of Brexit, and we are keeping a close eye on developments. We will adjust our strategy in response to any clear indicators, but are reassured that most of our regeneration schemes and a sizeable portion of our construction order book and pipeline are supported by public sector clients via frameworks and joint venture arrangements.
Our diversity of offering through construction and regeneration protects the business from cyclical changes in individual markets. Government commitments continue to support our business model: in house building, expected to be a primary growth driver, and in infrastructure, where our work in the public and private regulated sectors has longer-term visibility.
Based on current trading patterns, a strong balance sheet, high-quality secured order book and visible pipeline of opportunities, our outlook for 2018 looks positive. All businesses remain focused on long-term partnerships, our favoured route to market with more predictable outcomes. Our regeneration activities are mostly non-speculative and underpinned by a long-term pipeline. Residential schemes have shown no short-term impacts since the referendum, with demand continuing to meet expectations. With relatively low interest rates and government support for housing, we are confident that the homes we build will continue to be in demand and affordable. Should the market change, the majority of our schemes are subject to economic viability conditions: future phases can be re-modelled or deferred, which together with robust risk and capital controls would help mitigate negative fluctuations.
Construction's long-term focus on selectivity has significantly improved its risk profile, reflected in its outturn margin, cash and order book. Fit Out, while more susceptible to GDP fluctuations, has a strong secured order book for 2018 and beyond, providing higher visibility of future workload than in previous years.
In terms of resourcing our medium- and long-term plans, we have committed banking facilities until 2022, an improving cash profile and robust cash and capital controls in place. Voluntary staff turnover continues to fall and new people are being recruited who will help us achieve our strategic objectives.
Principal risks
The principal risks to the business are set out overleaf. They have been extensively reviewed but have not changed significantly in the reporting period. The list is not exhaustive but includes those risks currently considered most significant in terms of potential impact. The risks are set out as they relate to our Group strategic priorities, indicating any change in severity and likelihood of impacts compared to 2016 and describing mitigating actions being taken.
Win in targeted markets
Global and UK economic conditions could potentially impact our longer-term strategy in our markets.
Risk and Risk change in Mitigating activities Trend
potential reporting period(1)
impact
-------------- ----------------------------------------------------------- ------------------------------------------------------------ -------
Changes in No
the * EU exit negotiations have to date had little impact * Maintaining a high profile and competency in sectors change
economy in the UK market but longer-term effects remain identified for investment, such as infrastructure,
The number of difficult to predict and could affect both investor housing and urban regeneration.
opportunities and consumer confidence.
in our chosen
markets could * Monitoring changes in the economy, which helps us
be reduced or * The industry relies on a pool of EU labour in order detect shifts in spending and adapt our strategy if
become less to sustain construction output. To date we have not necessary.
profitable. seen any significant impact, however this is a
Allocation of concern that we need the government to resolve.
resources and * Strategic focus on market spread, geographical
capital to capability and diversification to protect against the
the * The government remains committed to investment cyclical effect of individual markets. Business
pursuit of housing supply and infrastructure. planning that focuses on markets and opportunities
declining consistent with our risk appetite.
markets or
less * This commitment complements our business model which
attractive is designed to provide a mix of earnings across * Committing only to viable development schemes,
opportunities different market cycles. allowing us to maximise our residential portfolio
would reduce while responding quickly to any market changes.
the Group's
profitability * Opportunities have continued to flow in all our
and cash markets. There is high demand for our development an * High proportion of our construction and regeneration
generation. d order book secured with public sector and regulated
regeneration schemes (with high barriers to entry), entities.
which are now benefiting from historic investment.
* Construction and regeneration divisions work together
* Competition in construction remains high against a ,
backdrop of lower growth and rising inflation. adding value for clients and offering a scale of
However we are being selective and our procurement service that enables us to compete in areas with
routes, margins, contract terms and order book remai higher barriers to entry.
n
favourable.
* Regular monitoring and reporting of financial
performance, work won, prospects and pipeline of
opportunities.
-------------- ----------------------------------------------------------- ------------------------------------------------------------ -------
Risk and Risk change in Mitigating activities Trend
potential reporting period(1)
impact
-------------- --------------------------------------------------------------- ------------------------------------------------------------ -------
Exposure to No
UK housing * There continues to be clear support from the * Monitoring key UK statistics, including unemployment, change
market government and cross party in terms of housing supply, lending and affordability.
The UK policy and stimulus, which complements our business
housing model and market positioning.
sector is * A residential portfolio that targets and supports the
strongly government's demand for housing supply and
influenced by * Sales volumes, pace and inflation across the regions partnerships.
government have all generally held up during EU discussions in
stimulus both the investor and private markets, albeit with
and consumer some signs of plateauing in the London market. * Rigorous three-stage approval process before
confidence. committing to development schemes.
If mortgage
availability * Dialogue continues with local authorities and housing
and associations, not yet reflected in our pipeline. * A constrained land bank, targeting option type
affordability agreements with owners that limit long-term exposure
are reduced and boost return on capital employed.
this could * We are well positioned to support current and future
make affordable and regeneration housing with high demand
existing across our existing property portfolio. * Largely non-speculative, risk share development
schemes vehicles, subject to viability conditions that
difficult to minimise any negative impact from market
sell and fluctuations.
future
developments
unviable, * High majority of schemes in partnership with the
reducing public sector and in regenerative areas that attract
profitability government funding.
and tying up
capital.
* Targeting forward selling sections of large-scale
residential schemes to institutional investors.
* Regular forecasting and monitoring of development
pipeline and order book.
-------------- --------------------------------------------------------------- ------------------------------------------------------------ -------
(1) Risk change in reporting period signifies the Board's opinion of pre-mitigation risk movement.
Risk and Risk change in Mitigating activities Trend potential reporting period impact --------------- ----------------------------------------------------------- ------------------------------------------------------------ --------- Poor contract Decrease selection * A significant proportion of our larger projects * Clear selectivity, strategy and business plan to In a volatile continue to be secured with longer-term repeat target optimal markets, sectors, clients and market where clients with whom we have good relationships and projects. competition sensible terms. is high, a division * Divisions select projects according to pre-agreed might accept * Our forward order book continues to improve. It types of work, contract size and risk profile. a contract includes a high proportion of public sector and outside framework clients with typically healthier risk its core profiles. * A multi-stage process of bid approval, including competencies tender review boards, risk profiling and sign off by
or for which appropriate levels of management.
it has * We continue to be selective when bidding for
insufficient contracts, enabled by our strong order book and cash
resources. position. * Staff planning and profiling to ensure appropriate
Failure to levels of qualified resource for future work.
understand
the project * Having improved selectivity in Construction three
risks may lead years ago, we are now benefiting from a business wit * Maturing selectivity strategy and tools, delivering
to poor h projects with improved outcomes and sustainable
delivery an improved risk profile delivering better outcomes. margins, and leading to repeat business.
and ultimately
result in
reputational * We have an enhanced understanding of medium-term * Initiatives to select supply chain partners who match
damage and pipeline quality, enabling us to predict trends more our expectations in terms of quality, sustainability
loss accurately and adjust our strategy in response. and availability.
of
opportunities.
* Regular reporting on sales, pipeline and order book,
using customer relationship management software.
* Communication of feedback from the supply chain.
* A deliberately large proportion of projects conducted
via framework or joint venture arrangements with
repeat clients who share our philosophy and values,
making predictable outcomes more likely.
* Construction strategy and culture of prioritising bid
selectivity over volume.
--------------- ----------------------------------------------------------- ------------------------------------------------------------ ---------
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
-------------- ------------------------------------------------------------ ----------------------------------------------------------- -------
Safety or No
environmental * Sentencing guidelines for health and safety * Individuals in each division and on the Board with change
incident introduced in 2016 can impose significant fines. We specific responsibility for HSE matters.
Health, currently have no material issues that might attract
safety a fine and we continue to focus on managing HSE
and issues to the standards required to protect * Communication of each division's HSE policy to all
environmental individuals, the community and the environment. staff and senior managers appointed to ensure they
(HSE) impacts are implemented.
will always
feature * Construction & Infrastructure has embedded its
significantly cultural development programme and adopted an * A Group health and safety forum with representatives
in the risk innovative approach to fatigue management, known as from all divisions that continues to share best
profile of a Readiband. practice and exchange information on emerging risks.
construction
business. We
carry out a * Fit Out introduced a health and safety app to improve * Established safety systems, site visits, monitoring
significant safety on sites. and reporting procedures including near-miss and
portion of potential hazard reporting.
our
work in * Health and safety leadership team meetings were held
public during the year to discuss safety matters and trends * Investigations and root cause analysis of accidents
areas and impacting the business. The meetings were attended by or incidents and near misses.
complex divisional managing directors and health and safety
environments, directors.
requiring * Regular HSE training that includes behavioural
strict change.
observation
of Health and
Safety * Major incident management plans and business
Executive continuity plans that are periodically reviewed and
standards. tested.
Incidents
that
cause harm to * HSE report to the Board each month, HSE audits on
an individual projects and training schedules and incident
or the investigation reports if necessary.
community
could result
in legal
action,
fines, costs
and insurance
claims as
well
as project
delays
and damage to
reputation.
Poor HSE
performance
could also
affect
our ability
to secure
future
work and
achieve
targets.
-------------- ------------------------------------------------------------ ----------------------------------------------------------- -------
Develop and retain talented people
We operate in sectors that are technically complex, requiring innovative solutions, and recognise that talented, motivated people improve our performance and contribute to our planned growth. Voluntary staff turnover rates, while falling, can be reduced further.
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
------------- ----------------------------------------------------------- ------------------------------------------------------------ ---------
Failure to Decrease
attract * In divisions where voluntary staff turnover was * Continued implementation of the People Promise(1) to
and retain higher than it should have been, improvements have help employees fulfil their potential.
talented been made to the working environment and investment
people made in technology and leadership training.
Talented * Annual appraisals providing two-way feedback on
people performance.
are needed * Our investment in graduate, trainee and
to apprenticeship schemes is now well established, with
provide a continuing number of participants progressing to * Training and development plans to build skills and
excellence more senior positions. experience.
in project
delivery
and customer * Our leadership development programme is proving * Attractive remuneration packages benchmarked where
service. popular, and progressing well. possible.
Skills
shortages
in the * There is a stretch in the labour market which has * Providing industry leading working environments,
construction been manageable in the short term. However it would technology tools and software to enrich people's
industry be exacerbated if the government were unable to working experience.
remain secure EU skills mobility.
an issue for
the * Giving people empowerment and responsibility together
foreseeable * Our current success is helping us attract and retain with clear leadership and support.
future. people, reflected in our falling voluntary staff
turnover rates.
* Monitoring future skills requirements.
* Succession plans in all businesses.
* Debriefs with leavers and joiners to understand the
reasons for their decision.
* Divisional 'people boards' that meet twice a year to
review talent in the business.
* Employee engagement surveys.
* Monthly HR reports to the Board including a report on
leavers and joiners.
* Monitoring recruitment.
------------- ----------------------------------------------------------- ------------------------------------------------------------ ---------
(1) Our People Promise given to all employees explains what they can expect from the Group and their team members and, in turn, what is expected from them.
Disciplined use of capital
Our long-term success depends not only on our disciplined use of capital but also the liquidity of our clients, partners and suppliers, which could be affected by overtrading in an increasingly uncertain market.
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
--------------- ------------------------------------------------------------ ------------------------------------------------------------ -------
Insolvency of No
key client, * A high proportion of our current order book is public * A business strategy focused on the public sector and change
subcontractor, sector focused. Outside of this we seek to obtain commercial clients in sound market sectors.
joint venture relevant securities in the form of guarantees, bonds,
(JV) partner escrow and/or favourable payment terms.
or supplier * Rigorous due diligence and credit checks on clients,
An insolvency partners and suppliers.
could disrupt * Our current JV project portfolio has not suffered any
project works, material impact as a result of recent industry
cause delay insolvency issues. * Obtaining financial security where necessary, such as
and incur the bonds, guarantees, specific preferential payment
costs of terms or escrow accounts.
finding * Construction & Infrastructure continues to develop
a replacement, long-term relationships with financially sound
resulting in subcontractors. * Formal approval process before entering contracts,
bad debt and supported by tender review boards.
significant
financial
loss. * Formal JV selection due diligence papers and approval
There is a at Group executive director level.
risk
that credit
checks * JV agreements contain protection relating to bank
undertaken accounts and resource employed by a defaulting party.
in the past
may no longer
be valid. * Working with preferred or approved suppliers wherever
possible, which ensures visibility of both financial
and workload commitments.
* Regular meetings with key supply chain members to
exchange feedback and maintain dialogue, resulting in
meaningful relationships and a greater understanding
of their business.
* Monitoring supply chain utilisation to ensure we do
not overstress either their finances or operational
resource.
* Monitoring work in progress (uninvoiced income),
debts and retentions to ensure optimal cash
conversion and identify potentially stressed
businesses.
--------------- ------------------------------------------------------------ ------------------------------------------------------------ -------
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Inadequate Decrease
funding * Debt availability and terms continue to be favourable * Securing medium-term committed banking facilities to
A lack of for the Group, our clients and our supply chain. 2022.
liquidity
could impact
our ability * Our average cash improved once again in the period, * A three-stage process requiring approval at Group
to continue providing a clear indication of the health of the level for all development and investment-related
to trade or business and its cash-backed nature. schemes, which gives an early indication of potential
restrict our long-term balance sheet commitments and risks.
ability to
achieve * We have recently renewed our banking facility which
market growth together with our strong cash position provides * A Group-led disciplined allocation process for
or invest in significant headroom. significant project-related capital which considers
regeneration all future requirements and return on investment.
schemes.
* Our robust balance sheet gives us greater opportunity
to explore further investment in new regeneration * Daily monitoring of cash levels and regular
schemes and continue to be selective in Construction. forecasting of future cash balances and facility
headroom.
* Regular stress-testing of long-term cash forecasts.
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Mismanagement Decrease
of working * Overall working capital continues to improve * Monitoring and management of working capital with
capital following the settling of long-standing accounts, acute focus on any overdue work in progress, debtors
Poor phasing of scheme starts and completions in or retentions.
management regeneration schemes, plus the continuing benefits
of working from positive cash generation in construction.
capital * Reinforcing a culture in the bidding and project
leads to teams of focusing on generating positive cash
insufficient * Cash management continues to improve in Construction outcomes.
liquidity and due to a combination of improved returns, cash
funding optimisation and cash conversion.
problems. * Daily monitoring of cash levels and weekly cash
forecast reports.
* Our average net cash for the period underlines our
strong performance and working capital management,
but there are still areas for improvement. * Cash profiling of key opportunities at an early stage
to ensure they meet the Group's expectations.
* Efficient management of capital on regeneration
schemes, such as phased scheme delivery, seeking
institutional and government funding solutions, and
forward selling where possible.
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Maximise efficiency of resources
Contract terms need to reflect risks arising from the nature and duration of the works. Projects must be properly resourced to ensure successful delivery for clients.
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Mispricing a Decrease
contract * Contract procurement routes and terms have remained * A well-established bidding process with experienced
If a contract favourable, as reflected in our outturn margins and estimating teams.
is quality of forward order book.
incorrectly
costed this * Robust review of pipeline at key stages, with
could lead to * We have maintained our focus on selecting projects rigorous due diligence and risk assessment, and
loss of that are right for the business and match our risk senior level approval.
profitability appetite, thus offering a higher probability of
that reduces success.
overall gross * Our order book quality and strong cash position mean
margin. It we can remain selective in our bidding.
might * We provide for increases in bids where appropriate in
also damage order to hedge against supply chain costs that are
the exposed to exchange rate or inflation fluctuations. * Construction strategy and culture in prioritising bid
relationship selectivity over volume.
with the
client * We continue to secure projects with repeat clients
and supply via negotiation, open book and framework style * Tender reviews at three key stages of
chain. arrangements, with limited, selective open market pre-qualification, pre-tender and final tender
bids. submission, with each stage approved by senior
management via tender review boards.
* Using the tender review process to challenge and
mitigate any impacts of rising supply chain costs.
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Changes to Decrease
contracts * The high proportion of framework related, two-stage * Carrying out work under standard terms wherever
and contract and negotiated work in our current order book has possible.
disputes reduced the likelihood of unforeseen changes and
Changes to disputes.
contracts * Reviewing contract terms at tender stage and ensuring
and contract variations are approved by the appropriate level of
disputes * Improvements in early warning tools and metrics flag management.
could potential issues in Construction earlier than before.
lead to costs
being * Well-established systems of measuring and reporting
incurred * Further development has continued on electronic project progress and estimated outturns that include
that are not project management and commercial controls to improve contract variations.
recovered, trend analysis and early warning intervention.
loss
of * Regular project reviews including feedback from peers
profitability * Construction's order book contains a greater ,
and delayed proportion of repeat client work, meaning we are more to provide a level of positive challenge around
receipt of likely to achieve sustainable and predictable progress and project performance.
cash. outcomes via negotiated settlement.
Ultimately we
may need to * Continued use and development of electronic
resort to dashboards for project management and commercial
legal metrics designed to highlight areas of focus and
action to provide early warnings.
resolve
disputes
which * Regular reporting on all projects with a particular
can prove focus on matters likely to impact on programme, cost
costly and quality.
with
uncertain
outcomes, as * Where legal action is necessary, taking appropriate
well as advice and making suitable provision for costs.
damaging
relationships
. * All material disputes notified to the Board as they
occur.
* Monthly monitoring of financial and operational
performance on projects.
* Use of electronic change control tools to inform
clients and project teams of the status of the final
account and programme at each stage of construction.
-------------- ------------------------------------------------------------ ------------------------------------------------------------ ---------
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
------------- ------------------------------------------------------------ ----------------------------------------------------------- ---------
Poor project Decrease
delivery * Maturing early warning tools are flagging problems in * Incentivising project teams on Perfect Delivery(1)
Failure to project delivery, enabling earlier intervention and outcomes to achieve high levels of client
meet provisioning. satisfaction.
client
expectations
could incur * Our continued focus on project selectivity reduces * Strategic supply chain trading arrangements to help
costs that risk in the order book and the probability of poor ensure consistent quality.
erode performance.
profit
margins * Electronic project management tools which help
and lead to * Various initiatives in Construction are underway that improve quality and efficiency.
the focus on improvements in product quality,
withholding predictability and customer experience.
of interim * Continued application of early warning tools to
cash highlight delivery issues.
payments * We have successfully settled older project disputes
which via a combination of expert advice and sensible
impacts dialogue, negating significant legal costs and * An escalation process to ensure senior management
working prolonged uncertainty. intervention at an early stage if necessary.
capital. It
may also
result * Fit Out's sophisticated initiative to drive customer * Formal internal peer reviews that highlight areas of
in reduction service and experience is maturing and continues to improvement and share best practice and 'lessons
of repeat differentiate their offering. learned' exercises.
business
and client
referrals. * Our electronic snagging and handover technology * Collection and analysis of client feedback.
improves the way we manage project close outs.
* Monthly monitoring of project performance and
electronic dashboards for project management and
commercial metrics.
* Regular formal and informal stakeholder feedback to
ensure our performance is meeting expectations
------------- ------------------------------------------------------------ ----------------------------------------------------------- ---------
(1) Perfect Delivery status is granted to projects that meet four customer service criteria specified by each division.
Pursue innovation
Innovation drives quality, efficiency and competitive advantage and continued investment in technology will improve our delivery and service. Business continuity depends on secure and resilient IT systems and the persistent
threat of cyber-risks continues to present a challenge.
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
------------ ------------------------------------------------------------ ------------------------------------------------------------ -------
Failure to No
innovate * All divisions have continued to develop solutions to * One of our core values is to challenge the status quo change
A failure improve efficiency, customer service and employee and innovation is strongly encouraged. New ideas are
to satisfaction. Examples range from Fit Out's new welcomed from every employee, partner and supplier.
produce or health and safety app to Partnership Housing's
embrace research into underutilised public land.
new * Our involvement in major infrastructure projects puts
products us at the forefront of new innovation in construction
and * Infrastructure has worked on some of the UK's leading ,
techniques projects, including the Lee Tunnel, Crossrail, HS2, management and project control techniques. This
could Sellafield and Heathrow. These clients encourage allows us to compete in areas with high barrier to
diminish innovation and optimised construction techniques, entry while sharing new ideas across the Group.
our sharing in the risk and reward.
delivery
to clients * Our employees enjoy working on high profile,
and innovative projects that provide them with the
reduce our ability to enhance their knowledge and experience.
competitive
advantage.
It * Business improvement and IT forums review, sponsor
could also and promote new innovations across the business.
make
us less
attractive * The successful centralisation of our IT team has
to existing given the businesses the confidence to initiate and
or introduce a number of new technology-led tools.
prospective Examples range from a new electronic snagging tool in
employees. Construction & Infrastructure to a Group-wide online
expenses processing system.
------------ ------------------------------------------------------------ ------------------------------------------------------------ -------
Risk and Risk change in Mitigating activities Trend
potential reporting period
impact
------------ ------------------------------------------------------------ ------------------------------------------------------------- -------
Failure to No
invest * Our centralised team works to ensure a stable and * A centralised IT service that improves efficiency, change
in resilient IT environment. oversight, reporting, security and performance, with
information localised divisional resource providing
technology business-specific product support.
Investment * We moved to a new data centre in 2017 to ensure
in sustained performance of our IT network to meet our
IT is future needs. Continued investment has allowed us to * Group-wide and divisional IT forums that discuss and
necessary focus with confidence on delivering new and improved report IT strategy and operations.
to meet the technology into the business.
future
needs * Continuing investment to improve infrastructure,
of the * Our IT team has seen a significant increase in demand application service and new technology.
business for new technology from operational teams and we
in terms of foresee this trend continuing. New software tools
expected have focused on quality, supply chain analytics, * A dedicated information security team certified and
growth, change and information management, commercial accredited by key industry bodies in data protection
security management, risk, design and project dashboards, with and information security.
and many more initiatives in the pipeline.
innovation,
and enables * Group-wide risk and security strategies that address
its * We previously upgraded our Group-wide financial creating awareness, threat alert, risk and
long-term software and are now exploring options to add vulnerability prioritisation and response.
success. construction-specific features.
* Government-accredited security installations and
* Security levels and data resilience continue to be a certification to hold protectively marked information,
focus. Our dedicated and accredited information including under the government's Cyber Essentials
security and compliance team are continuing the Scheme.
rollout of endpoint encryption, active monitoring and
threat analysis of external web-based threats, and
data protection and information security training.
* Ongoing strategic projects to improve security
include updating our Active Directory of
authenticated users, preparing for compliance with
the EU General Data Protection Regulation and ISO
27001 accreditation.
------------ ------------------------------------------------------------ ------------------------------------------------------------- -------
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