Mission and Values
Our Mission is to develop our company as an engineering and production services provider:
- Our mission for the five year period to 2016 is to complete the transformation of our Company from its naval defence roots into a company focused on providing engineering solutions, production and support services and products into our chosen prime markets of Naval Defence, Oil & Gas and Offshore Renewable Energy.
- During this period we will also seek to establish our company as a provider of engineering solutions and production services into the Nuclear market, Maritime security market and the Oceanographic survey and monitoring markets.
- We will seek to develop a range of technologies and products in which our company has vested Intellectual Property Rights in order to complement the range of products and services offered to our chosen markets.
- We will operate primarily as a tier 2/3 supplier selecting carefully those to whom we supply our products and services and with whom we compete. We will target our service/quality levels at the upper quartile level of those required to service our chosen market sectors. We will develop our business model through the utilisation of key account management processes. We want to ensure that our business is not unduly reliant on any one major customer or segment.
- Geographically, we anticipate our Naval Defence business to be predominantly UK driven with export potentials primarily pursuant to the RN fleet disposal programmes. We will also pursue export opportunities in selected key markets in the Indian sub-continent and the Far East not consequent on the RN fleet disposal programmes.
- Our Oil and Gas asset support business will primarily service North Sea operations, whilst our range of engineering solutions and products in support of field extensions and new field developments will be primarily targeted at the North Sea and West Africa markets.
- Our Marine Renewables business will be focused primarily on wave and tidal energy opportunities. We will progressively expand our range of products and services offered to the wave and tidal sector. We will seek to develop a niche service and product capability in support of the UK offshore wind developments.
- In territories outside the UK where market demand for our support services justifies the investment we will seek to establish a direct in-country presence. In other countries we will utilise agents and distributors where appropriate to develop our markets.
- Culturally, we want to develop a belief throughout our organisation in a single Company culture. We want to develop an organisation with a "can do" mentality and a reputation as an organisation that is both innovative in developing customer solutions and flexible in responding to customer demands.
- We will maintain a strong Balance Sheet with gearing appropriate to our Working Capital and Fixed Capital investment requirements at any time.
- We aim to grow the enterprise value of our business to £30m by 2016 through organic growth.
- We will remain vigilant to the possibilities of growing our non-Defence businesses through acquisition.
- We will seek to provide investment returns to our shareholders through both dividends and capital realisation opportunities.
Our values reflect our 50-year trading pedigree:
- Satisfying our stakeholders, namely our customers, suppliers, investors and the community at large.
- Ensuring honesty, integrity, transparency and fairness in all dealings with stakeholders.
- Delivering value for money, superior quality products, services and support expected from a highly responsive company.
- Pursuing business objectives with a strategy driven by innovative and creative thinking applying chosen technologies and working in partnership.
- Expecting employees to treat each other with respect and operating a policy of Equal Opportunity on the basis of gender, disability, race, age, religion, belief and sexual orientation.
- Striving to be an employer attracting and retaining high-calibre individuals, we believe in investment in people with appropriate training and development.
- Enabling a balance between individuals' effective contribution towards the achievement of the company's strategic objectives and their own personal aspirations.
Common Management System Policy