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Our purpose is to deliver innovative solutions in infrastructure products and galvanizing services, for the benefit of our shareholders, customers and employees.

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We encourage a high degree of entrepreneurialism at business unit level, supported by the resources of a larger group and within a disciplined framework of clear strategic priorities, whilst at the same time applying the appropriate level of corporate governance and reporting.

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Our businesses serve a wide range of industries, including road, rail, utilities, power generation and construction, supplying infrastructure products as well as corrosion protection services. Our largest markets are the UK and US, but we also have businesses in Scandinavia, France, India and Australia. For more information see pages 12 to 17.

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Our strategy is to deliver sustainable profitable growth through product development, innovation and international expansion. We target geographies with high levels of infrastructure investment driven either by regulation, health & safety, security or environmental concerns, or by emerging economic growth, or both. Growth is achieved organically and through acquisition, and we actively manage our business portfolio.

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The Board is collectively responsible for upholding high standards of corporate governance and leadership, and we place a high priority on meeting our environmental and social responsibilities, whilst continuing to deliver value to shareholders. Effective risk management is critical to the achievement of our strategy, and our risk management processes are integrated into daily business activities. For more information see pages 32 to 39 and 52 to 82.

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Our Roads businesses design, manufacture and supply products including permanent road safety barriers and other vehicle restraint solutions, temporary work zone protection products, hostile vehicle mitigation products, street lighting columns, car park and bridge parapets, and variable road message systems.

For more information see page 12.

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The Board ensures that revenue growth is achieved at each individual business unit alongside appropriate targets for margins, return on invested capital and debt, which in turn flows through to sustainable profitable growth at Group level.

The Group’s targets are as follows: ROIC of 20%; underlying margin of 12% - 15%; net debt to EBITDA ratio of 1.5 - 2.0x.

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We have a major presence in the UK and the US. From that strong base, we target further geographies where infrastructure is either being upgraded or is being invested in, where our existing solutions can readily and profitably be introduced, and where businesses can be acquired to enhance our market position.

A strong track record, over many years, of profitable growth, cash generation and increasing dividends.

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Our Utilities businesses design, manufacture and supply products and services for the power generation, liquefied natural gas, renewables, utilities, construction and other industrial sectors. These include pipe supports, electricity transmission structures, energy components, liquid storage and water management solutions, perimeter security, industrial flooring and access systems, and GRP composite products.

For more information see page 14.

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We require and incentivise our individual business units to exercise agility and entrepreneurialism, and we allow them room to do so. This approach ensures that decisions are made close to the market and that our businesses can respond rapidly both to opportunities and to changes in their competitive environment.

A balanced portfolio of responsibly managed businesses today, with leading niche positions in growth markets.
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The Galvanizing Services division provides corrosion protection services, in the form of hot dip zinc galvanizing and other coatings, for metal products used in a wide range of infrastructure and other industrial applications. It serves external customers, as well as the Group’s infrastructure product companies, through a network of facilities in the UK, France and the North East region of the USA.

For more information see page 16.

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We manage our business portfolio proactively. We supplement organic growth with acquisitions that complement our existing activities and create new growth opportunities, but we also closely monitor all our businesses to ensure that they are capable of contributing to the attainment of the Group’s overall growth targets. Where this is not the case prompt action is taken, whether through restructuring or divestment.

A growth strategy, management culture and financial profile that create a strong platform for further sustained, superior Total Shareholder Returns over time.

 

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A focused and well balanced group capable of generating sustainable profitable growth and superior total shareholder returns.

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A highly customer-focused group of businesses, committed to operational excellence and delivering innovative solutions, superior manufacturing capability and the highest quality customer service.

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As an employer committed to providing the right environment in which to work we insist that people connected with the Group can work safely, are trained correctly, behave in the right way, and comply with all local legal and regulatory requirements, thus ensuring the sustainability of the business as well as the environment and the communities in which we operate. We do this by implementing the correct policies and procedures relating to our people and the environment, by successfully delivering an effective health & safety system, and by encouraging our businesses to interact with their local communities. See pages 42 to 43 for more information.