Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Installed a 190KW solar system on its UK premises and is currently seeking permission from the national grid to extend our installation of solar panels.
• Conducting an energy audit of its principal plant and property with the help of energy consultants to understand ways of reducing our energy consumption and operating in an environmentally sustainable manner.

Social Achievements

• Maintained full employment of its valued staff throughout the COVID-19 pandemic.
• Implemented measures to minimize risk to employees while continuing to work in difficult circumstances.
• Encouraged employee feedback and implemented a whistle-blowing policy.
• Supported community partnering and participated in education events encouraging interest in engineering in young people.

Governance Achievements

• Continually reviewed the corporate governance framework to reflect the complexities of the business and ensure stakeholder interests are aligned.
• Implemented formal business continuity plans.
• Maintained a culture of good governance in dealing with all key stakeholders.

Climate Goals & Targets

Environmental Challenges

• Sudden steep increase in the cost of raw materials and longer delivery times due to the COVID-19 pandemic and imbalance in container traffic and deep-sea shipping.
• COVID-19 pandemic impacting sales and creating uncertainty over the global economy.
• Disruption to supply chains following Brexit.
• Pricing pressures in a highly competitive environment for the manufacturing division.

Mitigation Strategies

• Fixing prices with suppliers where possible to mitigate raw material price fluctuation.
• Implementing rigorous management attention and quality control procedures to maximize right first time and on time delivery.
• Developing alternative sourcing strategies.
• Implementing health and safety measures to maintain operations, including retraining personnel, social distancing, and reviewing alternative suppliers.
• Building up a buffer of certain inventory lines to mitigate the impact of Brexit.
• Working closely with suppliers to design and supply innovative components.

Supply Chain Management

Responsible Procurement

• Working closely with suppliers to design and supply innovative components of the highest standard.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Certifications: IATF 16949:2016, ISO 9001:2015

Third-party Assurance: Kirk Newsholme Chartered Accountants and Statutory Auditors

Environmental Metrics

ESG Focus Areas

• Environment
• Social
• Governance

Environmental Achievements

• Installed a further 120KW solar PV system, in addition to an existing 190KW system.
• Conducted an energy audit of its principal plant and property to reduce energy consumption.

Social Achievements

• Maintained very low staff turnover.
• Regular participation in education events encouraging interest in engineering in young people.

Governance Achievements

• Appointment of three new non-executive independent directors.
• Improved board evaluation processes, including presentations from subsidiary managing directors.

Climate Goals & Targets

Environmental Challenges

• Shortage of and price escalation in raw materials.
• Huge jump in cost and delays in sea freight.
• Ongoing inflation.
• Need to find new sources of supply.
• Unexpected expense of having to rebuild a large area of its premises due to structural faults.
• Continued high and unpredictable cost inflation and unreliability of supplies in 2023.

Mitigation Strategies

• Built up orders for materials stocks.
• Used the opportunity to improve its main manufacturing facility and doubled the area of the factory available for its chain business.
• Invested in extending its facilities for product development and improving employee facilities.
• Investing in generating solar energy to mitigate spiralling increases in utility costs.
• Fixes prices with suppliers where possible.
• Arrangements with key suppliers to step up supply in the event of a disruption.

Supply Chain Management

Responsible Procurement

• Works very closely with its key suppliers in key product categories such as monitors, chain, belts and steel, to ensure that products continue to meet the appropriate quality standards, and features are regularly enhanced to obtain and maintain competitive edge.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Certifications: IATF 16949:2016, ISO 9001:2015

Third-party Assurance: Kirk Newsholme Chartered Accountants and Statutory Auditors