Our action plan has been to maintain safety and business security throughout the period by:
- Managing risk.
- Supporting stakeholders.
- Operating responsibly.
- Maintaining our vision.
As a supplier to customers who support UK Critical National Infrastructure and Strategic Defence Contracts, we have worked hard to ensure business continuity whilst maintaining our primary focus on safeguarding the health and wellbeing of our teams.
Investments made in our central group functions including Human Resources and IT infrastructure over the course of the previous year have underpinned the support we have been able to offer our teams through this difficult period, reinforced by regular and open communications with colleagues working both on site and at home.
- Business as usual with caution and all sites operational
Notwithstanding the many challenges faced on account of the pandemic, the businesses worked effectively to ensure business continuity given our status as a supplier to customers who support UK Critical National Infrastructure and Strategic Defence Contracts.
Despite a certain level of operational disruption during the lockdown period in the UK, staff absence levels stayed relatively low, enabling us to keep all sites open and operational, with staff working on the basis of ‘business as usual, with caution’.
We continue to support our customers, maintaining close communication and remaining focused on delivering orders safely and to the best of our abilities.
The oil and gas markets remain depressed, causing ongoing uncertainty for our oil and gas customers in particular, some of whom have deferred project spend, causing pricing pressure throughout the supply chain. We remain focused on the diversification of our customer portfolio to mitigate this, in line with our growth strategy. Integrity Management services continues to be impacted by the travel restrictions, especially with overseas non-naval contracts, although some UK based naval contracts remained on track due to critical defence and infrastructure requirements.
- Keeping employees safe whilst supporting UK Critical National Infrastructure
At the onset of the Covid-19 pandemic in March, we undertook swift, decisive actions to protect the health, safety and wellbeing of our teams.
We wrote and implemented specific precautions, policies and guidelines which allowed us to adapt working practices
to meet UK government guidelines on workforce protection, enabling social distancing across all our facilities, encouraging working from home wherever roles permit, and safeguarding employees who met vulnerable and extremely vulnerable category criteria.
During this difficult period, we successfully maintained regular, open communications with colleagues working both on site and at home, significantly enhanced due to the investments made in the last year in our central group functions including Human Resources and IT infrastructure.
- Protecting our financial strength
To protect our financial strength, we took a number of prudent measures to stabilise operations, manage cost and conserve cash and core capability.
We enjoy a strong and supportive relationship with our bank and post the financial year end were pleased to secure amendments and an extension to our facility to 30 November 2022 with updated financial covenant targets.
In December 2020, we also successfully completed a fundraising from new and existing shareholders to raise £7.5 million (before expenses).
We continue to monitor the Covid-19 situation closely and will adapt as necessary in order to continue servicing our customers whilst protecting our people.
Please feel free to get in touch at any time.
Stay safe, take care, keep in touch.
Pressure Technologies plc