Morgan Sindall Group Regulatory News (MGNS)

Audit committee

The audit committee assists the Board in monitoring risk management and internal control, and formally reviews the Group and divisional

risk registers on behalf of the Board.

Divisional boards

Risk committee

Each division identifies the risks facing its business and takes measures to mitigate the impacts. Senior managers take ownership of specific risks and ensure that tolerance levels are not exceeded.

The risk committee consists of heads of key Group functions, including legal, company secretarial, IT, finance, internal audit, tax, treasury and commercial. The committee identifies risks for the Group risk register and reviews the Group and divisional risk registers before they are presented to the Board and audit committee. The committee ensures that inherent and emerging risks across the Group are identified and managed appropriately.

Risk reviews

Strategic planning

Delegated authorities

Divisional reporting

Twice a year each division carries out a detailed risk review, recording significant matters in its risk register.

Each risk is evaluated, both before and after the effect of mitigation, as to its likelihood of occurrence and severity of impact on strategy. The Group head of audit and assurance follows the same process for identifying and reviewing

Group risks, conferring with

the risk committee.

Risk management is part of our business planning process. Each year objectives and strategies are set that align with the risk appetite defined by the Board.

Our finance director and Group head of audit and assurance have produced a schedule of delegated authorities that assigns approval of material decisions to appropriate levels of management. Such decisions include project selection, tender pricing and capital requirements. Board approval is required before undertaking large, complex projects. The approval system is regularly reviewed.

The divisional risk registers record the activities needed to manage each risk, with mitigating activities embedded in day-to-day operations for which every employee has some responsibility. Rigorous reporting procedures are in place to monitor significant risks throughout the divisions and ensure they are communicated to the Group head of audit and assurance.

Internal audit

The Group head of audit and assurance reviews and collates the divisional risk registers and draws from them when compiling the

Group risk register. An annual review across the Group is undertaken, focusing on significant projects and trends, and areas of concern.

Risk and potential impact

Update on risk status

Mitigating activities

Covid-19

The pandemic is an example of the speed and

scale at which events can unfold.

In these circumstances we must adapt quickly and rapidly to new ways of working and have sufficient financial resources to ensure the business can continue to operate effectively.

New

· In 2020, the Covid-19 pandemic had an impact across the Group in all areas of operations as a result of compliance with government guidelines.

· We responded well to initial challenges from the pandemic and expect to be able to navigate subsequent waves, avoiding material disruption.

· The government's directive that construction activity should continue through lockdowns, together with our strict adherence to safe operating procedures, provides a level of confidence that future activity can be maintained.

· Revised Covid-19 client programmes and agreements are predominantly in place and included within forecasting, signifying the strength of our relationships and operational management.

· During the pandemic, our long-term relationships and standing with primary UK suppliers have proved fundamental in managing product supply issues and should hold us in good stead post-Brexit.

· The Group's focus on its balance sheet prior to the crisis, which allowed us to navigate through the pandemic with positive net cash.

· The Group's favourable risk and cash profile, which permitted us to be accepted for access to the government's Covid Corporate Financing Facility (CCFF).

· In operations, all divisions responding well to new, safe ways of working and currently remaining fully operational.

· Prior investment in IT, which allowed our employees to work remotely with minimal inconvenience.

· Our decentralised structure, which allowed us to remain agile and responsive during the crisis.

· Our focus on developing strong relationships with our clients, partners and suppliers resulted in optimal assistance being afforded to us during the pandemic.

Changes in the economy

There could be fewer or less profitable opportunities in our chosen markets. Allocating

resources and capital to declining markets or less attractive opportunities would reduce our profitability and cash generation.

Increase

· There continues to be uncertainty arising from the Covid-19 pandemic and, to a lesser extent, the EU withdrawal agreement, which includes potential impacts on the economy. We continue

· to monitor the situation closely, however, we believe that in the medium to longer term, the markets in which we operate remain favourable and structurally secure.

· We are reassured by the quality and volume of our pipeline of opportunities and secured workload in both regeneration and construction, and believe that this, together with our business model, should provide some insulation against any specific adverse consequences.

· The continued scrutiny of UK construction balance sheets remains a differentiator for us and continues to underpin our positive position in the sector, meaning that our stakeholders can engage with confidence while allowing us to be highly selective.

· The UK is expected to continue investing in areas that complement our strategy, including affordable housing, infrastructure and regeneration. This supports our business model, which is designed to provide a mix of earnings across different market cycles.

· Strategic focus on market spread, geographical capability and diversification to protect against the cyclical effect of individual markets.

· High proportion of secured workload with public sector and regulated entities via long-term arrangements, with a healthy level of demand and typically preferential terms.

· Continuing with our strategy of being selective, with our procurement routes, margins, contract terms and secured workload all remaining favourable.

· An enhanced understanding of medium-term pipeline quality, assisted by insights generated from analytical software, that enables us to predict trends more accurately and adjust our strategy in response. Regular reporting on sales, opportunities pipeline and secured workload, using customer relationship management software.

Risk and potential impact

Update on risk status

Mitigating activities

Exposure to UK housing market

The UK housing sector is strongly influenced by government stimulus and consumer confidence.

If mortgage availability and affordability are

reduced this could make existing schemes difficult

to sell and future developments unviable,

reducing profitability and tying up capital.

No change

· While a number of new and existing investor schemes suffered some initial delay due to the pandemic, agreements did conclude, allowing schemes to recommence.

· Post Covid-19 sales and volumes returned to pre-crisis levels and, on certain schemes, we accelerated build to meet increased demand.

· Despite external factors, there continues to be clear government support for new affordable housing, which supports our business model and market positioning.

· The speed of decision-making by potential partners for new development schemes remains cautious, although it did improve in the second half of the year.

· Macroeconomic uncertainty, including matters such as consumer confidence and the end of the stamp duty holiday, could impact sales; however, mitigations are available and there may be further government interventions and housing stimulus.

· Working closely with public sector partners and government agencies such as Homes England to provide viable development and affordable homes.

· Largely non-speculative, risk-share development vehicles, subject to viability conditions that reduce any negative impact from market fluctuations.

· Targeting of forward-sold and funded sections of large-scale residential schemes to institutional investors.

· A geographically spread residential portfolio that offers protection against regional variations and is geared to an affordable product.

· A constrained land bank, preferring and targeting option-type agreements with owners that limit and/or defer long-term exposure and boost return on capital employed.

· Regular forecasting and monitoring of development pipeline of opportunities and secured workload, including monitoring key UK statistics such as unemployment, lending and affordability.

· For a large proportion of our portfolio we have the ability to slow down (or speed up) build rates on current schemes should the need arise.

· Rigorous three-stage approval process before committing to development schemes and capital commitments.

Poor contract selection

In a volatile market where competition is high, a division might accept a contract outside its core competencies or for which it has insufficient resources.

Failure to understand the project risks may lead to poor delivery and ultimately result in reputational damage and loss of opportunities.

No change

· The quality of our long-term secured workload should underpin future performance and provide sustainable performance and outcomes, also allowing us to remain highly selective when bidding future work.

· Our order book maintains a high proportion of public sector, regulated industry and framework clients with typically healthier risk profiles and is secured in limited competition.

· There are no changes to the sectors or markets in which we operate, meaning it is less likely that we would engage with a client or carry out a project that does not provide a positive outcome.

· The high quality of client and supply chain relationships, operational delivery and risk management in Construction & Infrastructure has been evident throughout the Covid-19 pandemic and allowed us to navigate the crisis well.

· Clear selectivity, strategy and business plan to target optimal markets, sectors, clients and projects, which have proven to have delivered favourable outcomes. 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.

· A proportion of construction work secured via sister company regeneration schemes, where expertise provided at an early stage can greatly influence the likelihood of project success.

· Divisions selecting projects according to pre-agreed types of work, contract size and risk profile, with a multi-stage process of bid approval, including tender review boards, risk profiling and sign-off by appropriate levels of

· management.

· Employee planning and profiling to ensure appropriate levels of capable resource for future work.

· Initiatives to select supply chain partners who match our expectations in terms of quality, sustainability and availability.

Risk and potential impact

Update on risk status

Mitigating activities

Responsible business

Being socially, economically and environmentally responsible in all that we do is crucial.

As a responsible business, we have five Total Commitments: protecting people, developing people, improving the environment, working together with our supply chain, and enhancing communities. These Commitments are aligned to our purpose, the needs of our stakeholders and our obligations towards society.

We must ensure that these key aspects are embedded in our culture and underpin what we do, in addition to complying with increasing regulation and reporting.

If this is not well managed, incidents may occur that result in legal action, fines, costs and insurance claims as well as project delays. It could also damage the Group's reputation and affect our ability to secure future work and achieve targets.

Increase

· The focus on responsible business practice has increased significantly from both a governmental and investor perspective and we need to ensure that we communicate a clear strategy and continue to measure and report our performance against it. Four of our divisions are using the supply chain social value bank that we developed with Simetrica, to measure the social, economic and environmental value our projects bring to local communities.

· We have an extensive supply chain who are strategically important to us and their performance on our projects is key to our success and reputation. Our approach is to develop long-term partnerships so that they help deliver high-quality projects for our clients and meet our Total Commitments.

· A responsible business forum with representatives from each division, chaired by our Group finance director. As of January 2021, this role is being undertaken by the Group management team.

· Regeneration activities that 'enhance communities' by physically reviving town centres and stimulating local economies through: procuring locally where we can; providing training and work opportunities to local people through our projects; taking part in local volunteering activities; and attracting visitors and businesses to the newly-regenerated areas.

· The use of Group-wide KPIs and targets by our divisions to measure their performance against the Total Commitments, which ensures consistency of objectives and standards throughout the Group. Divisional performance is then consolidated and reported as one set of Group results.

Health and safety

Our number one priority is to protect the health, safety and wellbeing of our key stakeholders.

Health and safety will always feature significantly in the risk profile of a construction business. We carry out a significant portion of our work in public areas and complex environments, requiring strict observation of Health and Safety Executive standards.

Accidents could result in legal action, fines, costs and insurance claims as well as project delays and damage to reputation.

Poor health and safety performance could also affect our ability to secure future work and achieve targets.

No change

· Our teams adapted well to new site operating procedures introduced as a result of the pandemic. These procedures remain in place across the whole business and should enable us to navigate further waves of the pandemic in a productive and safe manner.

· Our health and safety performance improved in the year, with a reduction in the number of lost time incidents, incidents reportable to the Health and Safety Executive (RIDDORs) and accident frequency rate. The results were due in part to the adoption of the new site operating procedures together with fewer people working on sites in the year.

· Board level health, safety and environment committee focused on health and safety culture to drive better behaviour and performance.

· Individuals in each division, and on the Board and Group management team, with specific responsibility for health and safety matters.

· Quarterly meetings of the Group health and safety forum where representatives from all divisions continue to share best practice and exchange information on emerging risks.

· Established safety systems, audits, site visits, incident investigation and root-cause analysis, monitoring and reporting procedures, including near-miss and reporting of incidents that could potentially have resulted in serious injury.

· Regular health and safety training that includes behavioural change, housekeeping on site and leadership engagement in driving site standards.

· Communication of each division's health and safety policy to all their employees and senior managers appointed to ensure they are implemented.

· Major incident management and business continuity plans, periodically reviewed and tested.

Risk and potential impact

Update on risk status

Mitigating activities

Climate change

The Group's key environmental impact is via the carbon emissions and waste that we produce.

Our activities can be impacted by changes in temperature, high winds from increasing severity of storms, and flooding. If this is not well managed, incidents may occur that result in legal action, fines, costs and insurance claims as well as project delays. It could also damage the Group's reputation and affect our ability to secure future work and achieve targets.

Increase

· The focus on the impacts of climate change has increased significantly. We need to communicate our strategy for addressing climate change and the actions we are taking in order to meet the expectations of our stakeholders.

· We are addressing climate change by reducing our carbon emissions and waste.

· The next step is to reduce our indirect emissions that occur in our value chain. We are doing this by helping our supply chain manage their own climate-related regulatory and reporting obligations. The Supply Chain Sustainability School, of which we are a member, is providing the supply chain with support through training.

· We achieved an A score for leadership on climate change from CDP (the international non-profit organisation that drives environmental disclosure to manage environmental impacts) and were the only major UK based contractor to do so.

· A climate action panel with representatives from each division, chaired by our Group director of sustainability and procurement.

· Science-based carbon measurements and targets put in place in response to increased demand from our employees and stakeholders.

· ISO 14001- compliant environmental systems in

· place within all construction divisions.

· Plans focused upon reducing waste generated on site and transferred to landfill.

· Where possible, use of on-site energy generation and design for low carbon and climate change adaptation. Use of alternative fuels for our vehicle fleet and generators to reduce emissions.

Failure to attract and retain talented people

Talented people are needed to provide excellence in project delivery and customer service.

Skills shortages in the construction industry remain an issue for the foreseeable future.

No change

· Brexit complicates the skills issue as availability of EU workers may reduce. However, in the short term, while there could be some limited issues, our supply chain believes this will be manageable.

· Our current success is helping us attract and retain people, reflected in high levels of applicants and falling voluntary employee turnover rates.

· In divisions whose voluntary employee turnover was higher, improvements continue to be made to the working environment and investment made in technology and leadership training.

· We are responding to the challenge of an ageing employee population and undertaking work to improve our diversity, such as working with schools and colleges to encourage more women to enter the industry and providing a returnships programme for people returning to work following a career break.

· Giving people empowerment and responsibility together with clear leadership and support.

· Attractive working environments, remuneration packages, technology tools and wellbeing initiatives to help improve our employees' working lives.

· Annual appraisals providing two-way feedback on performance.

· Succession planning that includes identifying and developing future skills.

· Training and development to build skills and experience, such as our leadership development and graduate, trainee and apprenticeship programmes.

· Employee engagement surveys that ensure we target areas to improve employee satisfaction.

· Divisional 'people boards' that meet twice a year to review talent in the business.

· Monthly HR reports to the Board, including reporting on leavers and joiners.

· Interviews with leavers and joiners to understand the reasons for their decision.

Risk and potential impact

Update on risk status

Mitigating activities

Insolvency of key client, subcontractor,

joint venture partner or supplier

An insolvency could disrupt project works, cause delay and incur the costs of finding a replacement, resulting in significant financial loss.

There is a risk that credit checks undertaken in the past may no longer be valid.

Increase

· The Covid-19 pandemic has stretched our supply chain's financial resources. Some businesses are under increasing pressure from a combination of issues, including the unwind of government reliefs, reduced bank lending appetite and the ramp up in operations.

· As we are less able to rely on historical credit checks, our teams have heightened sensitivity and are looking for signs of stress that would enable early intervention and options to resolve; this includes measures to gain greater control and transparency.

· Our cash position is not supported by any form of supply chain debtor finance and gives a clear indication of our financial health. This, together with our strong balance sheet and shorter payment days, means our supply chain partners regard us as dependable and reliable. It also gives us the option to step in and cover short-term issues, such as cash flow, if deemed appropriate.

· A business strategy focused on the public sector and commercial clients in sound market sectors.

· A high proportion of our current secured workload is public sector-focused.

· Rigorous due diligence on commercial clients and supply chain partners, obtaining where necessary relevant securities in the form of guarantees, bonds, escrows and/or more favourable payment terms.

· A formal, multi-stage approval process before entering into contracts, supported by tender review boards.

· Formal joint venture selection due diligence and approval at Board executive director level, which includes seeking protection in the event of default by one of the partners.

· Working with preferred or approved suppliers where possible, which aids visibility of both financial and workload commitments.

· Monitoring supply chain utilisation to ensure we do not overstress their finances or operational resource.

· Rigorous monitoring of work in progress (uninvoiced income), debts and retentions.

Inadequate funding

A lack of liquidity could impact our ability to continue to trade or restrict our ability to achieve market growth or invest in regeneration schemes.

No change

· £150m of the Group's £180m committed bank facilities were renewed in October 2020.

· During the reporting period and for the foreseeable future, our average net daily cash continues to be healthy and clearly indicates the cash-backed nature of the business.

· Our balance sheet continues to provide assurance for our employees, clients, supply chain and counterparties in an increasingly uncertain market. This was particularly evident during the pandemic in the first half of the year when engagement from the supply chain was notably positive.

· The Group was accepted by the Bank of England as an eligible issuer under the CCFF.

· New banking facilities of £150m committed to 2023 (with two one-year options to extend) in addition to the existing £30m, which together with our strong cash position provide significant headroom.

· A Group-led, disciplined capital allocation process for significant project-related capital, taking into account future requirements and return on investment.

· Daily monitoring of cash levels and regular forecasting of future cash balances and facility headroom.

· Regular stress-testing of long-term cash forecasts.

· The strength of our balance sheet, which allows us to continue making investments in regeneration schemes whilst remaining selective in construction.

Risk and potential impact

Update on risk status

Mitigating activities

Mismanagement of working capital

and investments

Poor management of working capital and investments leads to insufficient liquidity and funding problems.

No change

· Our continuing focus on working capital management has enabled us to maintain levels similar to prior years while continuing to improve our supply chain payment practices and navigate the pandemic.

· We continue to maintain a positive momentum in cash management in construction due to a combination of improved returns, cash optimisation and conversion.

· Our average net daily cash for the period demonstrates our disciplined working capital management.

· Government reliefs, including CJRS receipts of c£9.5m and £20m of deferred VAT, were repaid in the fourth quarter of 2020.

· Delegated authorities that require capital and investment commitments to be notified and signed off at key stages with senior level approval.

· Reinforcing a culture in the bidding and project teams of focusing on cash returns to ensure they meet expectations.

· Monitoring and management of working capital with acute focus on any overdue work in progress, debtors or retentions.

· Daily monitoring of cash levels and weekly cash forecast reports.

· Efficient management of capital on regeneration schemes, such as phased delivery, institutional and government funding solutions, and forward funding where possible.

Mispricing a contract

If a contract is incorrectly costed this could lead to contract losses and an overall reduction in gross margin. It might also damage the relationship with the client and supply chain.

No change

· Despite the macroeconomic effects of the pandemic, when bidding for future work we have remained focused on selecting projects that are right for the business and match our risk appetite.

· Contract procurement routes and terms remain favourable, influenced by our strategy to focus on long-term, relationship-based arrangements and frameworks, and confirmed by our order book quality and positive margins.

· A large proportion of projects have forms of protection, such as negotiated and two-stage procurement routes that allow early supply chain price lock-in, monetary contingency and/or related contract terms, all of which help reduce risk.

· A well-established bidding process with experienced estimating teams.

· A continued focus on key sectors that means we are experienced in pricing projects and less likely to misprice than if entering new markets.

· A robust review of our pipeline and bids at key stages, including rigorous due diligence and risk assessment, and obtaining senior level approval.

· Continuing to secure projects with repeat clients via negotiation, open book and framework style arrangements, with limited, selective open market bids, thus offering a higher probability of successful outcomes.

· Project provision, where appropriate, for increase in cost and/or risk that hedges against inflationary and other project-related issues.

· A culture and strategy within the Construction business of prioritising selectivity over volume when bidding.

· Using the tender review process to challenge and mitigate rising supply chain costs.

Risk and potential impact

Update on risk status

Mitigating activities

Changes to contracts and

contract disputes

Changes to contracts and contract disputes could lead to costs being incurred that are not recovered, loss of profitability and delayed receipt of cash.

Ultimately, we may need to resort to legal action to resolve disputes, which can prove costly with uncertain outcomes as well as damaging relationships.

No change

· Construction's order book maintains a greater proportion of repeat work, which means we are more likely to achieve sustainable and predictable outcomes via sensible negotiated settlement.

· The high proportion of framework-related, two-stage and negotiated work in our current order book continues to reduce the likelihood of unforeseen changes and disputes. This also applies to any EU price fluctuations, as our approach allows us to take account of known increases and to procure quickly following the award.

· Reviewing contract terms at tender stage and ensuring any variations are approved by the appropriate level of management.

· Well-established systems of measuring and reporting project progress and estimated outturns that include contract variations and impact on programme, cost and quality.

· Continued use and development of electronic dashboards for project management and change control, and commercial metrics designed to highlight areas of focus and provide early warnings.

· Where legal action is necessary, notifying the Board, taking appropriate advice and making suitable provision for costs.

· Digital early-warning tools and metrics that flag potential project issues, enabling intervention earlier in the construction cycle.

Risk and potential impact

Update on risk status

Mitigating activities

Poor project delivery

Failure to meet client expectations could incur costs that erode profit margins, lead to the withholding of cash payments and impact working capital. It may also result in reduction of repeat business and client referrals.

No change

· The pandemic caused initial project delays, but impacts were promptly renegotiated with our clients and supply chain. This reinforced the strength of our relationships, sector strategy and approach to working with preferred partners.

· Our continued focus on project selectivity combined with the continued quality of our order book reduces the probability of poor performance.

· There is recognised stretch in the labour market, which has been manageable but could be exacerbated by Brexit.

· In terms of product availability exacerbated by Covid-19 and Brexit, a large proportion of products are UK-sourced which helps reduce risk and we instigated precautions towards the year end, such as advancing the procurement of certain items. In addition, our supply chain has measures in place to minimise impacts, such as specialist software that simplifies procedures at ports; using their own transport; and storing materials at UK factories (or on site) ahead of programme.

· Incentivising project teams on Perfect Delivery1 outcomes to achieve high levels of client satisfaction.

· Various initiatives that focus on improvements in product quality, predictability and client experience.

· Strategic supply chain trading arrangements that help to ensure we achieve predictable outcomes in quality and behaviours.

· Digital enhancements in construction and regeneration operations continue to develop at pace in pursuit of improved business intelligence (project and pipeline-related early warning indicators) and ways of creating better client journeys that enhance relationships and outturn product quality.

· Formal internal peer reviews that highlight areas of improvement and share best practice and 'lessons learned' exercises.

· Regular formal and informal stakeholder feedback, allowing us to intervene when required and refine our offering to provide exceptional outcomes.

· Following the Hackitt report and in advance of expected regulatory changes, Construction and Urban Regeneration have reviewed and updated their methodology and approach to ensure that outturn project specifications are compliant. This includes matters such as a complete refresh/revisit of design management standards and procedures, greater scrutiny of fire-related components incorporated in our buildings, the engagement of independent fire consultants on more complex schemes and enhancements to specifications in our developments to ensure we meet not only current but anticipated changes in regulations.

· Long lead items have agreed delivery dates and typically have a period of programme float head of planned works.

· Projects typically have some protection against inflation via monetary and programme contingency or related contract terms.

· 1 Perfect Delivery status is granted to projects that meet all four customer service criteria specified by each division.

Risk and potential impact

Update on risk status

Mitigating activities

Failure to innovate

A failure to produce or embrace new products and techniques could diminish our delivery to clients and reduce our competitive advantage.

It could also make us less attractive to existing

or prospective employees.

No change

All divisions have continued to develop solutions to improve efficiency, client service and employee satisfaction.

There continues to be a real drive from the business to adopt new technology (we invested £2.64m in new technology in 2020), enhance existing processes and find greater efficiencies.

The Infrastructure business in particular continues to work with leading UK companies, such as Network Rail, Highways England, Thames Tideway and Sellafield, who encourage innovation and optimised construction techniques and share in the risk and reward. This allows us to compete in areas with high barriers to entry while sharing new ideas across the Group. For example, on a project for Network Rail, Infrastructure created a curved concrete tunnel structure under the East Coast Main Line at Werrington, near Peterborough to carry slower moving freight trains, thus increasing capacity for the passenger service above.

Our regeneration divisions utilise market-leading development structures which help unlock underperforming assets and differentiate our offering. This includes working with leading investment partners to create innovative funding solutions to improve the viability of schemes and facilitate early engagement.

· One of our core values is to challenge the status quo and innovation is strongly encouraged. New ideas are welcomed from every employee, partner and supplier.

· Our initiatives around quality of delivery and exceptional client experiences are not just founded on process but are integral to our culture.

· Our employees enjoy working on high-profile, innovative projects that provide them with the opportunity to enhance their knowledge and experience.

· Business and IT come together via forums that sponsor and promote new innovations across the business.

UK cyber activity and failure to invest in

information technology

Investment in IT is necessary to meet the future needs of the business in terms of expected growth, security and innovation, and enables its long-term success.

It is also essential in order to avoid reputational and operational impacts and loss of data that could result in significant fines and/or prosecution.

Increase

· In order to protect against increasing levels of UK cyber-attack, we continue to invest in established security controls and external security partners who actively advise on strategy.

· Refreshed security awareness training was rolled out to all our employees in the year.

· Our investment in technology in prior years allowed our employees the agility to adapt quickly to working in a remote and secure environment during the Covid-19 pandemic.

· A dedicated team focused on providing a stable and resilient IT environment, and continued investment in core infrastructure and applications.

· A centralised IT service that improves efficiency, oversight, reporting, security and performance, while divisional resource provides business-specific product support.

· Group-wide financial software that provides a fully integrated construction platform to manage the project life cycle.

· A Group security steering group that provides governance and oversight and a dedicated information security team, certified and accredited by key industry bodies, who create awareness and address threat alerts, risk and vulnerability prioritisation and response.

· Government-accredited security installations and certification to store protectively marked information.

· Certification to the government's Cyber Essentials Plus Scheme and ISO 27001.