Business Strategy.
Our products are sold throughout the world. The Group management team is passionate about developing the business for the benefit of the shareholders, employees and customers. With the energy and ability of our staff we look forward to the future with enthusiasm. Our aim is to create shareholder value through market leadership in the design, manufacture and supply of professional lighting systems.
Our focus is for long-term growth and stability, achieved through the following priorities:
Focus on high quality products and good leadership in technology
Customers continually require new and innovative ways in which to reduce the operating costs of their lighting installations. There is also the requirement to reduce their environmental impacts.
Progress to date
- Continued enhancement of features for the SmartScan wireless system
- Shared product development between certain companies within Group
- Electric vehicle charging and road safety products now being sold in the UK
Future opportunities
- Further development of SmartScan
- Continuous research and development
- Targeted acquisition
Associated risks F
- Product acceptance
- Initial product introduction
Continue to grow the customer base for Group companies
With the continued investment in the product portfolio and the broad range of sectors we can service, the focus will be on expanding our customer base in new markets and territories.
Progress to date
- Targeted approach in the Netherlands, Norway and France with Thorlux product and controls portfolio
- Introduce Famostar product portfolio to territories where the Group has a presence
- Introduce Zemper product portfolio to territories where the Group has a presence
Future opportunities
- Consider further sales offices overseas, increased sales presence in Germany and other European territories
- Potential business development investment
- Investment in sales personnel in the UK and Europe
- Targeted acquisition
Associated risks A C E F G H I J K
- Short-term cost increase without immediate return
- Prolonged time required to establish FW Thorpe brands
Focus on manufacturing excellence
Along with continued product development, the need to innovate the production process is essential.
Progress to date
- New punch press at Thorlux
- Robotic welding at Thorlux
- Insourced a number of components this year including injection mouldings and electronics, predominantly to help secure our supply chain and reduce cost
Future opportunities
- Continued development of manufacturing facilities and processes across the wider Group
- Potential paint plant upgrades across the UK, biomass boilers
- Potential of additional injection moulding capability at Zemper to support Group insourcing
- Additional solar at Thorlux with battery storage
Associated risks B F G
- Reduced productivity while changes are implemented
- Learning curve on introduction of new products and processes
Continue to develop high quality people
As one of our main sources of competitive advantage, it is imperative we continually develop and retain talent within the business.
Progress to date
- Apprentice scheme continues
- Investment in management training
- Training and development
- Investment in further education – degree level etc.
Future opportunities
- Continued investment in training and personnel development
- Inter-company collaboration teams to develop a broader understanding of the whole business
Associated risks D F
- Ability to retain staff in competitive local job markets
- Potential loss of UK personnel from the EU
- Ability to sponsor non-UK staff and associated increased costs
Risks key
AAdverse economic conditions
BBusiness continuity
CPrice changes
DChanges in government legislation or policy
EImpact of conflict on domestic and global economies
FCompetitive environment
GSustainability and climate-related risk
HCybersecurity
ITariffs and trade barriers
JCredit risk
KMovements in currency exchange