Re sults pr e se ntation Ye a r e nde d 31 Ma y 2019 Se pte mb e r - - PowerPoint PPT Presentation

Re sults pr e se ntation

Ye a r e nde d 31 Ma y 2019

Se pte mb e r 2019

This presentation ("Presentation") has been prepared by 1pm plc (the "Company") and is confidential and is only directed at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 and certain other investment professionals, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons who are otherwise permitted by law to receive it. This Presentation is directed only at persons having professional experience in matters relating to investments and any investment or investment activity to which this Presentation relates is only available to such persons. Persons of any other description, including those who do not have professional experience in matters relating to investments, should not rely on this Presentation or act upon its contents. This Presentation does not constitute or form part of any offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision in connection with any proposed purchase of shares in the Company must be made solely on the basis of the information contained in the admission document to be published by the Company. While all reasonable care has been taken to ensure that the facts stated in this Presentation are accurate and that any forecasts, opinions and expectations contained herein are fair and reasonable, this Presentation has not been verified and no reliance whatsoever should be placed on them. Accordingly, no representation or warranty express or implied is made to the fairness, accuracy, completeness or correctness of this Presentation or the opinions contained herein and each recipient of this Presentation must make its own investigation and assessment of the matters contained herein. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given, and no responsibility or liability is accepted, as to the achievement or reasonableness of any future projections or the assumptions underlying them, or any forecasts, estimates, or statements as to prospects contained or referred to in this Presentation. Save in the case of fraud, no responsibility or liability whatsoever is accepted by any person for any loss howsoever arising from any use of, or in connection with, this Presentation or its contents or

• therwise arising in connection therewith. In issuing this Presentation, the Company does not undertake any obligation to update or to correct any inaccuracies

which may become apparent in this Presentation. This Presentation is being supplied to you for your own information and may not be distributed, published, reproduced or otherwise made available to any other person, in whole or in part, for any purposes whatsoever. In particular, this Presentation should not be distributed to or otherwise made available to persons with addresses in Canada, Australia, Japan, the Republic of Ireland, South Africa or the United States, its territories or possessions or in any other country outside the United Kingdom where such distribution or availability may lead to a breach of any law or regulatory requirements. 2

Disc laime r

Who we ar e and what we do

A no n-b a nk spe c ia list fina nc e pro vide r

3

• We a re c usto me r o utc o me -le d
• We o pe ra te a hybrid mo de l; fle xib ility

to e ithe r fund o n o ur o wn b a la nc e she e t, o r to b ro ke -o n to o the r le nde rs

• All o wn b a la nc e she e t le nding is to UK

SME s who me e t o ur c re dit c rite ria

• We b ro ke -o n funding pro po sa ls
• utside o ur c re dit c rite ria a nd a ll

c o nsume r fina nc e

• We a re multi- produc t pro viding a

ra ng e o f fina nc e pro duc ts tha t sma lle r UK SME s re q uire

• De live re d a robust quantity and

quality o f e a rning s

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

• 5,000

10,000 15,000 20,000 25,000 30,000 35,000 2013 2014 2015 2016 2017 2018 2019

Track Record

One pm Academy Bradgate iloans Gener8 Positive CF2U PBT £k

Income £000 PBT £000

4

Phase 1 strate gy imple me nte d

A b usine ss tra nsfo rma tio n

2014

1 site 13 sta ff £19m b o o k £4m re ve nue £1m pro fit

2018

6 site s 189 sta ff £142m b o o k £32m re ve nue £8m o pe ra ting pro fit

T he UK mar ke t

Sta b le , size a b le to ta l a ddre ssa b le ma rke t

5

• UK

e c o no my e mplo ys 27m pe o ple in 5.7m b usine sse s o f whic h 4.5m a re SME

• s. 43% o f UK

c o mpa nie s use e xte rna l funding ; c urre ntly c irc a £25b n o f g ro ss le nding

• Of this le nding , c irc a 40% is a sse t o r invo ic e fina nc e ; a ppro xima te ly 1m c o mpa nie s using the pro duc ts

we pro vide . Our sha re is <1%, so a hug e ma rke t o ppo rtunity

• UK

b usine ss inve stme nt (so urc e : F

L A a nd UK F ina nc e sta tistic s):

• Asse t F

ina nc e ha s inc re a se d 8% in 2019 to da te a nd 7% ye a r-o n-ye a r

• I

nvo ic e F ina nc e sta b le a t 40,000 c o mpa nie s in the UK using suc h fa c ilitie s, b ut a dva nc e s ha ve inc re a se d 20% o ve r the pa st 3 ye a rs, mo stly in sma lle r SME s.

Analysis by asse t c lass 2019 y-o-y % c hange

Pla nt & ma c hine ry +12 Ne w c a rs

• 5

Use d c a rs +20 L ig ht c o mme rc ia l ve hic le s +14 Busine ss e q uipme nt +5 I T e q uipme nt +2

UK SME s re q uire a c c e ss to funds to g ro w the ir b usine sse s. Sma lle r SME s in pa rtic ula r a re unde rse rve d b y tra ditio na l b a nks mo ving upsc a le into b ig g e r tic ke t de a ls. 1pm me e ts the ne e d b y pro viding a b ro a d ra ng e o f fina nc e pro duc ts tha t sma lle r SME s re q uire :

• Asse t fina nc e
• Ve hic le financ e
• L
• an financ e
• Invoic e financ e

e ithe r b y pro viding the c a sh dire c t o r b ro king -

• n to o the r funde rs.

Our mar ke t positioning

Multi-pro duc t o ffe ring

6

Cor e c ompe te nc ie s

Ro b ust le nding c rite ria , pro c e sse s a nd risk/ re wa rd pric ing

7

• Spre ad is funda me nta l in SME

le nding a nd c re a te s a na tura l he dg e :

• L

a rg e st se c to r b y va lue a nd numb e r o f de a ls < 5% o f po rtfo lio

• Multiple SI

C c o de s – to p 10 se c to rs a c c o unt fo r o nly 1/ 3rd o f the po rtfo lio

• L

a rg e st le a se c . £450k. Ave ra g e de a l size £15k. L a rg e st I F fa c ility c . £1.0m. Ave ra g e £150k.

• L

T V a dva nc e o n ha rd a sse ts, typic a lly 70%; o n I F fa c ilitie s, typic a lly 55% o f sa le s le dg e r

• Se c urity is pa ra mo unt a nd time ly fo llo w-up e sse ntia l:
• Pe rso na l g ua ra nte e s fro m the dire c to rs/ pro prie to rs o f e a c h SME

fo r a ll so ft a sse t le a se s a nd lo a ns

• Assiduo us fo llo w-up o n a rre a rs a nd impa irme nts, turning impa ire d de a ls into Cha rg ing Orde rs
• Stro ng tra c k-re c o rd in c o lle c tio ns; c irc a 70% o f impa ire d va lue re c o ve re d o ve r the pa st 10 ye a rs
• Ma rgin is risk-pric e d to fa c ilita te ro b ust g ro wth:
• Po lic y de c isio n no t to re la x pric e o r c re dit c rite ria to c ha se a g g re ssive to p -line g ro wth
• Ne t inte re st ma rg in o f c .12%

Robust busine ss mode l

Re a so ns we sta y stro ng thro ug h the c re dit c yc le

8

• Spr

e ad and dive r sity – o f intro duc e r c ha nne l, a sse t c a te g o ry, le nding pro duc t, se c to r, g e o g ra phy,

de a l size a nd de a l q ua lity

• Ope r

a ting mode l fle xibility – le nding a nd b ro king

• Bor

rowe r re silie nc e – lending to independent businesses for ‘staple-diet’ consumer products, not

multiple -o utle t, re ta il c ha in b usine sse s re lia nt o n disc re tio na ry spe nd

• Small individual e xposure s – me a ning tha t impa ire d re c e iva b le s c a n typic a lly b e re c o ve re d thro ug h

c ha rg ing o rde rs a nd pa yme nt pla ns

• Huma n unde rwriting – e ye s o n e ve ry de a l
• Ade quate provisions in line with IF

RS9 – c a rrying b a d de b t pro visio ns ro ug hly twic e the a mo unt o f

a nnua l ne t write -o ffs

• F

ixe d inte re st r a te de a ls – no e xpo sure to inte re st ra te rise s fo r b usine ss a lre a dy writte n

9

F Y19 F inanc ia l Highlights

So und like -fo r-like , ye a r-o n-ye a r pe rfo rma nc e

• T
• ta l de a l o rig ina tio n
• Re ve nue
• Pro fit b e fo re ta x a nd e xc e ptio na l ite ms
• Ne t a sse ts
• F

ully dilute d e a rning s pe r sha re

• Ble nde d c o st o f b o rro wing
• F

unding fa c ilitie s

• Ba d de b t pro visio n

£161.0m fro m £142.9m £31.8m up fro m £30.0m £8.1m up fro m £7.8m £53.8m up fro m £47.7m 6.6 pe nc e pe r sha re up fro m 6.5 3.9% do wn fro m 4.1% £167.1m up fro m £162.6m 1.9% o f ne t po rtfo lio up fro m 1.6% +13% +6% +4% +13% +2%

• 5%

+3% +19%

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Note: Comparisons taken from reported statutory accounts, as restated for IFRS9

10

De al or igina tion and r e ve nue

Hyb rid mo de l in a c tio n = risk ma na g e me nt

C ha ng e in m ix %

NEW DEAL ORIGINAT ION

£m m ix % £m m ix % No n-vehic le: Va lue o f d ea ls w ritten o n o w n-b o o k 56.1 52% 62.9 60% Va lue o f d ea ls b ro ked -o n 50.8 48% 42.7 40% 106.9 105.6 Vehic le: Va lue o f d ea ls w ritten o n o w n-b o o k Va lue o f d ea ls b ro ked -o n 54.1 37.3 54.1 37.3 Va lue o f d ea ls w ritten o n o w n-b o o k 56.1 35% 62.9 44% Va lue o f d ea ls b ro ked -o n 104.9 65% 80.0 56% T

• ta l o rig ina tio n

161.0 142.9

REVENUE

I nterest & o ther lend ing rela ted inc o m e 25.3 80% 24.8 83% C o m m issio n fro m b ro king 6.5 20% 5.2 17% 31.8 30.0 2019 2018

Asse t F inanc e Ve hic le F inanc e Asse t- se c ur e d and PG- bac ke d L

• ans

Comme r c ial (i.e . invoic e ) F inanc e

F

• ur
• pe r

ating divisions

11

De a ling with o ve r 21,000 SME s a nd c o nsume rs

Origination £54.3m Book £86.9m Interest rate 10-18% Typical term 3 years Origination £54.1m All new and used vehicle finance deals brokered to other lenders – no balance sheet risk Origination £35.3m Book £12.1m Interest rate 14-22% Typical term 3 years Origination £17.3m Book £42.7m Interest rate 4%+fees Typical term 2 years

De al e xample s

Pizza house - Edinburgh Edge 3240 Gas base oven & catering equipment £20,994 over 36 months at 15.2% Proprietor PG taken Own book Repeat customer

• Midlands

JCB Loadall for aggregates recycling £34k HP over 60 months at 16.0% yield Director PG taken Own book Systems for Assistive Learning Disclosed receivables finance £700,000 facility for 12 months 2.95% over base + fees of 0.5% of sales (£28k p.a.). Own book

• Mr. S.

Second charge loan for home improvements £60,000 over 20 years at 4.58% Total commission and fees £6.2k Broked to Optimum Credit

• Mr. B.

Used car loan £6,427 over 60 months 14.65% APR £570 commission Broked to Motonovo Scottish Premier Football Club £292k for turf lights for pitch maintenance 48 months at 14%. Own book Broked on a repeat order for commercial laundry equipment. Asse t F ina nc e (‘hard’ and ‘soft’ asset leasing) Ve hic le s L

• a ns

I nvo ic e F ina nc e

13

Dive r sifie d le nding

Cre dit risk ma na g e me nt – no ma jo r c o nc e ntra tio ns

7.7% 7.4% 5.4% 4.7% 4.7% 3.9% 3.7% 3.0% 2.7% 2.3%

2 4 6 8 10 12 14

£ M's Top 10 by Principal o/s (leases, loans, HP) & credit facility (invoice financing) 19.4% 16.5% 15.0% 14.5% 10.2% 7.4% 6.5% 5.8% 5.2% 4.8% Top 10 by deal number

Unlicensed restaurants Maintenance & repair of vehicles Licensed restaurants Hairdressing & beauty Public houses & bars Take away food Business support services Retail sale in food, beverages

• r tobacco

Freight transport by road Specialised construction activities

14

Own- Book Por tfolio

Re fle c ts o pe ra ting mo de l fle xib ility

• Gro ss* le nding po rtfo lio wa s £141.7m (2018: £143.9m), a re d uc tio n o f 2% re fle c ting the mix o f
• wn-b o o k a nd b ro ke re d o rig ina tio n during the ye a r
• Ba d d e b t pro visio n wa s inc re a se d to £2.4m fro m £1.8m (1.9% o f the ne t** po rtfo lio (2018: 1.5%))

fo r furthe r pro te c tio n in unc e rta in e c o no mic time s – a nd in line with I F RS 9 re q uire me nts

• Gro ss b a d de b t write -o ffs o f £1.3m le ss re c o ve rie s o f £0.7m re sulte d in a £0.6m c ha rg e during

the ye a r (2018: £1.5m: 2017: £0.9m)

Analysis by division Ne t Por tfolio £m Pr

• vision £m

%

Asse t

71.6

1.9 2.7% L

• a n

9.8

0.3 3.0% I nvo ic e F ina nc e

42.7

0.2 0.05%

Group 124.1

2.4 (Ble nde d ) 1.9%

*Gross portfolio means total receivable including unearned interest. **Net portfolio, means total receivables less unearned interest income.

15

F unding

Ample he a dro o m fo r o rg a nic g ro wth

• Ge a ring re ma ins c o nta ine d a t 3.4x Ne t T

a ng ib le Asse ts

• 3.9% a ve ra g e b o rro wing ra te re duc e d thro ug h re d uc tio n in ‘Block’ ra te s due to tre a sury ‘bulk

buying’ a nd e c o no mie s o f sc a le

• Po te ntia l o ppo rtunitie s fo r lo ng e r te rm a nd/ o r c he a pe r funding b e ing e xplo re d

Blo c k funding pro vide rs: British Busine ss Ba nk, Alde rmo re , Sie me ns, Hita c hi, Ha mpshire T rust, BL ME , Co niste r, I nve ste c , Sha wb ro o k

Ke y F unding L ine s - £m F ac ility Usa ge at 31 Ma y 19 He adroom

Ba nk Ove rdra ft (Na t We st) 1.0

1.0

Blo c k F unding line s (no no n-utilisa tio n fe e s) 119.3 55.4

63.9

Se c ure d L

• a n No te & o the r HNW lo a ns

9.8 5.4

4.4

Ba c k-to -b a c k fa c ility (RBS I F ) 37.0 28.5

8.5 T

• tal F

unding F ac ilitie s 167.1 89.3 77.8

31/ 5/ 19

31/ 5/ 18

Asse ts

No n-Curre nt Asse ts 69 81 Curre nt Asse ts 81 78

T

• tal Asse ts

150 159 E quity

Re ta ine d E a rning s 20 15 Sha re c a pita l & pre mium 33 33

T

• tal E

quity 53 48 L iabilitie s

No n-Curre nt L ia b ilitie s 32 37 Curre nt L ia b ilitie s 65 74

T

• tal L

iabilitie s 97 111 T

• tal E

quity and L iabilitie s 150 159

16

Balanc e She e t £m

And ke y K PI s

2019

2018

• Ne t I

nte re st Ma rg in

12%

13%

• Gro ss ma rg in

68%

66%

• Co st to inc o me ra tio

0.75

0.74

• E

a rning s pe r sha re

• Ba sic

7.30p

7.57p

• F

ully dilute d

6.61p

6.46p

• Re turn o n Ne t T

a ng ib le Asse ts

24%

32%

• Divide nd in pe nc e pe r sha re

0.84p

0.65p

17

Phase 2 strate gic plan

2024

UK

• wide

c o ve ra g e c . 300 sta ff £350m b o o k £90+m re ve nue

2019

7 site s 185 sta ff £140m b o o k £30m+ re ve nue £8m+ E BI T DA

18

X Regulation - FCA and for banks, the PRA Highly competitive, ever-more crowded, mass market, tech- based consumer lending Highly competitive, lower margin, bigger- ticket business lending Higher risk Higher profit/deal Lower risk Lower profit/deal Business ess lendin ding g by £ v valu lue e of deal Big ticket Small ticket Number ber of consumer mer lending ing deals ls Low no. High no.

X

L e nding landsc ape

19

Compe tition

F ra g me nte d se c to r - fe w a t sc a le in sma ll-tic ke t le nding

Banks

HSBs lend to SMEs, but no longer structured to support smaller SME businesses

Banks Challenger Banks Alternative finance platforms Quoted companies Private companies Flexibility

X X

Speed of service

X

Personal approach

X X X

Range of products

X X X

Challenger Banks

Also lessors, but do not

• perate in the smaller

end of the market. Lend to us wholesale.

Alternative finance platforms

Growing sector, but comparatively small (rate of growth slowing)

Quoted companies

Tend to be single product focused, banks, or lending to consumers e.g. PCF, Orchard, Provident

Private companies

Quantum Finance (Investec) and multiple regional players such as Armada, Kingsway, Tower, Henry Howard

✓ ✓ ✓ ✓

✓

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

20

Str ate gie s

Ho w we will a c hie ve o ur o b je c tive s

1. Build sc a le thro ug h b o th o rg a nic g ro wth a nd c a re fully se le c te d a c q uisitio ns whe n c o nditio ns a llo w 2. Re duc e c o st o f b o rro wing thro ug h o ptimising size , te rm, c o st a nd mix o f funding line s 3. I nc re a se o wn-b o o k le nding while ma inta ining b ro ke r pa ne l re la tio nships 4. Re -b ra nd a nd inve st in b ra nd pro mo tio n, ma rke ting a nd Busine ss I nte llig e nc e 5. I ntro duc e se le c te d ne w pro duc ts a nd te rrito rie s 6. I nno va te , using fina nc ia l te c hno lo g y a nd inve stme nt in syste ms to c re a te a dig ita l o ffe ring 7. I nve st in ke y hire s, tra ining a nd suc c e ssio n 8. De live r o pe ra tio na l le ve ra g e fro m c ro ss-se lling a nd g ro up syne rg ie s

Asse t F inanc e Ve hic le F inanc e L

• ans

Invoic e F inanc e

Outlook by division

21

Org a nic g ro wth to c £230m le nding b y 2024

Origination now c£54m Projected c£90m Book now c£87m Projected c£145m Origination now c£54m Projected £100m Origination now c£35m Projected c£80m Book now c£12m Projected c£30m Origination now c£17m Projected c£20m Book now c£43m Projected c£55m

22

Manage me nt te am

T

• de live r g ro wth a nd g ro up syne rg ie s

John Newma n

Non-exec.

Julian Telli ng Ron Russell

Executive

James Roberts, CFO Jen Bodey , Co Sec. COMPLI A NCE Ed Rimmer , COO Ian Smith, CEO Phil Chesham & Tans y Battson , INVOICE FINA NCE A lun Winter, LOA NS Mark Burgess, VEHICLES Carol Roberts, A SSET Holly Maps to ne , HR Lorraine Ney land, RISK David Jones , IT Diane Blinkhor n, MA RKETING

OPERATING BOARD

Summar y

23

• I

de a l ma rke t po sitio ning to furthe r e xplo it the fina nc ing ne e ds o f the re silie nt UK SME se c to r

• Re sults in line with e xpe c ta tio ns a nd po lic ie s; ste a dy, susta ina b le o rg a nic g ro wth
• Stic king to c o re c o mpe te nc ie s a nd stre ng ths tha t ma ke the b usine ss sta b le a nd re silie nt with

g o o d visib ility o f e a rning s

• Hig hly pro fita b le ; re turn o n ne t ta ng ib le a sse ts 24% a nd we ll-funde d
• Pro g re ssive divide nd po lic y in pla c e
• Ambitious plans to grow further…
• rg a nic a lly, b y fo c using o n the no n-b a nk, spe c ia lity fina nc e se c to r
• stra te g ic a lly, b y ta king a dva nta g e o f supply-side fra g me nta tio n
• Our purpo se is “to grow together” to become “the non-b a nk spe c ia lity fina nc e pro vide r o f

choice”

1pm plc c ur r e nt owne r ship

10 L a rg e st ho lding s

24

F und Ma na g er

% Holding 31 Aug 2019 87,596,428 £22,556,080

L

• mb a r

d O d ie r Asse t Ma na ge me nt 22.48% 19,691,352 G PIM L imite d 16.61% 14,547,826 Russe ll R E sq 12.05% 10,557,224 Ha r gr e a v e s L a nsd o w n 8.44% 7,396,541 Inte r a c tiv e Inv e sto r T r a d ing L imite d 5.69% 4,987,800 Ha lifa x Sha r e De a ling 2.36% 2,067,602 Ind iv id ua ls & Pr iv a te Clie nts 2.28% 2,001,034 No la n M F E sq 2.20% 1,930,103 B a r c la ys Sto c kb r

• ke r

s L imite d 2.15% 1,887,101 E q uiniti Sha r e v ie w 1.61% 1,406,320

T

• tal

75.88% 66,472,903

Our appr

• ac h to valuation

Sum o f the pa rts

25

• I

nde pe nde nt re se a rc h c o nsiste ntly c o nc lude s the b usine ss is unde rva lue d

• One pro b le m is no dire c tly c o mpa ra b le c o mpa nie s in pe e r g ro up o f q uo te d le nde rs
• I

nte rna lly, we ta ke a “sum o f the parts” a ppro a c h, a s illustra te d b e lo w

• All unde rpinne d b y ro b ust, susta ina b le o pe ra ting mo de l (a nd pa ying a divide nd)

Asse t and L

• an book e quity

Invoic e F inanc e annual pr

• fits

Pr

• fits fr
• m c ommission-

ge ne r ating busine sse s

Une a rne d inc o me fro m multiple 3-ye a r de a ls writte n, ye t to b e re a lise d Clie nt re te ntio n a ve ra g e o f 5 ye a rs; re pe a t b usine ss fro m c 380 c usto me rs Sho rt-te rm pro fits, b ut a g ro wing c usto me r b a se fo r ma rke ting £34.8m o f b o o k e q uity a t 31.5.19 £2.2m o f PBT in F Y19 £2.4m o f PBT in F Y19

26

Appe ndic e s

27

T he SME financ e mar ke t

A hug e o ppo rtunity

• 4.5m SME

s in the UK

• Circ a 43% a re c urre nt o r po te ntia l

b o rro we rs

• Ove r 50% o f the se still g o to the ir ma in

b a nk whe n first ide ntifying a fina nc ing

need …

• … but only 6% actually apply to their

b a nk fo r a ne w lo a n o r o ve rdra ft

• T

he c ha lle ng e fo r SME s is imme dia te da y-to -da y c a sh flo w; hig h-stre e t b a nks no lo ng e r struc ture d to me e t this ne e d

• So , SME

b o rro we rs g o to a lte rna tive fina nc e pro vide rs

• 8 o ut o f 10 a pplic a tio ns a ppro ve d

28

Why we suc c e e d

F le xib ility, spe e d a nd c usto me r fo c us

• Pro mpt turna ro und o n unde rwriting

de c isio ns

• E

ve ry c usto me r c irc umsta nc e is a

‘story’ requiring a ‘pair of eyes’ on the

de a l; o pe ra tio na lly se t up to do this

• Stric t unde rwriting a nd c re dit c o ntro l –

aim to be “brilliant at the basics”

• T

ypic a lly de a ling with o wne r-ma na g e rs fo r b usine ss-c ritic a l e q uipme nt – o fte n a lo we r c re dit risk tha n ma y b e a ppa re nt fro m the ir tra ding re sults

• Ca utio us, prude nt a ppro a c h to g ro wth
• Ne t write -o ff ra te c irc a 1% o f le nding

po rtfo lio

29

Value s, Ide ntity and Cultur e

Brand values are “Flexible, Fair, Trusted and Personable”

• T

he c lie nt is the c e ntre of e ve r ything we do: we a re a c usto me r-o utc o me le d g ro up; fo c use d

so le ly o n pro viding the b e st so lutio n we c a n to o ur c lie nts.

• We tre at our

staff as one of our gre ate st asse ts: We want to be seen as an ‘employer of

choice’, being perceived both internally and externally as a great place to work.

• We be lie ve tha t inte grity is e ve r

ything: we focus on sincerity and transparency and to “tell it

like it is”.

• We know that time is mone y so we ge t things done e ffic ie ntly: we a re re spo nsive a nd fle xib le

to clients. If something needs doing we’ll do it. If we need to go above and beyond we’ll do it.

• We c hoose the pe rsonal touc h: We wo rk with o ur c lie nts o n a o ne to o ne le ve l.