The Company reviews various scenarios from a risk point of view to assess and address relevant risks identified.
Formalised reviews and inspections are undertaken across the business and communicated together at regular meetings. The Company holds OHSAS 18001: 2007 Occupational Health & Safety Management.
There is a formalised Risk Assessment process of grading and recording risks and attending to any issues for the whole business, which includes involvement of the relevant works committee representatives.
The Board monitors the results of the business monthly against forecast, investigating variations and challenging direction.
Policies are obtained where cost effective for risk beyond statutory minimums, such as Credit and Cyber insurance.
Exporting to a variety of markets spreads the currency exposure of the business, and the Board monitors exchange rates and takes out forward contracts when it deems appropriate.
The Company keeps in close contact with critical suppliers, reviewing quality and service levels.
The Company is in regular contact with customers directly and through our representatives to monitor their requirements and give feedback on their consumers’ preferences and aspirations.
The Company has its own in-house design department and meets regularly with outside technicians and designers to help maintain a contemporary product portfolio. This ensures the pipeline of NPD and R&D secures the future success of the business.
The current situation with Covid-19 creates significant uncertainty for the business and limits its ability to plan in the short term. Initial shut down measures have affected many of our customers and therefore our immediate order book. The speed of recovery and the possibility of a renewed lockdown in our major markets are clearly risk factors. However, the Group has a strong balance sheet and cash balance at the start of the new financial year and is boosting potential liquidity with new credit lines through our bankers.