Flowtech Fluidpower 2015 Annual Report
Sustainability seeks to develop and implement the methods and behaviours that balance the consumption of resources with the impact of that consumption on the environment in an economically viable manner that also enhances the quality of life. The Group believes this is a matter of common sense that has been embedded into the values of all our component divisions for many years. As an amalgamation of family businesses we have been practicing the sensible values of sustainability for many years.
The Group recognises that we are part of a much wider community and our key focuses in our sustainability activities are our people, customers, suppliers and investors, the environment and our local communities.
We ensure we're a sustainable business by giving the necessary focus to the following stakeholder groups:
Our employees are our greatest asset and are trained to meet our requirements of efficiency and service to customers and suppliers. The Group recognises that its performance and ongoing success are directly related to the quality and effective performance of employees. It is the policy of the Group to ensure that employees are able to improve their performance by having appropriate access to effective training, development, coaching and counselling facilities. Induction training sets the foundation for all employees and introduces the Group's operational best and required practices which are documented in comprehensive Standard Practice Instructions. This is followed by specific on-the-job training.
The Company is an Equal Opportunity Employer. This means that the Company's established policy is to ensure that no unlawful discrimination occurs, either directly or indirectly, against any person on the grounds of colour, sex, sexual orientation, marital status, race, religion, nationality, ethnic or national origin or age. The Company's policy covers direct and indirect discrimination and failure to make reasonable adjustments for disabled employees, victimisation and harassment.
'Investors In People' — Flowtechnology UK achieved accreditation in 2002 and has successfully passed subsequent re-assessments of the Investors in People Standard. This award confirms we have developed successful strategies and have taken effective action to improve the performance of the organisation through our employees.
The Group values each customer regardless of size and is committed to develop mutually beneficial relationships at local, national and international level. All divisions have a customer-centric approach and it is vitally important for to us to work closely with the customer base to understand the underlying drivers in their marketplace. Continued dialogue has enabled the Group to develop its product offer and so match these changing requirements. During the year the IADA Group 'Supplier of the Year Award 2015' was won by Flowtechnology UK.
Flowtechnology UK not only deserved to be voted Supplier of the Year, but our decision was unanimous and is the first time a supplier from the Fluid Power Industry has won our esteemed award.
Mike Casson, Chairman of IADA
The Group is mindful of the impact that its operations have on the environment and is committed to reduce its carbon footprint. Amongst the measures in place are:
The Group nurtures its relationships with its OEM suppliers whilst developing its complementary Exclusive Brands. We have a dedicated team in Shanghai to manage relationships with our Far Eastern suppliers, ensuring we can overcome local cultural and language barriers. Our commitment to supplier relationships has resulted in the Group signing a master trading agreement with the Hydraulics Group of the Eaton Corporation.
We see considerable potential to drive further adoption of Eaton products in the UK, working closely with Flowtech Group. Through our association with Flowtech, we can better serve our customers with Eaton products and solutions. This agreement enables us to offer the Eaton Winner matched hose and assembly system to the UK for the first time.
Mark Ward, Eaton Sales Manager, UK and Ireland.
The management and players of Quarry Green FC would like to thank Primary Fluid Power for all their much needed and valued support; without support from companies like Primary Fluid Power grass roots football would find it very hard to exist.
The management and players of Quarry Park FC
The Board presents to our investors twice a year and are always available for meeting with existing and new investors. Our first Annual General Meeting was held on 21 May 2015, the anniversary of the IPO, which included a tour of the Skelmersdale site and a presentation of the Group's strategy. The Board will be repeating this format at our next AGM on 1 June 2016 and all investors are welcome to attend.
Our respect for human rights is implicit in our employment practices; the rights of every employee are respected and every employee is treated with dignity and consideration. Our employment practices are designed to attract, retain, motivate and train people and to respect their rights. We do not use child labour, nor do we use forced labour. We make regular supplier visits to ensure our supply chain maintains the same standards of integrity and is free from modern slavery. We recognise freedom of association by permitting our employees to establish and join organisations of their own choosing without our permission, and we recognise collective bargaining where required by local laws.
The Strategic Report as set out on pages 12 to 37 has been approved by the Board.
Sean FennonChief Executive Officer12 April 2015
Bryce BrooksChief Financial Officer
Officers and professional advisers