This last year has certainly been eventful, both in sociopolitical and in business terms.
Our main market sector is the oil and gas industry. The oil price has continued to remain low throughout 2016, meaning our customers themselves have smaller budgets for new project investments, and for their service operations.
As a result we have seen our service business impacted, but we have been relatively successful in a tough market with our new unit sales winning a number of key projects globally.
Going in to 2017 we see upsides in all areas of our business.
Last year saw the Brexit vote in the UK and a resultant drop in the pound to most currencies.
This has resulted in our supply chain imports being more expensive but overall our end product is lower cost to our customers due to our UK based content, which is supporting businesses in this reduced market.
We obviously continue to watch as Brexit develops to see what changes this means for trade and labour movements with EU countries.
2016 has seen us continue to invest in our Lincoln sites. In September, our UK CEO, Juergen Maier, joined us to open the extension to our Customer Training School at the University of Lincoln, allowing us to extend our operations there and offer an increased portfolio of training courses as a global training center for our business unit.
We also continue to make improvements to our central Lincoln site as part of our overall site investment plans for a sustainable business.
As the year ended, we attended the Manufacturer MX Awards in association with the IMechE in Birmingham, where we had been shortlisted for three awards. At the end of the night, we were pleasantly surprised to be awarded runner up in the main award ‘Manufacturer of the Year,’ for our service business at the Teal Park site for:
“Demonstrating the highest consistent level of best practice throughout its strategy and operations. The winner displays commitment to its employees, strong partnerships with customers and suppliers and a proactive interest in the growth of U.K. Manufacturing.”
This award was up against many of the major industrial businesses in the UK and is recognition of all the hard work the staff have made to establish this site and grow our service business, and indeed all the staff across our Lincoln sites who continually contribute to the success of the company and remain our biggest asset.