We have built a resilient business model that has enabled the business to prosper, despite the challenging global economic environment over the past few years, and that positions us well to deliver continued good organic revenue growth.
We benefit from the diversity of our end-user markets and customers, broad product range, our wide geographic spread, high replacement content in our revenue streams and a large base of installed equipment around the world that requires continual upkeep and improvement.
We employ a technical, direct sales approach that allows us to better understand our customers’ needs and to implement appropriate engineered solutions.
Creating value through meeting customer needs
Meeting the needs of our customers by helping them to solve their difficult productivity and process challenges, improve their operational sustainability and comply with increasingly stringent health, safety and environmental requirements, is at the core of what we do. Our customers’ needs are at the heart of our business model and it is through meeting those needs that we create value.
To meet our customers’ needs we: manufacture high quality products; advise customers on the most effective application of these products; design bespoke engineering packages; arrange installation of our engineered solutions; and help our end users to maintain and replace our installed equipment to ensure optimum efficiency in their industrial systems.
Our business model drives sustainable growth and value for our key stakeholders, including our shareholders, customers, suppliers, employees, communities and the governments of the countries in which we operate.
Our remuneration policy creates a strong alignment between the creation of value and Executive Director remuneration. In order to align results with rewards, a significant percentage of each Executive Director’s remuneration package is dependent upon meeting challenging performance targets.
Our six Group strategic themes reflect the key elements of the Spirax Sarco steam business strategy, the Watson-Marlow Fluid Technology Group strategy, and the Group acquisitions strategy. The objective of our strategy is to deliver self-generated growth that outperforms our markets. To accomplish this, we are focusing on our strategic themes, which are designed to increase the effectiveness of our direct sales organisation, leverage our strengths in key sectors, take advantage of the most attractive opportunities, expand our addressable markets and align and direct our resources more effectively to improve business performance.
Our six strategic themes are:
- Increase direct sales effectiveness through sector focus
- Develop the knowledge and skills of our expert sales and service teams
- Broaden our global presence
- Leverage R&D investments
- Optimise supply chain effectiveness
- Operate sustainably and help improve our customers' sustainability.
Through implementing our strategy we are further strengthening our direct sales business model and enhancing our ability to self-generate growth, which we achieve as we work closely with our end users to identify their unrealised needs and provide products and solutions to solve their difficult operational challenges.