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Trading update – September 2011

Despite the continued extremely difficult economic climate we once again continued to grow our business to the financial year ending March 2011.

Unusually for the construction industry during the recession, unlike many of our competitors, we have confronted the significant industry pressures of a collapsing market positively, have made major investments in key areas to strengthen business systems, skills, markets and capability and laid foundations that will place this company in a formidable position when market conditions improve in the medium term.

The business has a good shape and a proven scalable model but most importantly, having looked after our people through these exceptional times we have an extremely motivated team who are committed to doing their best for this company and its clients. Business is still personal to us all here at Waldeck.

At the time of writing, there is currently a significant correction taking place in the sector, more-so that the first collapse of 2008. We monitor the general market and our competitors closely and we are observing significant movement in this third quarter of 2011 on insolvencies, administrations, business sales and foreign acquisition of our competitors whether they be large or small, and almost weekly!

We are not complacent about the momentum that we have built up through these past few years of the recession. The volume of projects, new customers and the extent of our involvement continue to expand. Whilst in this second half of the year we maintain a very strong focus on cash and customers, we are still rigorously pursuing new market opportunities to maintain our strong trend despite the recognized second construction industry crash that commenced in the second and third quarters of 2011.

Our core culture has changed very little since we started in 1995. We value our customers, we value our staff . We are industrious and work hard with enthusiasm and ‘can-do’ attitude, to provide a dedicated and very personal client-focused service. We balance innovation and technical excellence with practical and commercial solutions that win and work. We still can get better.

By looking forward, adapting our services and investing in our people, processes, technology and R&D, we will continue to outperform the competition and gain market share geographically and sector by sector.

There are already some very exciting prospects for us in the year ahead with new sectors and client opportunities aligned to our integrated end-to-end offering for the construction and property sector which we believe will keep us on target or even exceed current business plans.

Paul Waldeck, 30 September 2011

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