Annual report & accounts 2014 final

Integral UK Holdings Ltd Annual Report & Accounts 2014

directors

B Glastonbury P Salmons M Johns A Kenny

company secretary P Salmons

registered office 1290 Aztec West Almondsbury Bristol BS32 4SG Tel: 01454 278 900

auditors KPMG LLP 100 Temple Street Bristol BS1 6AG

bankers National Westminster Bank 1 Waterhouse Street Halifax HX1 1JA Lloyds TSB Canons House Canons Way Bristol BS99 7LB

Integral UK Holdings UK Limited Annual Report 2014

2

overview 2014

3-9

strategic report

23-37

notes to the financial statements Turnover Operating Profit Directors And Employees Interest Receivable And Similar Income Interest Payable And Similar Charges

Managing Director’s Review

Tax On Profit On Ordinary Activities

Financial Performance

Parent Company Profit And Loss Account

Operations

Dividends

People

Intangible Fixed Assets & Negative Goodwill

Acquisitions & New Developments

Tangible Fixed Assets

CSR

Investments

Future Concepts

Stocks Debtors

10-14

statements and reports

Creditors: Amounts Falling Due Within One Year Borrowings Provisions for Liabilities Deferred Tax Asset Share Capital Movements In Equity Share Capital & Reserves

Directors’ Report

Capital Commitments

Statement Of Directors’ Responsibilities In Respect Of The Strategic Report &

Operating Leases

The Financial Statements

Cash Flow From Operating Activities

Independent Auditors Report To The Members Of Integral Uk Holdings Limited

Reconciliation Of Movement In Net funds Reconciliation Of Net Cash Flow To Movement In Net funds

15-19

accounts & balance sheets Profit And Loss Account Group Balance Sheets Company Balance Sheet

Pensions Acquisitions Related Party Disclosures

38-40

the board & management team

Group Cash Flow Statement Directors’ Biographies

20-22

accounting policies Basis of Preparation Basis of Consolidation Going Concern Investments Tangible Fixed Assets Stocks Taxation Pensions Operating Leases Accounting For Contracts Equity Dividends Exceptional Items Research & Development Expenditure Provisions

Management Team

overview 2014 activation

evaluation

guidance

transformation

delivery

At Integral we tailor our support to match our clients requirements. Our one-team approach ensures we fully utilise the skills and expertise from across our business, helping identify opportunities for improved efficiencies, providing cost effective maintenance solutions …delivering engineering excellence.

key facts •

Over 3,400 directly employed staff

•

Over 1,700 mobile technicians’ engineers

•

Over £300m turnover - £12m trading profit

•

Over 10 managing agents awarded us new contracts in 2014 due to the reliability of our services

services M&E Maintenance Critical Environments Fabric Maintenance M&E Projects Refrigeration Maintenance Energy Management Fire & Project Maintenance Predictive Maintenance Integral Build

Refurbishment Projects Fixed Wire / PAT Testing BMS Controls Housing Services Cleaning Services Estates Management Recruitment Consultancy

contract wins

“Our “one team” approach is not just within Integral, we want clients to feel that we are part of their own property solution, taking away the day-to-day worries.”

Bryan Glastonbury - Managing Director Integral UK Ltd

2

www.integral.co.uk

strategic report

3

www.integral.co.uk

3

Managing Director’s Review I am very pleased to report that as predicted in our Annual Accounts for 2013, green shoots turned into real opportunities and for the first time in Integral’s history, we achieved sales in excess of £300m. More importantly, even though the markets in which we operate remain very competitive, by concentrating on productivity gains and eliminating waste, we were able to produce our best ever trading profit, producing £12.1m in the year.

Key factors in producing the 2014 results:

•

Our focus on Technical Engineering Solutions, delivered by our 1,700 in-house technicians, allows us to deliver cost-effective solutions, ensuring our clients are compliant and safe.

•

Listening to our clients’ changing requirements and being flexible allows us to change our service delivery to match changing portfolios or specifications very quickly.

•

Several acquisitions have allowed us to further strengthen our technical engineering skills to reduce our reliance on sub-contractors.

•

Our markets are highly competitive and we work continuously at eliminating waste from the business.

This has been through a series of measures such as; constantly reviewing systems and processes; working on reducing travel times, increasing engineers’ productivity and consistently challenging our own suppliers for best value.

•

Being by far the largest independently owned technical services business in the UK has created many opportunities for us to work with global FM players. We provide a high level of technical support and expertise to the hard services element of their TFM bids which can increase the likelihood of success.

•

Our sales growth has been delivered through a combination of new sales, organic growth and several “bolt- on” acquisitions. Just as important is our record of retention which remained over 85%. I would very much like to thank all of our clients who entrust their properties’ condition and compliance to Integral.

•

As an engineering led business we are always trying to develop new, cost-effective ways of delivering maintenance. Our “Integral Uptime” software, which feeds predictive maintenance data into manufacturers’ algorithms, is the market leading predictive maintenance tool. We were delighted that Integral Uptime won two awards for Innovation in Technology. The first was the BIFM Award, in the category “Technical Innovation.” The second was the Global Business Excellence Award for “Outstanding Innovation” category.

“Getting the right engineer to the right site, at the right time, with the right part for the right price is an industry challenge, we do this over 1.2million times a year for 1,600 clients.”

Bryan Glastonbury, Managing Director, Integral UK Ltd

4

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Financial performance We are delighted to report breaking through the £300m sales barrier for the first time. At £309.9m, turnover rose by over 29%. This was mainly achieved by a combination of organic growth with our existing customers and new contract wins.

We produced a trading profit of £12.1m in the year, an increase of 6%. We are absolutely delighted with this performance as it is calculated after taking into account trading losses from distressed acquisitions made during the year and also significant development costs of Integral Uptime and the roll-out of our new CAFM system.

The trading performance of the Integral Group for 2014 has resulted in an increase in Total Net Assets of £10.3m, increasing the value to £41.4m at year end.

The business process has also continued to deliver cash generation from trading, resulting in a positive cash position at year end even after the acquisition of the SFS Fire Service Ltd business.

5

Operations

People

Our primary focus remains on industry leading Health & Safety procedures at all times for our clients, their staff and customers and our own employees.

From less than 1,000 employees in 2000, the business now directly employs over 3,400 people in the UK.

Our National “Near Miss Reporting Line” which we developed from the close relationship we share with National Grid, has proved a huge success and can now be accessed by over 3,400 employees. There is no doubt in my mind that it has massively increased safety awareness within our business and this, together with frequent Toolbox Talks to our engineering workforce, has made a positive impact on our business’s attitude towards safety.

In 2014 we reduced RIDDOR reportable incidents from ten in 2013 to seven; even though our workforce significantly increased.

Whilst this number is still higher than we would like, we are always pleased to be able to report a fall in accidents.

We are also pleased to announce we had no incidents to report regarding environmental issues in 2014.

During 2014, we completed a review examining whether we should rationalise our network of 16 branch offices in the UK. Despite potential savings, after consultation with clients and our employees we believe our strategy provides best value which can be demonstrated by the high levels of service delivery we achieve and meeting the stringent KPIs and SLAs of our clients. We remain a national company, with a strong local delivery capability.

Our focus on eliminating waste from our business and on improving the productivity of our mobile workforce has paid dividends. We achieved a reduction in our overheads as a percentage of turnover from 10.5% in 2013, to 9.1% in 2014.

We have found throughout 2014 that some of our major clients benefit from our “one stop shop” for all their property needs.

Whether it is the maintenance of their assets delivered by our core team, or major life cycle replacement programmes designed by our in-house consultancy, Hub Professional Services Ltd, and delivered by Integral Mechanical & Electrical projects, or major refurbishment projects delivered by Integral Build, our business can meet the many building environment needs of all of our clients.

Relationships are key to the success of the business. Whether our management’s upstream relationship with our many clients, or downstream to our teams of supervisors and our highly skilled workforce, the strong relationships that we have built, result in business continuity and service delivery just happening in the most efficient manner possible. Our employees are empowered to deliver the quality of service our clients rightly demand, and the quality of service our professional and competent engineers want to deliver. Our whole ethos is based on trust.

We focus on the training needs of our staff to help develop their careers, whether training for middle management, customer awareness training for our engineers or compliance and skills training for our craftsmen, we recognise training is key to their development.

We have this year partnered with Energy Training Hub, whereby they can utilise our Training Centre in the Midlands which will provide the market with much needed refrigeration engineers.

We have also continued youth training and have over 80 apprentices and trainees throughout the country who we hope will develop into Integral’s managers of the future.

Our staff retention has remained very good and Facility Associates, our in-house recruitment business, selects first-class candidates to aid the growth of our business.

We have a great track record with TUPE. Our team of dedicated HR personnel spend a great deal of time with potential TUPE candidates explaining to them our company’s aims and ethos.

They join us at day one of the contract, often re-invigorated by the experience, enthusiasm, knowledge and commitment shown by our mobilisation teams and fully aware of what is expected of them under Integral’s stewardship.

Our senior management team would like to express their thanks to all of our employees for not only doing what is expected, but in many cases going that extra mile.

“ ...Thanks to you and your teams for implementing the IT interface – I am pleased to see the updates coming through real time with helpful information in the notes which allows the Helpdesk to relay pertinent information to the customer. This reflects well on all of us and gives the impression of a joined up service as we intended through our collaboration charter.”

K Morris-Bates, Estates Services Programme Director, Co-Op Retail Facilities Management Shared Service

6

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Acquisitions and New Developments The Group has been busy with acquisitions in 2014 looking for opportunities to expand and strengthen our in-house capabilities.

Early in 2014, we bought the assets of Berkeley Controls from the Administrator. As well as a BMS installation and maintenance capability, the business has designed technology which allows it to control the environmental conditions and lighting of properties remotely. The conditions are controlled by its energy bureau based in the Midlands. Berkeley Controls delivered last year overall energy savings of between 15% and 40% per annum to their retail and school Clients.

staff making them aware of energy usage and potential saving.

“Energy Marshalls” are appointed from the clients’ team who oversee the good practices on a day-to-day basis.

In August we bought the assets from British Gas of their electrical testing division. The division has been seamlessly integrated into our own electrical/PAT testing team and the additional engineers on the ground now give us full coverage throughout the whole of the UK.

The first was the BIFM Award in the “Technical Innovation” category. Our ground breaking product “Integral Uptime” was identified through a tough selection process by a panel of industry experts as the leading innovation for the FM industry in 2014.

Finally, in November we purchased the shares of SFS Fire Holdings Ltd, trading as Hall & Kay. We were absolutely delighted to be given the opportunity to purchase what we consider to be the best fire protection business in the UK. We had knowledge of the business, it being a sister company of Integral in the early 2000’s when both businesses were owned by Staveley Industries.

The business still retains a great many management and other employees who were around at that time. The business will continue trading as Hall & Kay, it has a tremendous reputation in the fire protection market, and the acquisition also fits neatly with our strategy of self-delivering not only core mechanical and electrical services but also specialist services.

We are constantly being asked by clients for advice on reducing energy costs and we have over the last three years been developing an initiative we have named “Carbon Arc.” Carbon Arc is a set of analysis and training tools which can be used by the Integral contract teams and clients as a framework to improve the effectiveness of people and process to maintain a facility more efficiently. There are two distinct stands to Carbon Arc; Intelligent Maintenance sets about gathering information to gain a full understanding of a buildings criticality, asset condition and energy efficiency. Results from this analysis will allow Integral to prepare a bespoke maintenance plan which specifically meet the building requirements, as well as providing a full life-cycle forward maintenance plan, down to the component level of systems.

It was great that all of the tremendous work our critical site team had expended over the last three years in developing “Integral Uptime” has been recognised by our industry, where we won two awards in the year.

The second award was the “Global Business Excellence Award.”

The panel said “Computer reliability is becoming increasingly important in every aspect of our lives. It is only when something goes wrong that we realise how important it is to maintain and look after the main servers of large organisations such as banks or transport agencies. Integral has developed an innovative new system ‘Uptimeplus’ that ensures large computer mainframe installations are maintained in the perfect working environment. The company’s success is evident from the number of major contracts it has been awarded. Well done to Integral Uptimeplus for developing such a crucial system at the forefront of innovation.”

As always, it is difficult to change practices that have been occurring for decades but we are determined to challenge existing practices, especially practices where we believe new ones will provide better data and potential cost savings.

The Integral Energy Enlightenment, is a stand-alone guide and a series of tools allows the creation and implementation of an effective energy awareness programme that works for any business. Dependent on the clients’ specific requirements, the Integral Energy team will carry out training of our clients’

7

CSR Integral has been an active member of the Boots/BITC Reducing Re-Offending programme since 2012 and we see we can make a real difference to a challenging and costly social issue.

Through direct involvement with the Network, supporting events such as prison visits and contacting employers with developed programmes in this area, Integral has developed an understanding of how it can also support the Network’s activities. During 2014 we developed a relationship with Manchester College who are a major provider of training for prisoners and ex-offenders, helping to prepare them to re-enter the workforce. Working closely with Manchester College, we offer a work experience placement programme which involves four week administration placements at our Birchwood office. This enables ex-offenders to develop their skills and gain some experience to help them with their employment search post-release. At Birchwood we hope to widen the programme to include operational positions within facilities maintenance and building services. Once the programme is bedded in, Integral intends to widen the availability of the programme across its national branch network and will also consider working directly with local prisons supporting prisoners with work experience while on release on temporary license.

We are also working with charities such as Prince’s Trust and Tomorrow’s People, finding appropriate work opportunities for disadvantaged young people.

With Tomorrow’s People we offer young people a three month paid work experience and if it works out well for both parties, we try to offer full-time employment. Will Allen from Tomorrow’s People said: “…The most flattering thing I have to say about Integral is that the man management of the young people is outstanding. The young people are not treated any different from other staff and encouraged to grow with Integral as an employee and mature as a person...”

Our regional teams are also active in their own communities, providing a variety of help and support. This includes works such as re-decoration of the local scout hut, to helping school-leavers with interviewing techniques.

Our involvement with the charity “Tools with a Mission” continues to grow. Our teams of volunteers collect surplus or broken tools and computers that would otherwise have been discarded. These are then recycled and shipped overseas to benefit communities in under-developed countries.

We also host an annual cycle event that in 2014 raised over £47,000 for both local and national charities. Some charities that have benefited in 2014 include Dorothy House Hospice

8

www.integral.co.uk

Care, Naomi House and Jacksplace, St Rocco’s Hospice, Cancer Research UK, Pancreatic Cancer UK and Cystic Fibrosis.

On a monthly basis most of our branches organise donations specific to their own regions which has helped many good causes.

Integral UK Holdings UK Limited Annual Report 2014

Future Concepts Further consolidation with companies in the FM sector now means that Integral stand out as by far the largest, independently owned technical services company in the UK. Being independent and privately owned allows us to both decide and act quickly if opportunities arise; this is certainly an advantage over our larger competitors who are controlled with strict corporate governance. That independence, together with our strong engineering pedigree, allows us to work with major FM providers who are more focused on “soft services” and where we can strengthen their own TFM bids. We look to develop these relationships throughout 2015 and beyond.

Our development of Integral Uptimeplus and our use of predictive tools will also continue in 2015. Modelled on ISO5500X, we believe this is the first time a company has used this technology in the commercial property field. We also aim to explore how it can work on projects alongside BIM (Building Information Modelling) which is currently being used by our design and project teams.

Integral has more than doubled its turnover since 2007. To support this growth and the service we provide to our customers, we have invested in a multi-million pound five year program of IT and CAFM (Computer Aided Facilities Management) development. This work is aimed to future proof Integral and to create a platform for continued growth and unparalleled access of data which will change how our customers view maintenance within their estate. Getting the right engineer to the right site, at the right time, with the right part for the right price is an industry challenge, we do this over 1.2 million times a year for 1,600 clients, our new platform will help us to further increase efficiencies in this process, and provide our customers with a granular real-time view of our performance.

Finally, our focus on delivering high quality, great value, and technical maintenance solutions with our directly employed staff will continue. We will explore opportunities to provide more “specialist engineering” services in-house which may be by a combination of both organic and acquisitive growth. Our strong balance sheet and available cash resources will allow us to make further acquisitions if the right opportunities present themselves.

We enter 2015 full of expectations and with the strong and committed teams we have on board, expect the year to show further significant growth in both turnover and operating profit.

By order of the board,

B Glastonbury Managing Director 30 March 2015

9

statements & reports

10

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Directors’ report The directors present their report and the audited financial statements of Integral UK Holdings (the “Company”) and together with its subsidiaries (the “Group”) for the year ended 31 December 2014.

Principal activities

The Company’s principal activity is that of an investment holding Company. The principal activity of the Group is facilities services, including mechanical, electrical and fabric maintenance.

Review of business

Please refer to the Managing Director’s review on pages 2 to 7 for a review of the business during the year.

Donations

The Group made no political donations (2013: £Nil). Charitable donations of £13,000 were made (2013: £8,000).

Results and dividends

The Group profit after tax for the year amounted to £10,380,000 (2013: £8,062,000).

An interim dividend of £nil (2013: £8,000,000) was paid during the year. This represents a payment per share of £nil (2013: £0.67 per share). No final dividend is proposed.

Directors and their interests

The directors who have served during the year and at the time of signing this report are set out on page 1. See note 4c to the financial statements for details of Directors’ interests.

Indemnity provision

Subject to the provisions of the Companies Act, every Director, officer or employee of the Company is indemnified out of the assets of the Company, against any liability incurred in defending any proceedings relating to their conduct as an officer or employee of the Company.

Employee involvement

The Group seeks to engage all employees in both its short term and long term goals. This is mainly achieved through briefings.

Employment of disabled persons

It is the policy of the Group in the United Kingdom that disabled people, whether registered or not, should receive full and fair consideration for all job vacancies for which they are suitable applicants. Employees who become disabled during their working life will be retained in employment wherever possible and will be given help with any necessary rehabilitation and retraining.

Principal risks and uncertainties

The management of the business and the execution of the Group’s strategy are subject to a number of risks. The key

business risks affecting the group are set out below.

Competition The Group operates in an environment where cost is not the sole procurement criteria; the quality of service delivery increasingly allows a company to differentiate its offering from that of its competitor.

Employee Being a service business our people are by far our most important asset. In order to deliver the business strategy of continued quality growth the business needs to recruit and retain its staff. In order to mitigate the impact from staff resignations or skill shortages, the Group operates a staff development and succession planning programme, promoting from within where possible.

Key Performance Indicators

The key performance indicators used to run the business are contained within a board pack, produced monthly and distributed to board members. The most important key performance indicators include: • • • • •

•

Monthly value of work done by division; Gross Margin achieved by division; Overheads; Orders received in the month; Working capital including cash, work in progress and debtors; Prospects and tender opportunities in hand.

Financial risk management

The Group’s operations expose it to a variety of financial risks that include the effects of changes in prices, credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring the Group’s exposure to each of these identified risks.

Given the nature of the Group’s operations, the Directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The board take an active involvement in the group’s management of financial risk and circumstances where it would be appropriate to use financial instruments to manage these.

Price risk The Group is not directly exposed to commodity price risk as a result of its operations. The Group has no exposure to equity

11

securities price risk as it holds no listed equity investments.

Exposure to changes in prices charged by suppliers is managed on an ongoing basis.

Credit risk The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterpart is reassessed on a regular basis.

Liquidity risk The Group’s financing is arranged with Lloyds TSB. Financing is designed to ensure the Group has sufficient available funds for operations and planned expansions. Compliance with financing covenants is monitored by the board on a monthly basis.

Interest rate cash flow risk The Group has both interest bearing assets and interest bearing liabilities arranged at variable interest rates based on Lloyds TSB base rate. Exposure to interest rate movements is monitored by the board and the policy will be revisited should the group’s financing needs change.

12

www.integral.co.uk

Auditors

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

Disclosure of information to auditors

The directors who held office at the date of approval of this directors’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditors are unaware; and each director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

By order of the Board

P Salmons Secretary 30 March 2015

Integral UK Holdings UK Limited Annual Report 2014

Statement of directors’ responsibilities in respect of the Strategic Report, the Directors’ Report and the financial statements The directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company and of their profit or loss for that period. In preparing each of the group and parent company financial statements, the directors are required to: •

•

•

select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

13

Independent auditor’s report to the members of Integral UK Holdings Limited We have audited the financial statements of Integral UK Holdings Limited for the year ended 31 December 2014 set out on pages 15 to 37. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

We have audited the financial statements of Integral UK Holdings Limited for the year ended 31 December 2014 set out on pages 15 to 37. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Respective responsibilities of directors and auditor As explained more fully in the Directors’ Responsibilities Statement set out on page 13, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s web-site at www. frc.org.uk/auditscopeukprivate.

Opinion on financial statements In our opinion the financial statements: •

•

•

14

give a true and fair view of the state of the group’s and the parent company’s affairs as at 31 December 2014 and of the group’s profit for the year then ended; have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.

www.integral.co.uk

•

•

•

•

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors’ remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.

Kate Teal (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 100 Temple Street Bristol BS1 6AG 30 March 2015

accounts & balance sheets

15

Profit and loss account for the year ended 31 December 2014

Note 1

Turnover Cost of sales Gross profit Administrative expenses

2014 £000 309,822 (269,632)

2013 £000 238,600 (202,173)

40,250 (28,135)

36,427 (25,012)

Operating profit before amortisation and release of negative goodwill Goodwill amortisation Release of negative goodwill

2 2

12,115 (1,788) 2,713

11,415 (1,788) 1,266

Operating profit Interest receivable and similar income Interest payable and similar charges

2 4 5

13,040 2 (110)

10,893 2 (155)

Profit on ordinary activities before taxation Tax on profit on ordinary activities

6

12,932 (2,551)

10,740 (2,678)

10,381 (1)

8,062 15

10,380

8,077

Profit on ordinary activities after taxation Equity minority interests Profit for the financial year

19

All of the Group’s activities are classed as continuing.

There is no difference between the profit on ordinary activities before taxation and the profit for the financial year stated above and their historical cost equivalents.

The Group has no recognised gains or losses other than those included in the results above and therefore no separate statement of recognised gains and losses has been presented.

The notes on pages 23 to 37 form part of these financial statements.

“Late last night, we had a fire in one of the Galleries units, which subsequently set off the sprinkler system, resulting not only in fire damage to the unit in question, but also water damage to a number of retail units below.

As a result of the actions by staff from GBM Services and Integral Services, the incident was dealt with in text book fashion, where despite the extent of damage, all affected retailers managed to open at some point during the day, which reflects the fantastic performance from everyone involved, from dealing with the initial incident to clearing up water and debris and generally assisting retailers as required.

From start to finish, I really don’t think that anything could have been done any better, and indeed we have received praise from the Fire & Rescue Service, and the Centre’s Managing Agents, accordingly.”

I Clark, Centre Manager, Eastgate Shopping Centre

16

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Group Balance Sheet as at 31 December 2014

Note

2014 ÂŁ000

2013 ÂŁ000

9 9 10

20,601 622

21,425 (1,273) 536

21,223

20,688

544 85,610 9,886

496 57,082 3,825

96,040 (75,424)

61,403 (50,821)

Net current assets

20,616

10,582

Total assets less current liabilities Creditors: amounts falling due after more than one year Preference shares

41,839

31,270

15

(256)

(256)

16

(188) 41,395

31,014

18 19 19 19

5 11,791 3,133 26,488 41,417 (22)

5 11,791 3,133 16,108 31,037 (23)

41,395

31,014

Fixed assets Intangible assets Negative Goodwill Tangible assets

Current assets Stocks Debtors Cash at bank and in hand

12 13

Creditors: amounts falling due within one year

14

Provisions for liabilities Net assets Capital and reserves Called up share capital Share premium Capital redemption reserve Profit and loss account Total shareholders’ funds Minority interests Capital employed

The financial statements were approved by the Board of Directors on 30 March 2015 and were signed on its behalf by:

B Glastonbury Director The notes on pages 23 to 37 form part of these financial statements.

17

Company Balance Sheet as at 31 December 2014

Note

2014

2013

Investments

11

36,670

36,526

Current assets

13

-

587

Creditors: amounts falling due within one year

14

(11)

-

(11)

587

36,659

37,113

(21,286)

(21,907)

15,373

15,206

Fixed assets

Net current liabilities/(assets) Total assets less current liabilities Creditors: amounts falling due after more than one year

15

Net assets Capital and reserves Called up share capital

18

5

5

Share premium

19

11,791

11,791

Capital redemption reserve

19

3,133

3,133

Profit and loss account

19

444

277

15,373

15,206

Total shareholders’ funds

The financial statements were approved by the Board of Directors on 30 March 2015 and were signed on its behalf by:

B Glastonbury Director The notes on pages 23 to 37 form part of these financial statements.

18

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Group Cash Flow Statement for the year ended 31 December 2014

Note

22

Net cash inflow from operating activities

2014

2013

ÂŁ000

ÂŁ000

13,804

12,349

(79) 2 (31) -

(124) 2 (31) (8,000)

(108)

(8,153)

(2,974)

(2,671)

Returns on investments and servicing of finance Interest paid Interest received Preference share dividends paid Dividend paid Net cash outflow from returns on investments and servicing of finance Taxation Capital expenditure and financial investment Purchase of tangible fixed assets Purchase if intangible fixed assets Net cash outflow for capital expenditure and financial investment Acquisitions Net cash inflow in relation to purchase of trade and assets Purchase of subsidiary undertaking

(443) (490) (933)

(171) (171)

(8,900)

1,266 -

Net cash (outflow)/inflow for acquisitions

(8,900)

1,266

889

2,620

-

-

-

-

889

2,620

Net cash inflow before financing Financing Cancellation of share warrant Issue of share capital

Net cash inflow from financing

24

Increase in net cash

A reconciliation of net cash flow to movement in net funds is given in note 24 to the financial statements.

19

accounting policies

20

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

Basis of preparation The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules.

Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 December 2014.

Subsidiaries acquired have been dealt with in the consolidated accounts using acquisition accounting. Upon the acquisition of a subsidiary, the fair values that reflect the condition at the date of acquisition are attributed to the identifiable assets and liabilities acquired. Adjustments are made to bring the accounting policies of subsidiaries acquired into alignment with those of the Group.

Transactions between group companies are eliminated. Where the fair value of the consideration paid differs from the fair value of the acquired assets and liabilities, the difference is treated as goodwill.

In accordance with the FRS 10 (Goodwill and Intangible Assets), goodwill arising on acquisitions is capitalised and amortised on a straight line basis over its useful economic life. The goodwill on the acquisition of Integral UK Group Limited and SFS Fire Services Limited is being amortised over its estimated useful economic life of 20 years. The results of businesses acquired are included from the effective date of acquisition and businesses sold are included up to the date of disposal.

Negative goodwill is released to the profit and loss account in the period in which the fair values of the assets are recovered.

Tangible fixed assets The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition.

Tangible fixed assets are depreciated over their estimated useful lives using the straight-line method of depreciation. The following annual rates are applied to original cost less estimated residual value where appropriate:

Leasehold land and buildings

-

Term of lease

Plant, machinery and vehicles

-

25% - 50%

Fixtures and fittings

-

20% - 33%

Stocks Stocks are valued at the lower of cost and net realisable value.

Provision is made for obsolete, slow moving and defective items.

Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.

Full provision is made on an undiscounted basis for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the financial statements and their recognition in the tax computation. Deferred tax assets are recognised only to the extent that they are more likely than not to be recovered.

Going concern The directors have considered the financial position of the Group and Company and have concluded that the Group and Company will continue to meet its liabilities as they fall due for the foreseeable future and hence the accounts are prepared on a going concern basis. This is notwithstanding the net current liability position of £11k (2013: £587k net current assets) in the parent company, as the total net asset position of the company is deemed sufficiently strong (2014: £15.4m net assets; 2013: £15.2m net assets) for the company to be deemed a going concern.

Pensions The Group operates a defined contribution pension scheme.

The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions to the Scheme are charged to the profit and loss account when they become payable.

Investments Investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value.

Accounting for contracts Turnover represents amounts earned on contracts for planned maintenance and reactive maintenance works. Turnover for long

Operating leases Rentals under operating leases are charged to the profit and loss account as they are incurred.

21

term contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

Provisions Provisions are recognised when the company has a present obligation as a result from a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions utilised or unused will be released through the profit and loss account.

Payments received on account in respect of contracts that exceed the recognised turnover are included in creditors.

Provision is made for any losses that are foreseen.

Equity dividends Dividends are only recognised as a liability at that date to the extent that they are declared prior to the year end.

Exceptional items Items that are both individually significant and are not expected to recur are classified as exceptional items. Exceptional items are recorded within reported operating profit on the face of the profit and loss account.

Research and development expenditure Expenditure on research and development is written off to the profit and loss account in the year in which it is incurred.

22

www.integral.co.uk

“...Voted Capita’s Cambridge Team Good News Winner for March’ : Rob Sherry nominated by the Team for going beyond the call of duty to ensure the smooth operation of our contract and client’s facilities.”

S Ganiford, Associate, Capita Symonds

notes to the financial statements

23

1.

Turnover

All turnover and profits are derived from the supply of services, which, in the Directors’ opinion, constitutes one class of business.

2.

Operating profit Operating profit is stated after charging/(crediting) the following items:

Auditor’s remuneration - audit of these financial statements - audit of financial statement of subsidiaries pursuant to legislation - other services relating to taxation Depreciation Amortisation of goodwill Hire of plant and machinery – operating leases Hire of other assets – operating leases Research and development expenditure Release of negative goodwill

3.

2014

2013

£000

£000

20 100 56 391 1,788 8,273 814 98 (2,713)

15 57 30 505 1,788 6,597 683 61 (1,266)

Directors and employees (a) Directors’ remuneration The remuneration of the directors was as follows:

Emoluments in respect of qualifying services Company pension contributions to money purchase schemes

2014

2013

£000 661 24

£000 642 23

The number of Directors to whom retirement benefits are accruing in respect of qualifying services under money purchase schemes is three.

(b) Highest paid director The remuneration of the highest paid director was as follows:

Emoluments in respect of qualifying services Company pension contributions to money purchase schemes

24

www.integral.co.uk

2014

2013

£000

£000

326

319

-

-

Integral UK Holdings UK Limited Annual Report 2014

(c) Directors’ interests The beneficial interests of the directors in the share capital of the Company as at 31 December 2014 were as follows:

Preference shares

Ordinary shares

125,150

7,846,167

P Salmons

50,000

766,667

M Johns

50,000

766,677

A Kenny

20,833

946,761

B Glastonbury

Except as reported in note 27, no Director had any material interest in any contract of significance to the business of the Company at any time during the period under review.

(d) Staff numbers The average weekly number of persons employed by the Group (including directors) during the year was as follows:

2014

2013

Operations

2,291

1,959

Management and administration

1,107

782

3,398

2,741

2014

2013

ÂŁ000 91,386 9,777 1,752 102,915

ÂŁ000 74,681 8,061 860 83,602

(e) Staff costs Aggregate payroll costs (including directors) were as follows:

Wages and salaries Social security costs Other pension costs

25

4.

Interest receivable and similar income 2014

2013

£000

£000

2

2

2014

2013

£000

£000

On bank loans and overdraft

79

124

Preference share dividends

31

31

110

155

2014

2013

£000

£000

2,609

2,727

3

(13)

2,612

2,714

(69)

(43)

Adjustment in respect of prior years

8

-

Effect of tax rate change on opening balance

-

7

(61) 2,551

(36) 2,678

On bank deposits

5.

Interest payable and similar charges

6.

Tax on profit on ordinary activities (a) Analysis of tax charge in year

UK Corporation tax Current tax on income for the year Adjustments in respect of prior years Total current tax Deferred tax (note 16) Origination and reversal of timing differences

Total deferred tax (credit) Tax on profit on ordinary activities

26

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

(b) Factors affecting the tax charge for the current year The tax assessed for the year is lower (2013: higher) than the standard rate of corporation tax in the UK of 21.5% (2013: 23.25%).

The differences are explained below:

Profit on ordinary activities before taxation Corporation tax at the standard rate of 21.5% (2013: 23.25%)

2014

2013

£000

£000

12,932

10,740

2,780

2,497

384

416

(583)

(295)

187

42

3

(13)

(108)

55

(51)

12

2,612

2,714

Effects of: Goodwill amortisation not deductible for tax purposes Release of negative goodwill not taxable for tax purposes Other expenses not deductible for tax purposes Adjustments in respect of prior periods Accelerated capital allowance and other timing differences Group relief (claimed)/surrended Current tax charge for the year

(c) Factors that may affect future tax charges Reductions in the UK corporation tax rate to 21% (effective from 1 April 2014) and 20% (effective from 1 April 2015) were substantively enacted on 2 July 2014. This will reduce the company’s future current tax charge accordingly.

The deferred tax asset at 31 December 2014 has been calculated based on the rate of 20% substantively enacted at the balance sheet date.

The deferred tax asset at 31 December 2013 has been calculated based on the rate of 20% substantively enacted at the balance sheet date.

7.

Parent company profit and loss account Integral UK Holdings Limited has not presented its own profit and loss account as permitted by Section 408 of the Companies Act 2006. The retained profit for the year dealt with in the accounts of Integral UK Holdings Limited is £167,000 (2013: £496,000) after payment of a dividend of £Nil (2013: £8,000,000).

8.

Dividends No interim dividend has been paid (2013: £8,000,000). No final dividend is proposed. Dividends on redeemable preference shares have been recorded as interest as under the provisions of FRS 25 the shares are recorded as a liability.

27

9.

Intangible fixed assets and negative goodwill

Software License

Goodwill

Negative Goodwill

Total

£000

£000

£000

£000

-

21,425

(1,273)

20,152

490

474

-

964

Fair value adjustment (note 26)

-

-

(1,440)

(1,440)

Amortisation

-

(1,788)

-

(1,788)

Released to the profit and loss account

-

-

2,713

2,713

490

20,111

-

20,601

As at 1 January 2014 Additions

Net book value at 31 December 2014

There has been no amortisation charged on the software license in the year as it has not yet been completed

10.

Tangible fixed assets Group Short leasehold land and buildings

Plant machinery and vehicles

Total

£000

£000

£000

339 (243) -

1,802 443 (101) 34

2,141 443 (344) 34

96

2,178

2,274

253 40 (243)

1,352 351 (101)

1,605 391 (344)

At 31 December 2014

50

1,602

1,652

Net book value At 31 December 2014

46

576

622

86

450

536

Cost At 1 January 2014 Additions Disposals Acquired in business combination At 31 December 2014 Accumulated depreciation At 1 January 2014 Charge for year Disposal

28

At 31 December 2013

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

11.

Investments Shares in subsidiary company undertakings: 2014

2013

£000

£000

Cost Additions Impairment

36,526 144 -

36,616 (90)

Carrying value

36,670

36,526

The company’s principal subsidiary undertaking is as follows:

Name of company

Country of registration and operation

Holding %

Activity

Integral UK Limited

England and Wales

100%

Facilities maintenance

SFS Fire Services Limited (held indirectly)

England and Wales

100%

Sprinkler installation and maintenance

The company’s other trading subsidiary undertakings are as follows:

Name of company

Country of registration and operation

Holding %

Activity

Facility Associates Recruitment Limited

England and Wales

100%

Employment bureau

Hub Professional Services Limited

England and Wales

90%

Professional services

Mobius Support Services Limited*

England and Wales

100%

Facilities management

Integral Uptime Limited

England and Wales

100%

Business environment management

Hall and Kay Fire Holdings Ltd**

England and Wales

100%

Holding Company

* ceased trading during the year. ** incorporated on 10 November 2014.

29

12.

Stocks Group

Raw materials and consumables

13.

2014

2013

£000

£000

544

496

Debtors Group

Company

Group

Company

2014

2014

2013

2013

£000

£000

£000

£000

-

-

-

587

Trade debtors

55,257

-

46,411

-

Amounts recoverable on contracts

27,586

-

8,899

-

Deferred tax (note 17)

152

-

91

-

Other debtors

881

-

617

-

1,734

-

1,064

-

85,610

-

57,082

587

Amount due from group companies

Prepayments and accrued income

“… following an incident with our store flooding, your engineer worked all day and most of the night to enable us to trade next day. Our whole team appreciated his outstanding work ethos. Our appreciation also to the rest of the team with their efforts co-ordinating the response to support our store.”

D Morgan, Operations & Escalations Manager (North), Boots

30

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

14.

Creditors: amounts falling due within one year Group

Company

Group

Company

2014

2014

2013

2013

£000

£000

£000

£000

-

11

-

-

Trade creditors

30,245

-

25,228

-

Payments received on account

13,742

-

6,503

-

Corporation tax

1,146

-

1,508

-

Other taxes and social security

9,869

-

8,858

-

Overdraft*

5,172

-

-

-

15,250

-

8,724

-

75,424

11

50,821

-

Amount owed to group undertakings

Accruals and deferred income

The amount due to group undertakings is repayable on demand and interest is charged at a current rate of 2.0%. * The Company makes use of an invoice discounting facility. In accordance with FRS 5, the trade debtors and the advances from the bank have been shown separately. The overdraft balance above, relates to the advances from the bank under this facility.

15.

Borrowings

Preference shares Amounts due to group companies

Group

Company

Group

Company

2014

2014

2013

2013

£000

£000

£000

£000

256

256

256

256

-

21,030

-

21,651

256

21,286

256

21,907

The amounts due to group companies are long term and have no fixed repayment date.

Details of the preference shares can be found in note 18.

31

16.

Provisions for Liabilities Property Provision £000 At 1 January 2014 Acquired

188

At 31 December 2014

188

Property provision This balances related to dilapidations provisions acquired on the acquisition of SFS Fire Services Limited (see note 26).

17.

Deferred tax asset The movement on the Group’s deferred tax asset can be analysed as follows: 2014

2013

£000

£000

At 1 January

91

55

Credit for the year

61

36

152

91

2014

2013

£000

£000

Accelerated capital allowances

118

62

Short term timing differences

34

29

152

91

At 31 December Analysis of deferred tax asset:

“…would just like to say how well Integral have performed this year. Service has been excellent and response times to breakdowns has been good; the works carried out have been second to none with action taken …”

P White, Chief Engineer, London Hilton Park Lane

32

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

18.

Share capital The share capital is summarised below:

2014

2013

2014

2013

Number

Number

£000

£000

17,000,000

17,000,000

9,364

9,364

256,400

256,400

2,564

2,564

11,935,650

11,935,650

4,775

4,775

256,400

256,400

2,564

2,564

Authorised Ordinary shares Preference shares

Allotted and fully paid Ordinary shares Preference shares

The rights allocated to the Ordinary shares and Preference shares are the same except where listed below.

• • •

Preference shareholders participate in a fixed cumulative cash dividend at 12% of the paid up value of the shares.

On a return of capital of the Company, any surplus shall be distributed to the shareholders in the following order: - Preference shares - Ordinary shares Preference shares shall be redeemed at their paid up value in the event of a listing or an acquisition of the company’s Ordinary shares.

In accordance with Financial Reporting Standard No 25 (“Financial Instruments: Disclosure and presentation), the preference shares have been disclosed in the financial statements as “Creditors: Amounts falling due after more than one year”.

19.

Movements in equity share capital and reserves

The statutory share capital and reserves of the group are set out below:

Ordinary shares

Share premium

Profit and loss account

Total

£000

Capital redemption reserve £000

£000

£000

£000

At 1 January 2014

5

3,133

11,791

16,108

31,037

Profit for the year

-

-

-

10,380

10,380

3,133

11,791

26,488

41,417

At 31 December 2014

5

33

The statutory share capital and reserves of the company are set out below:

Ordinary shares

Share premium

Profit and loss account

Total

£000

Capital redemption reserve £000

£000

£000

£000

At 1 January 2014

5

3,133

11,791

277

15,206

Profit for the year after taxation

-

-

-

167

167

5

3,133

11,791

444

15,373

At 31 December 2014

20.

Capital commitments There is no capital expenditure authorised and contracted for at 31 December 2014 for which no provision has been made in these accounts.

21.

Operating leases Annual commitments under operating leases are as follows:

Land and buildings

Other operating leases

2014 £000

2013 £000

2014 £000

2013 £000

54

39

1,938

1,073

Within two to five years

484

330

-

4,658

After five years

330

472

3,631

-

868

841

5,569

5,731

Operating leases which expire: Within one year

“… Following my recent supplier review with the Operations Manager at The Arndale Centre, we would like to pass on our appreciation for how well the Integral team are performing on site.”

P Dickenson, Head of Management Services, CBRE

34

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

22.

Cash flow from operating activities 2014

2013

£000

£000

13,040 1,788 (1,273) 391 (14,204) (48) 13,922 188

10,893 1,788 505 (4,311) (20) 3,494 -

13,804

12,349

At 1 January 2014 £000

Cash flow £000

At 31 December 2014 £000

3,825

6,061

9,886

-

(5,172)

(5,172)

3,825

889

4,714

Preference shares redeemable after one year

(256)

-

(256)

Net funds

3,569

889

4,458

Operating Profit Amortisation of goodwill (Increase) in negative goodwill Depreciation of fixed assets (Increase)/Decrease in debtors (Increase)/Decrease in stock (Increase)/Decrease in Creditors Increase in provisions

23.

Reconciliation of movement in net funds

Cash in hand and at bank Bank overdraft

24.

Reconciliation of net cash flow to movement in net funds 2014

2013

£000

£000

Increase in cash in the year Change in net funds resulting from cash flows

889 -

2,620 -

Movement in net funds in the year

889

2,620

Net funds at start of the year

3,569

949

Net funds at end of the year

4,458

3,569

35

25.

Pensions The group operates defined contribution pension schemes. Contributions to these schemes are held in separate trustee administered funds. The pension charge during the year was £1,752,000 (2013: £860,000). At the year end £391,000 (2013: £137,000) was due to the group to the pension scheme.

26.

Acquisitions

During the year, the Group acquired the trade and assets of WR Refrigeration.

As previously reported Book value £000

Re-valuation £000

Book value £000

Re-valuation £000

Fair value £000

5,318

(103)

5,215

1,440

6,655

Cash consideration

2,676

-

2,676

Negative goodwill (see Note 9)

2,539

1,440

3,979

Work in progress and debtors

The fair value adjustments in the year arose following an updated assessment of the recoverability of the work in progress and debtor balances.

On 13th January 2014, Integral UK Holdings Limited acquired the chattels, customer contracts, goodwill, business information and software licenses held by Berkeley Environmental Services Limited for a nominal fee. No further information has been disclosed on the grounds of materiality.

On 28 November 2014 the Company acquired all of the shares of SFS Fire Services Limited. The resulting goodwill was capitalised and will be written off over 20 years in line with its useful life.

Book value £000

Re-valuation £000

Fair value £000

Fixed assets Tangible Current assets Debtors Cash Total assets

34

-

34

14,263 14,297

-

14,263 14,297

Liabilities Creditors Accruals Provisions Total Liabilities

1,098 4,585 188 5,871

-

1,098 4,585 188 5,871

8,426

-

8,426 474 8,900

Net assets Goodwill (see note 9) Purchase consideration and costs of acquisition Consisting of : Cash

Book value has been determined on a provisional basis, with no fair value adjustments made at the year end.

36

www.integral.co.uk

8,900

Integral UK Holdings UK Limited Annual Report 2014

27.

Related party disclosures The Company has taken advantage of the exemption available under FRS 8 not to disclose transactions or balances with wholly owned subsidiaries which form part of the Group.

During the year, the company has carried out no transactions with non-wholly owned subsidiaries (Hub Professional Services Limited) in the normal course of business (2013: £nil).

Mr A Kenny, a director of the Company, is also a director of Clifton Down Corporate Finance Limited. Clifton Down Corporate Finance Limited performed advisory services for the Company. The total amount paid to Clifton Down Corporate Finance Limited in the year was £212,500 (2013: £200,000).

“ … the high levels of partnership that Northern Trust’s Corporate Services Group enjoys with its key vendors such as Integral serves only to underscore the collaborative nature of our relationship.”

A Hamilton-Briscoe, Vice President, Northern Trust, Canary Wharf

37

the board & management team

38

www.integral.co.uk

Integral UK Holdings UK Limited Annual Report 2014

Bryan Glastonbury

Paul Salmons

Bryan’s main objective is to ensure the business remains closely aligned with its customers – focusing on supporting them in the achievement of their business goals; a determined and resilient leader with proven experience of being able to challenge and think strategically. Bryan passionately promotes integrity and professionalism into the heart of the business.

Paul heads up strategic financial planning, establishing a solid financial operating framework and delivering sound financial control, ensuring our processes and systems of risk management are robust and defensible. Paul also successfully manages all Integral’s acquisitions.

Mark Johns

Tony Kenny

Mark is responsible for maintaining the operational performance of the company ensuring that the objectives and standards of performance are not only understood but owned by the management and our employees. Mark works closely with our clients solving problems and helping them run their built environment more efficiently and we are fully engaged with our clients’ strategic decisions to add value.

Tony is responsible for determining the company’s strategic objectives and policies, directing strategy towards the profitable growth and operation of the company. Tony explores all areas where significant business improvements can be made and is actively involved with all potential acquisitions.

Managing Director

Operations Director

Finance Director

Non-Executive Chairman

39

40

www.integral.co.uk

Martin McCormack

Andy Nichol

South East & London Regional Director

North & Scotland Regional Director

Steve Collins

Kevin Doughty

South West & Wales Regional Director

Midlands & East Anglia Regional Director

Richard Biffin

Antony Collett

Refrigeration Director

Sales & Strategic Development Director

Andrew Dutton

Joe Chapman

Critical Environment Director

National Projects Director

John Moore

Chris Todd

Business Development Director

Commercial Director

Martin Forbes

Don Urquhart

HR Director

H&S and CSR Director

1290 Aztec West, Almondsbury, Bristol BS32 4SG t: 01454 278 900 f: 01454 201 169

e: enquiries@integral.co.uk

www.integral.co.uk 42

www.integral.co.uk