PROGRESSION AND GROWTH Update Group increased its market share throughout 2022, and despite the global challenges and economic headwinds, continued to win work, expand into new regions, and achieve some significant milestones. This was all made possible through the ongoing support of our clients, and generally those clients who are of a repeat nature. As always, the flexibility and dedication of our management teams deserve notable recognition.
Progression and Growth To further support our clients in the Caribbean and provide the resources which are needed on the ground, we formally established our regional hub in St James, Barbados, with the view that all our pre-construction efforts for the region will be handled and produced on the island. This brings additional benefits such as being able to maintain closer relationships with supply chains, being familiar with and understanding the complex differences in local building regulations, and considerable efficiencies in logistics and project and people management.
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We have invested significantly in the set-up of the facility, and are now employing local engineering and health & safety staff and providing all necessary training where required. Our track record in the Caribbean now extends to projects in Bermuda, St Vincent and the Grenadines, Grand Cayman, St Kitts and Nevis, and Barbados. This experience and the valuable knowledge we have gained in areas such as design, buildability, and commissioning means Update Group is well-positioned to secure further appointments across the region in 2023. This experience is demonstrated with one of our recently completed projects, LF Wade International Airport in Bermuda, which has been voted the Best Airport of its Size in the Latin America and Caribbean region, in the annual Airport Council International World Airport Service Quality Awards. In June 2022 we announced the sale of our Singapore business, as part of an ongoing strategic transition to concentrate on Europe and the Caribbean and to explore opportunities in the USA with our existing client base. Update Asia completed a number of high-profile MEP projects in Singapore and Malaysia including Swissôtel and Fairmont Hotels, Dyson, Apple, Dupont and Kerry Foods.
Project Milestones 2022 saw the completion of some major projects and the achievement of some key milestones on our longer-term appointments. This included the redevelopment of Central Plaza, one of Dublin’s most iconic buildings, and the completion of the new London base of the Royal Academy of Dance. And in Milton Keynes at one of Europe’s largest office space developments, the Update Group team completed the MEP installation at Santander’s new UK headquarters.
