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WE ARE DELIGHTED TO BE REPORTING A RESILIENT AND STRONG PERFORMANCE DESPITE THE ONGOING MARKET CHALLENGES.

Alan Dunsmore
Chief executive officer

Operating Review

Group overview

The Group has had another successful year in 2022, delivering profit growth both in the UK and India against a backdrop of some challenging market conditions, and securing a significant value of new work, which is reflected in our order books of £486m in the UK and Europe and £158m in India. Together, these provide us with good visibility of earnings and leave us well-positioned with a strong future workload for the 2023 financial year and beyond.

Despite inflationary and supply chain pressures which have been a feature of most of the year, with an already challenging trading environment now being exacerbated by the Russian invasion of Ukraine, the 2022 results demonstrate the resilience of the Group and serve to highlight its many strengths. These include the additional resilience provided by our market sector, geographical and client diversity, the talent and commitment of our workforce, our supply chain management expertise, and our strong financial position.

In 2022, we have increased our revenue by 11 per cent to £403.6m (2021: £363.3m) and our underlying1 profit before tax by 11 per cent to £27.1m (2021: £24.3m), following the operational disruption experienced in 2021 from the COVID-19 pandemic. The increase in profit also reflects our ability to offset inflationary cost increases through a combination of operating efficiencies, higher selling prices and contractual protection as steel remains largely a pass-through cost for the Group.

We have maintained a good financial position throughout the year, enabling us to continue to grow the dividend and support ongoing investment in the business. Year-end net debt (on a pre-IFRS 16 basis¹) was £18.4m (2021: net funds of £4.4m), which includes the outstanding term loans for acquisitions of £14.9m (2021: £20.8m). The increase in borrowings mainly reflects a normalisation of working capital, the impact of steel and other input price rises, together with higher steel purchases to meet production requirements when executing our record order book in 2023.

The Indian joint venture ('JSSL') has performed profitably in 2022, following a difficult start to the year when output was disrupted by the second wave of COVID-19. JSSL continues its recovery towards pre-pandemic levels of output in 2023 and the company's strong order book, together with an improving pipeline of potential orders, reflects a continuing strong underlying demand for structural steel in India. All this leaves the business very well-positioned to take advantage of an improving economy.

Strategy

The Group's strategy is driven by its core strengths of engineering and construction. This well-established strategy is unchanged, focused on growth, both organic and through selective acquisitions, operational improvements and building further value in JSSL.

In recent years, the evolution of this strategy has been particularly evident in our significant market sector, geographical and client diversification, which has enabled us to successfully navigate periods of market softness in certain of our main sectors in the UK, notably commercial offices. This has resulted in a more balanced business (the Group now serves ten market sectors) and a resilience which has seen us successfully negotiate the headwinds of Brexit, the COVID-19 pandemic and the inflationary pressures in the current year. The successful implementation of our strategy has also facilitated revenue growth and reinforced the Group's strong balance sheet and ability to generate cash which have allowed us to continue to invest in our operations and in acquisitions such as Harry Peers and DAM Structures. As a result, our capabilities are aligned with many market sectors with strong growth potential. The Group is well positioned to meet the demand for ongoing investment in the UK's infrastructure, while our diverse construction activities remain focused on key areas such as industrial and distribution, data centres, stadia and leisure, nuclear and commercial offices.

In India, we remain positive about the long-term trajectory of the market and of the value creation potential of JSSL. This is especially considering the structural changes in the economy over recent years, the government's ongoing focus on simplifying regulations and the 'ease of doing business', and the significant expansion of the business already evidenced to date which has resulted in a business capable of producing over 100,000 tonnes of steelwork from one site in Bellary.

In response to the strong long-term growth projections for India, and in tandem with our joint venture partner, we are in the process of selecting a plot of land to facilitate expansion of the business in the future. We expect that this land purchase will be completed in the 2023 financial year. This will allow the business to expand its geographical footprint whilst providing it with the platform to build quickly and incrementally add the necessary volume to support the expected future market growth.

New divisional structure

The Group has grown significantly over recent years, both organically and through acquisition. In response to this, since the size and shape of the Group has changed and evolved significantly over the last five years, we have created a simpler divisional structure for our UK and Europe operations.

This has resulted in three new market-focused divisions (see below) in a structure designed to align our existing businesses more closely with the ten market sectors that we serve and our growing customer base. Further information on how this new structure will be presented, will be provided at a Capital Markets Day ('CMD') later in the calendar year (a separate RNS notice will be issued for the CMD in due course). There are no non-underlying costs associated with this re-organisation which has been implemented for operational purposes.

The market dynamics of our three new divisions are different, in terms of the solutions that customers seek, project characteristics, the competitive landscape and their economic cycles. This in turn offers very different opportunities for the Group in terms of the growth rates and margin opportunities available to us. By creating a Group structure with three divisions focused on our chosen markets, we will not only optimise the operations of each division to the market dynamics they face but provide us with a better platform to fulfil our strategic growth aspirations, both organically and by acquisition.

This new structure will also allow us to adopt a more holistic approach to manufacturing across the Group, under the leadership of our Group Manufacturing Director, as we continue to invest in and optimise our factories, particularly at our main production centres in Dalton, Lostock and Enniskillen.

With effect from 1 April 2022, the current structure of six mainly location-based business units was streamlined into three market-focused divisions as follows:

The Commercial and Industrial division will bring together the Group's strong capabilities which serve the following market sectors – industrial and distribution, commercial offices, stadia and leisure, data centres, retail and health and education.

The Nuclear and Infrastructure division will encompass the Group's market-leading positions in the nuclear, power and energy, transport (road and rail) and process industries sectors.

The Products and Processing division will include the growing modular product ranges of Severfield (Products & Processing) based in Sherburn and of Construction Metal Forming ('CMF'), our cold rolled steel joint venture business based in Wales. We continue to be the only hot rolled steel fabricator in the UK to have a cold rolled manufacturing capability.

UK and Europe review

Revenue was up 11 per cent over the prior year mainly reflecting an increase in steel prices and the full year revenue effect of DAM Structures which was acquired in February 2021. During the year, we continued to work on several large distribution facilities in the UK, our first HS2 bridge package, Water Orton Viaducts in the Midlands, and a large industrial facility in the Republic of Ireland, which is now substantially complete. Other significant revenue contributing projects include the Google Headquarters at King's Cross, the Co-op Live Arena in Manchester and Sky Studios in Elstree, together with a number of mid-sized office developments, both in London and the UK regions (including Argyle Street in Glasgow, and 30 Grosvenor Square and 30 South Colonnade, both in London).

The underlying1 operating margin (before JVs and associates) was 6.7 per cent (2021: 7.0 per cent), resulting in an underlying1 operating profit (before JVs and associates) of £26.9m (2021: £25.5m). This represents profit growth of six per cent against a comparator which included a one-off profit of £1.5m on a bespoke paint package on the large industrial project in the Republic of Ireland (if this one-off profit is disregarded, the Group's results show profit growth of over 12 per cent).

Whilst underlying operating profits have increased year-on-year, the slight reduction in the margin percentage mainly reflects the dilutive impact of steel prices which have recently more than doubled and are largely passed on to the client at zero margin. This has resulted in an increase in revenue of c.£20m in 2022 but no associated increase in the Group's absolute profitability. This dilutive effect on margins would reverse if steel costs reduced to pre-pandemic levels in the future.

Across the Group, inflationary pressures and supply issues for both us and our clients have presented challenges in 2022, with an already difficult trading environment now being exacerbated by the war in Ukraine. We have experienced some increases in lead times and supply restrictions, upward pressures on costs due to tighter labour markets and significant price increases for certain products and services. This has included steel products, reflecting the volatility in iron ore prices, increased energy costs and, latterly, some supply restrictions as a number of steel products previously originating in Russia and Ukraine. Whilst not immune to these pressures, we have not experienced any significant disruptions to operations and the impact has generally been managed through contractual protection, operating efficiencies, higher selling prices and by forward purchasing as appropriate, leveraging the Group's scale and supply chain and sub-contract management strengths. For steel supply, we benefit from relationships with several partners in the UK and continental Europe, reducing the risk of interruptions to the Group's steel supply.

Inflationary pressures remain present and are expected to continue into 2023, however we expect to be able to minimise the impact of these through the focused sourcing of materials through the supply chain and our ongoing operational efficiencies.

1 See note 32 for APM definitions.

Smarter, Safer, more Sustainable

The Group's operational improvement programme has engendered a self-help culture within the organisation. This programme has served us well in maintaining efficient operations during the pandemic and in helping us to offset many of the supply chain and cost pressures currently being experienced by the Group.

During the year, we have continued our drive to reduce costs and increase and upgrade our fabrication capacity and efficiency. This includes the continued roll out of our new coatings management system at Dalton covering the reduction of paint waste and improvements to the specification, management and application of factory paint systems, together with 'right first time' initiatives to improve overall quality including the targeted reduction of factory and site NCRs (rework items) and drawing office errors. Having rolled out a new Group-wide production management system (StruMIS) in 2019, we are currently in the process of further streamlining production flows and improving real-time factory information at our main centre in Dalton. This includes the use of mobile devices to capture information at the point of use and to provide live information to both operatives and management. This will help drive quality, reduce bottlenecks, and improve the reliability and speed of our operations. As part of our ongoing capital investment programme, we have also continued to expand and automate our fabrication capability at Dalton to improve the throughput and efficiency of these operations.

The Group also continues to make good progress on its digital journey. This is focused on driving operational excellence through process standardisation and data alignment supported by the implementation of new systems. This includes our innovative approach to drawing and design, where we continue to make good progress with the automation of repetitive tasks, and the optimisation of engineering software under the leadership of our Group engineering director.

Order book, pipeline and market conditions

The future success of the Group is determined, amongst other things, by the quality of the secured workload and our discipline to maintain contract selectivity irrespective of economic conditions. The UK and Europe order book at 1 June includes a significant amount of new work which we have secured over the past twelve months and now stands at a record level of £486m (1 November 2021: £393m), of which £397m is planned for delivery over the next 12 months. This leaves the Group very well-positioned with a strong future workload for the 2023 financial year and beyond. The growth in the order book has been driven by several significant project awards. These include the new stadium for Everton F.C., a film studio, two large commercial office developments in London, and various large and several smaller industrial distribution facilities in the UK, reflecting a sector which continues to remain buoyant. We have also secured several new HS2 bridge packages and other bridge awards reflecting investment in infrastructure by Highways England and Network Rail. The order book remains well-balanced, showcasing the benefits of our strategic diversification over recent years, and contains a healthy mix of projects across the Group's key market sectors.

In terms of geographical spread of the order book of £486m, 96 per cent represents projects in the UK, with the remaining 4 per cent representing projects for delivery in Europe and the Republic of Ireland (1 November 2021: 95 per cent in the UK, 5 per cent in Europe and the Republic of Ireland). The more UK-centric nature of the current order book is driven by a lower proportion of work in the Republic of Ireland, as several projects, including the large industrial facility, draw to completion. This, together with fewer ongoing projects in continental Europe, reflects a pipeline which was adversely impacted by COVID-19 twelve months ago, but which has recovered strongly over recent months. Furthermore, whilst the order book is currently at record levels, only 16 per cent of this represents commercial offices, compared to a peak of c.60 per cent around five years ago. This highlights the success of our strategic diversification.

We remain encouraged by the current level of tendering and pipeline activity across the Group, both in the UK and in continental Europe, in which we retain a good market position and which remains an important part of our strategic growth plans. We are well-positioned to take advantage of some significant opportunities in the industrial and distribution (battery plants and distribution centres), transport infrastructure, nuclear and data centre sectors, and, despite predictions of the demise of the office following the pandemic, in the commercial office market, including in London. Although we remain mindful of the ongoing effects of Russia's invasion of Ukraine, with the most significant effects of COVID-19 now behind us, we remain well-placed to win work across a wide client base and in a diverse range of market sectors and geographies. This provides us with greater resilience and the ability to drive future profitable growth.

'A golden age of infrastructure'

As a key component of economic growth, the construction industry will be central to a sustainable economic recovery. New, low carbon infrastructure (including HS2, wind power, new nuclear, rail electrification, energy efficient buildings) will play a leading role in stimulating sustainable growth. In November 2020, the UK Government released details of its five-year plan, the National Infrastructure Strategy ('NIS') to invest in digital, transport and energy to drive economic recovery, levelling up and meeting the UK's net zero emissions target by 2050. This plan announced funding of £650 billion, an increase of around £100 billion from the previous plan, for developments in roads, railways, power networks and other UK infrastructure projects. At Network Rail, in addition to HS2, the CP6 (control period) budget of around £53 billion (2019–2024), which includes a significant amount of rail electrification work, is substantially higher than the previous CP5 budget of £38 billion (2014-2019). At Highways England, the second Road Investment Strategy ('RIS2') budget of £24 billion (2020-2025) is a significant increase over the expenditure of £15 billion during 'RIS1' (2015-2020). We have already secured some significant road bridge awards and orders for HS2 from a variety of consortia, together with some ancillary steelwork packages at Hinkley Point, and we continue to make good progress with several other similar opportunities, including rail electrification work.

We remain well-positioned to win work in the transport sector given the Group's historical track record and our in-house bridge capability, together with the in-depth expertise of DAM Structures.

Looking further ahead, in April 2022, prompted by Russia's invasion of Ukraine, the UK government published its Energy Security Strategy, pledging a new generation of nuclear power (under the banner of 'Great British Nuclear') as well as offshore wind generation, together with several other new energy supply initiatives, to reduce reliance on foreign energy supply. The combination of the in-house nuclear expertise acquired with Harry Peers, together the Group's unmatched scale and capability to deliver major infrastructure projects, leaves us well positioned to win work from such projects, many of which are likely to have a significant steelwork content.

Clients – increasingly broad spread and diverse

Our proven ability to work collaboratively and innovatively with clients is fundamental to our success and is critical to securing new work. Our preferred and predominant two-stage and negotiated procurement routes help significantly by allowing early collaboration with the client and supply chain and providing increased price and programme certainty.

Our unique capability to deliver complex design solutions, our capacity and speed of fabrication, the expert capabilities of the Group and its colleagues and our management and integration of the construction process is important to our clients and a key differentiator for the Group. During the year, when certain construction programmes were delayed and disrupted due to supply chain challenges or when inflationary pressures stretched existing budgets, our operational delivery capabilities allowed us to help clients deliver changes to these programmes quickly and efficiently, to provide clients with problem-solving solutions and to ensure that programme milestones were achieved.

We have again achieved national recognition though several awards including at the 2021 Structural Steel Design Awards (for 60 London Wall), the Royal Society for the Prevention of Accidents ('RoSPA') (Harry Peers won the President's award) and at the 2021 Morgan Sindall Supply Chain Awards. We have also been shortlisted for training excellence at the Construction News Specialists Awards.

The Group worked on over 100 projects with our clients during the year including:

Commercial offices

Google King's Cross, London

Argyle Street, Glasgow

30 Grosvenor Square, London

30 South Colonnade, London

Wilton Park, Dublin

Industrial and distribution

Large industrial facility, Republic of Ireland

Large distribution centres, Wakefield, Stockton, Luton, Belvedere

Nuclear

Atomic Weapons Establishment (various)

Transport infrastructure

M8 Footbridge, Glasgow

Water Orton Viaducts, Midlands

A46 Binley bridge, Midlands

Data centres and other projects

Data centre, Republic of Ireland

Sky Studios, Elstree

Stadia and leisure

Fulham FC, London

Everton FC, Liverpool

Co-op Live Arena, Manchester

Pinewood Studios, London

Modular construction

Our modular (off-site) construction offering continues to include the growing product ranges of Severfield (Products & Processing) ('SPP') based in Sherburn and of CMF, our cold rolled steel joint venture business based in Wales. These businesses will make up the Group's new Products and Processing division.

SPP

SPP was originally established to allow us to address smaller scale projects and provide a one-stop shop for smaller fabricators to source high-quality processed steel and ancillary products, at lower margins. We have continued to grow and invest in the business, including strengthening the factory management, engineering and commercial functions, to maintain our focus on growing our 'Severstor' modular product range and 'Rotoflo' products, both of which attract higher margins. For Severstor, we are already making significant progress in growing our client base and have secured repeat orders from several blue-chip clients as well as continuing to develop our pipeline of opportunities. During the year, to help develop the overseas footprint of the business, the Rotoflo team appointed a new sales manager in India where we see some potentially interesting opportunities, particularly for the paint industry. SPP has already been awarded 'Fit for Nuclear' and certain Network Rail accreditations which, together with an expanding client base and our previous record in modular construction, we believe will help us to achieve our future growth aspirations for the business.

As well as servicing its growing external client base, SPP has also continued to provide high-quality sub-contract fabrication packages for other Group companies to assist in the delivery of our record UK and Europe order book, thus ensuring a greater proportion of project work remains in-house and subject to Severfield quality standards.

CMF

CMF has continued to develop its product range which now includes load bearing frame and deck profiles, purlins and side rail systems to service a cold formed steel market which has grown significantly in recent years through the increased use of steel in off-site and modular construction. In response to these market developments, the business is currently being expanded through the development of a new, separate manufacturing facility in South Wales. This new facility is required as the existing CMF facility in Pontypool is operating at close to full capacity and cannot be developed any further due to space constraints. The expanded capacity will allow CMF to serve an external client base and ensure that its market share is maintained and increased in line with market growth.

The expansion project commenced earlier in the 2022 financial year and the facility is expected to be operational in the next six months. The overall cost of construction for CMF is c.£10m, including land of £3m, which is being financed by a combination of equity of c.£5m, provided in equal amounts by the joint venture partners in 2021, and bank debt of c.£5m.

India review

JSSL returned to profitability in 2022 despite a difficult start to the year when output was disrupted by the second wave of COVID-19. This follows the loss recorded in the previous year which was severely impacted by COVID-19. This recovery is evident in the Group's after-tax share of profit of £0.8m (2021: share of loss of £0.7m). The improved performance reflects a doubling of revenue to £100.3m, compared with £48.0m in the previous year, and an increase in the operating margin to 5.2 per cent, compared with 3.3 per cent in the previous year. Financing expenses of £3.3m (2021: £3.4m) are broadly unchanged from the previous year and turn JSSL's operating profit of £5.2m (2021: £1.6m) into a profit before tax of £1.9m (2021: loss before tax of £1.8m).

Notwithstanding some current inflationary pressures, JSSL has continued to win new work, resulting in a strong order book of £158m at 1 June 2022 (1 November 2021: £140m). In terms of mix, 37 per cent of the order book represents higher margin commercial work, with the remaining 63 per cent representing industrial projects (1 November 2021: commercial work of 62 per cent, industrial work of 38 per cent). The current higher level of industrial work is consistent with the ongoing fluctuations in the timing and mix of industrial and commercial work in a growing order book.

JSSL's pipeline of potential orders continues to include several commercial projects for key developers and clients with whom it has established strong relationships, including in the commercial office, data centre and healthcare sectors. This, together with JSSL's healthy order book, reflects a strong and growing underlying demand for structural steel in India, leaving the business very well-positioned to take advantage of an improving economy. Accordingly, we expect the business to recover to pre-pandemic levels of output in 2023.

In response to this demand, which is supported by strong long-term growth projections for India and the continued conversion of the market from concrete to steel, and in tandem with our joint venture partner, we are the process of selecting a plot of land to facilitate expansion of the business in the future. We expect that this land purchase will be completed in the 2023 financial year. Whilst Bellary continues to ramp up towards its maximum capacity of c.100,000 tonnes in 2023, this land purchase will allow the business to expand its geographical footprint in India whilst providing it with the platform to build quickly and incrementally add the necessary volume to support the expected future market growth.

ESG

Health and safety

Our updated SHE strategy is based around three key areas: people, communication and engagement, and systems and processes. The strategy will serve to further enhance and progress our SHE culture and values as we strive to be industry-leading in our approach. The Group's safety focus remains on its six Life Saving Rules namely, Fundamentals (do not carry out a task unless you are trained to do it), Working at Height, Control of Lifting Operations, Machine Safety, Vehicle Movement and Material Stability.

In the previous year, we rolled out a new platform for reporting SHE incidents and completing inspections to identify trends and root causes in safety performance to enable targeted improvements. Following the improvements in safety performance in 2021, we have made further improvements in 2022, and maintained our primary focus on the Group's injury frequency rate ('IFR') and high potential near misses ('HiPos'). Despite wider industry trends moving in the opposite direction as working practices return to normal post-pandemic, we have seen a further reduction in injury rates, resulting in an IFR (including JSSL) of 1.32, compared to 1.48 in 2021. The 2022 result excludes DAM Structures, which will be included in the reported IFR statistics in 2023 now that we have established a baseline performance in the year following its acquisition. Furthermore, the Group's accident frequency rate ('AFR') (including JSSL) for the year, which is based solely on the level of RIDDORS (reportable accidents), of 0.16 (2021: 0.18) continues to outperform the industry average.

Sustainability

The board gives full and close consideration to environmental, social and governance ('ESG') factors when assessing the impact of the decisions it makes and supports. As a result of strategic decisions made in recent years, the Group now has a prominent market position in the high-growth markets of the future and is well-positioned to help accelerate the journey to net zero in its core sectors.

As part of our ambitious sustainability strategy, the Group has committed to reduce our scope 1 and 2 greenhouse gas ('GHG') emissions by 25 per cent by 2025 against a 2018 baseline, aligned with the Paris Agreement to limit global warming to below 1.5 degrees Celsius.

We remain well on course to achieve this target through the successful implementation of sustainability initiatives including the switch to 'green' electricity at all our production facilities (which is now largely complete), through mandating hydrogenated vegetable oil ('HVO') fuels and the transition to electric and hydrogen construction plant where possible. Progress of all targets is measured and monitored and reported monthly through ESG dashboards.

In 2022, for the second year running, the Group was included in the Financial Times ('FT') listing of Europe's climate leaders which showcases corporate progress in fighting climate change. For 2022, this list includes the c.400 European companies that have achieved the greatest reduction in their greenhouse gas emissions intensity between 2015 and 2020, over which the Group's emissions fell by 34 per cent. In the FT listing, for businesses with a rating from the Carbon Disclosure Project ('CDP'), only those with a score of at least 'B-' were considered. In 2022, we were awarded an 'A-' rating in the CDP index, improving on our 'B' rating from the previous year.

Our sustainability strategy also outlines our commitment to reach net zero for our scope 1 and 2 carbon emissions by 2040. Ahead of COP26 in 2021, the Group signed up to the United Nations 'Race to Zero' campaign, which requires the establishment of a net zero target in line with a 1.5-degree world, to hold off some of the worst climate impacts. We are on schedule to submit this target for validation by the Science-Based Target Initiative ('SBTI') by the end of the 2022 financial year.

During the year, we achieved our target to be accredited as carbon neutral for our manufacturing and construction operations by the Carbon Trust, in accordance with PAS 2060, the only recognised international standard for carbon neutrality. This is an important milestone in our journey towards net zero. Carbon neutral in this context means that we use carbon offsetting to eliminate our combined scope 1, scope 2 and operational scope 3 greenhouse gas emissions.

During the year we continued to collaborate with several clients, attending workshops in areas such as sustainable procurement, low embodied carbon steel, and material passporting. Early engagement with clients remains vital in reducing the embodied carbon in the structures we build, in tandem with our existing SteelZero commitments which demonstrate how important the transition to low embodied carbon steel production is to the construction sector.

Social

We recognise the importance of input from our people in helping us deliver on our strategic ambitions and, in 2022, we launched our Group-wide 'MyVoice' forums. These provide a formal, structured way for colleagues and management to connect, gain feedback and exchange information and views on any business-related topic. Louise Hardy, our designated non-executive director responsible for workforce engagement, Alan Dunsmore, our CEO and Samantha Brook, our Group HR Director, regularly meet with forum representatives.

These meetings have provided valuable, ongoing insights and feedback for the board during a challenging year for everyone, and we look forward to continuing this work with our colleagues in the year ahead.

Summary and outlook

The Group has had a successful year in the face of some challenging market conditions, highlighting the benefit of the strategic and operational progress made over recent years. We have increased revenues and profits, including a return to profitability for JSSL, we have continued to drive efficiencies through our operational improvement programme, and our balance sheet remains healthy, allowing us to make the right long-term decisions for the business. Our new, simplified divisional structure in the UK and Europe will optimise the operations of each division to the market dynamics they face, and provide us with a better platform to fulfil our strategic growth aspirations.

We continue to make strong positive progress in our key market sectors, with the size and quality of our secured workload increasing during the year. This success is reflected in our order books of £486m in the UK and Europe and £158m in India. Our capabilities are aligned with many market sectors with strong growth potential, and we have an encouraging pipeline of significant, profitable opportunities in the UK, Europe and India, leaving us well positioned to increase our market share and to drive future profitable growth.

Whilst we remain mindful of the macro-economic backdrop, particularly regarding inflationary pressures which are expected to continue in 2023, we continue to expect to deliver further progress and our expectations for the year ahead remain unchanged.

Alan Dunsmore
Chief executive officer

15 June 2022