Our purpose
- Safety – meeting demanding international standards for safety in design and manufacture, enabling customers to meet their safety responsibilities
- Performance – innovative and cost-effective designs, delivered on time, enabling customers to meet their operational goals
- Assurance – through-life support to maximise system availability and maintain compliance with safety and operational requirements
Our vision
Our targets by 2028
To create value for our customers, shareholders and other stakeholders as a leading supplier of gas storage and transportation systems and services to customers who operate globally in demanding, safety-critical environments.
Our strategy
Our strategy is to focus on development and growth in the global defence and hydrogen energy markets.
The challenging geopolitical climate, highlighted by the Russia-Ukraine war, widening conflict in the Middle East and tensions elsewhere in the world, is expected to underpin medium-term defence spending commitments and drive growth and investment in defence capabilities for the UK and its major international allies over the longer term. The Board expects this outlook to drive demand for our core products and services over the medium and long term from UK and overseas defence contractors, in support of submarine and surface ship new construction programmes.
The transition to clean energy sources by leading global economies over the next two decades is a major geopolitical and economic theme that the Board sees as presenting potential growth opportunities. Strong support and funding commitments from UK and European governments to clean energy projects, including green hydrogen production is expected to drive demand growth in hydrogen storage and transportation products and services from FY25.
Serving regulated markets where design and operational safety standards for products and services are demanding and governed by mandatory testing and inspection regimes, we are well positioned to grow Integrity Management services for in-situ recertification of pressure systems and factory reconditioning and recertification services for transportable storage and road trailers.
The medium-term strategy of the Company can be summarised as follows:
FY24: Divest PMC, transition CSC
- PMC sale agreed in September 2024, completed in October 2024, shortly after year-end
- Deliver existing UK defence contract milestones
- Develop relationships further with US, French and other global defence prime contractors
- Increase focus on UK hydrogen opportunities, position for government-funded Net Zero Hydrogen Fund Strand 2 and HAR1 projects
- Grow and develop Integrity Management services across UK defence market
- Increase output, efficiency and margins on factory periodic inspection and testing services
- Reorganise and upgrade factory efficiency, workflow and safety focus to enable throughput in hydrogen cylinders, trailers and defence volumes through 2028 and beyond to be accommodated within the existing factory site
- Align Group central functions and costs to support the future growth of CSC
FY25: Reposition CSC, qualify to supply overseas defence programmes, secure UK hydrogen opportunities, grow trailer volumes in both UK and Europe
- Use PMC sale proceeds to repay term loan and strengthen CSC balance sheet
- Qualify as critical supplier to major US defence contractor and position for new orders
- Drive stronger margins from UK and European defence contract milestones
- Secure major contracts to supply hydrogen static storage packages to UK NZHF Strand 2, HAR1 and HAR2 projects
- Launch competitive hydrogen road trailer products and secure new orders from UK and European customers
- Develop European customer relationships to secure hydrogen refuelling station contracts
- Invest in Integrity Management resources and skills to support growth in UK and European markets
- Secure new Integrity Management contracts for European defence customers
FY26: Secure UK and overseas defence contracts, expand hydrogen opportunities pipeline, build capability
- Secure major UK, US and European defence contracts to support growth from FY27
- Deliver UK Strand 2, HAR1 and HAR2 hydrogen projects, build opportunities pipeline for FY27 and beyond
- Secure hydrogen road trailer orders
- Deliver Integrity Management contracts for European defence customers and grow opportunities pipeline
- Accelerate growth for Integrity Management services in hydrogen energy market
- Build operational capability, efficiency and resilience in line with growth in defence and hydrogen markets
FY27-FY28: Accelerate growth in hydrogen and defence markets, drive profitability and cash
- Deliver first US defence contract milestones and secure follow on orders
- Drive margin growth from new major defence contracts with UK and European customers
- Deliver HAR2 hydrogen projects and build opportunities pipeline
- Deliver hydrogen road trailers and build opportunities pipeline
- Expand hydrogen energy revenues in the UK and Europe, building on proven capability and market growth
- Expand Integrity Management services to international defence customers
Interested in joining our team?
Browse our current vacancies and take the next step of your career.
