Chairman’s statement 2009
The past year started on a positive note with our ongoing order book from the previous year expanding across all of our trading businesses.
However, the economy started to deteriorate and with the collapse of Lehman Brothers, confidence and the global economy changed overnight. The banking system was on its knees and the world was trying to come to terms with the shockwaves of the financial crisis.
The tough and decisive action that we at Longcross took early on proved to be very successful. We cut costs and reduced our overheads at the right time ensuring that we became a stronger and more effective business. This in turn has protected and safeguarded jobs.
Whilst our consolidated turnover and profit before tax for the year has decreased, I am pleased to report that our order books are now improving, the benefits of which will be realised in the new financial year. We have diversified to ensure a better balance with our business offer and although our margins will be squeezed, it will be thanks to the hard work and commitment of our staff that we will be able to manage and work within these constraints.
The next year will be challenging one for the world’s economies. It will be a bumpy ride at times for the UK but gradually we will start to see a slow recovery. Unfortunately the scars inflicted by the debt fuelled boom will take a long time to heal and the ripple effect around the wider economy will be felt for some years to come.
For us to succeed in the next twelve months we will need to ensure that we maintain a tight control on costs in line with our clients' expectations for value.
I am very optimistic and look forward to the many challenges that the next year will bring.
I would like to thank our clients, staff and work force for their continued and valued support.
John Beament, Chairman of the Board