The past 12 months has been arguably the most challenging period that Longcross has had to deal with.
Early 2009 started with the global economy on its knees, with all of us still coming to terms with the shockwaves of the financial crisis. We made some difficult decisions and took tough action on reducing costs and I am pleased to report that these proved to be successful. We reduced our overheads at the right time ensuring that we become a stronger and more effective business. This in turn protected and safeguarded jobs.
Although we are starting to see a very gradual recovery in the UK economy we still face a prolonged period of uncertainty. The pace of recovery will be dependent on a number of key factors, particularly public sector spending cuts, private capital investment and bank lending. 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 time.
This year we have delivered some outstanding projects across the group both for long term and new clients and we should be very proud of our achievements.
Looking forward, I am delighted to report that our forward order book for 2010 / 2011 is very positive across all areas of our businesses. In terms of turnover year 10/11 will be our best ever. It will be a year of growth, tight margins and strong cash flow with a clear focus on the 5 key dynamics of our business. Enterprise, Competition, Innovation, Investment and Skills. As a result of our diversified expertise and experience with our multi-disciplined business offer, we are able to focus on the sectors that we feel will be less affected by spending cuts.
We have worked hard to build and establish strong relationships with our clients based on a foundation of trust and collaboration. This has resulted in 70% of our turnover being linked to Partnering and Framework agreements. However, we understand the importance of exceeding our clients expectations for value.
I am very optimistic for the future. We will have many challenges to deal with but our overriding objective will be to continue in our mission to keep our customers happy.
I would like to thank our clients, staff and supply chain for your continued support.