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Keepmoat Annual Report 2020

  • Text
  • Lease
  • Keepmoat
  • Strategic
  • Annual
  • Income
  • Assets
  • Limited
  • Homes
  • Statements
  • October
Keepmoat has released its Group financial results for the year ending 31 October 2020.

CHIEF EXECUTIVE

CHIEF EXECUTIVE OFFICER’S STRATEGIC REPORT 10 KEEPMOAT.COM

STRATEGIC REPORT The business maintained close contact with its supply chain partners throughout to ensure we were able to restart sites and return to normal operations as safely and efficiently as possible and has continued to pay all suppliers, subcontractors and service providers on normal terms. We also made use of the Coronavirus Job Retention Scheme, when our teams were placed on furlough, enabling us to protect the jobs of our c1,100 employees and ensure the business was in a strong position to restart as soon as it was safe to do so. Throughout this period all employees including those on furlough were paid 100% of their salary. In addition, our Executive Board, the wider Leadership team and Regional Directors across the business took a voluntary 20% salary reduction for the period that sites were closed. I would like to thank them for their commitment to supporting the business. The confidence of our lenders in the strength and resilience of the business allowed us to successfully increase our credit facilities by £27.5 million creating greater liquidity, and our shareholders signalled their continued support with an injection of additional equity. I believe that the way we have successfully steered the business through this crisis is testament to the strength of our extremely competent management team, with the right people now in the right roles to drive the business forward. I am also delighted to report that, during the last financial year, Debbie Waddington, Group HR Director, was promoted to the Executive Board, in recognition of her significant contribution and further underpinning the importance of our people to the business. During the initial lockdown period, our IT team supported the business with the fast deployment of the right equipment to allow people to work from home and facilitated the adoption of video conferencing and remote team working tools supported by investment in technology in board rooms and regional offices around the country. I am extremely proud of the way our highly engaged people came together right across the business, rose to the challenge and adapted to new ways of working. During this period, we used our time effectively to plan for the future and invest in new technology. With the support of our shareholders we have committed to the adoption of DXC Home Builder One, the fully integrated homebuilder ERP solution, powered by Microsoft Dynamics 365. We are the first UK homebuilder to adopt this technology which will give us best in class systems and infrastructure to take the business forward. To spearhead this vital business transformation and lead our IT team moving forwards, Myles Gibbins has been appointed to the role of IT & Digital Director. Myles brings over 20 years’ experience in the home building industry and unrivalled knowledge and experience of delivering similar business transformation projects. Reserve Online Tool statistics for the year ended 31 October 2020: 1,254 Online reservations £1,673,892 Online payments 10,449 Online accounts created 8 Digital sales offices opened ANNUAL REPORT & FINANCIAL STATEMENTS 2020 11