Financial Highlights

The problematic economic background, of which I spoke about last year, has seen some major contractors fail. To date, our conservative approach to finance and our ability to work with our Clients to mutual advantage, has ensured that we have been able to weather the storm effectively providing reassurance that we will continue to deliver projects successfully.

Whilst our geographic home is the wider Midlands, we are continuing to broaden our offering across a wider area of the UK, especially when working in partnership with our major blue-chip Clients.

Some 70% of our work continues to be secured through long-term partnerships with established Clients including Birmingham City Council, Sandwell MBC, Staffordshire County Council and Wolverhampton City Council.

In August 2011, Thomas Vale became the only incumbent contractor to be retained by Birmingham City Council, to realise their aspirations for a £3billion framework, now known as Constructing West Midlands, where we deliver major capital projects for the city and beyond.

November 2010 saw the beginning of our partnership with the West Midlands Contractors’ Framework led by Worcestershire County Council, which now sites alongside some thirty eight formalised partnership arrangements within public and private bodies across our area of operations.

Another area of note is Stoke-on-Trent, where we are playing our part in improving education and infrastructure across the City. Work is now well underway with the city’s Building Schools for the Future programme where Thomas Vale are working in a jointventure consortium to deliver outstanding new schools while involving and supporting local people and businesses.

During the year our success as again recognised by our peers with the company winning numerous awards for performance in various areas. At the 2010 Construction News Quality Awards we were the major winner and became the only contractor in history to have won the Judge’s Supreme Award three times. In addition, the Midlands Art Centre in Cannon Hill Park and a project delivered through the Birmingham Construction Partnership, was named by RICS Project of the Year, while St Luke’s Primary School for Wolverhampton City Council won numerous accolades as the first UK mainland BREEAM Excellent school.

Internally, we continue to improve our corporate governance and over the past year have put in place robust strategies which further cement our commitment to localised procurement, environmental sustainability, training and development and corporate responsibility.

Our commitment to the communities in which we work is demonstrated by our practice of employing, training and working with our local supply chain partners and this has resulted in over 4500 qualifications being awarded through our Forum Training Centre. We are also active in schools and community programmes which are monitored by Business in the Community and the Considerate Constructors Scheme, thus ensuring that we remain committed to those who are affected by our activities every day.

Our success over the years has been brought about by the skill and dedication of our management and employees. Without their high standards of workmanship and skill, we could not continue to make progress and on behalf of the Board I thank them all.

Finally, I would like to thank our Clients and Supply Chain Partners for their support and sometimes forbearance. We will continue to do our best to provide a service which is superior to that of our competitors and which exceeds your expectations.

Mike Wallis,
CHAIRMAN