We use our clear strategy, premium brands, efficient supply chain and global distribution to focus on delivering long-term value to our shareholders, outstanding product service to our customers and rewarding careers for our people.
Structure for long-term growth and value creation
Our strategy is focused on delivering long-term growth and margin improvement. We consider how key strategic decisions will impact our stakeholders.
Our structure is simple and lean with only two layers - Group and Divisions. This enables focused decision-making and allows us to react quickly to customer, market and technological changes. Our three Divisions focus on the different needs of our customer segments. They are decentralised and entrepreneurial but work with a global mindset in specific areas, where it makes sense to share our capabilities to benefit our stakeholders.
Robust Group governance
At Group level, we create value by setting and monitoring strategic plans, budgets and forecasts, managing treasury and tax, health and safety, and assessing risk. The team ensures that robust goverance framework, policies and procedures are in place to ensure a strong culture and ethical behaviour, as well as managing acquisitions and disposals, corporate reporting and investor relations.
People and culture
We work across the Group to ensure that we have consistent policies and processes in place to acquire, engage and retaining our best talent.
Under the 2018 UK Corporate Governacen Code and The Companies (Miscellaneous Reporting) Regulations 2018 there is a requirement for the Board to understand the views of the Company's key stakeholders and to describe how those interests and the matters set out in Section 172 of the Companies Act 2006 have been considered in Board discussions and decision-making. Section 172 imposes a duty on a director to act in way that he or she considers, in good faith, would be most likely to promote the success of the Company for the benefit of it's members as a whole.
How we create value:
Market knowledge and customer insight plus
Designing innovative products to make our customers' lives easier is what drives us. Our Divisions continually obtain customer feedback on market trends, competitors and their products, as well as from research.
Our long-standing and extensive market expertise enables us to remain close to our customers, anticipating and responding to developments to ensure that our brands remain at the forefront of the industry, renowned for their premium offerings.
Innovative product developmentplus
For a business like Vitec, intelligent and sustained investment in new products, technologies, markets and people enables us to retain our market-leading positions and create value in the future.
Our experienced, specialist engineers apply new technologies, products and materials to develop high quality, high performance solutions. Our innovative products are protected by patents and trademarks and marketed under our world-renowned brands.
We product the majority of our products in-house and work with selected, market-leading partners for specialist solutions.
We supplement in-house new product development with carefully selected acquisitions or partnerships in new markets and technologies.
Sourcing and manufacturing excellence plus
Focused on safety, quality, efficiency, cost and on-time delivery, sourcing and manufacturing excellence is on of Vitec's core competitive strengths.
Our supply chain is efficient and our people highly trained and multi-skilled. We procure materials from reputable suppliers and make our products in efficient and environmentally friendly operations and, where appropriate, manufacture or source from lower-cost countries such as Costa Rica.
The majority of our operations are relatively low-volume, small-bath processes and our continuous improvement culture enables us to optimise our global operations to maximise quality, service and efficiency, while reducing costs.
Distribution and routes to market plus
We market our products and services through our own sales and marketing teams.
To date, the majority of our sales have been conducted via a global network of distributors, dealers and retailers who sell on to customers. The breadth of our product portfolio and our strong brand heritage means that our network of channel partners is unrivalled in the markets we serve.
We continue to expand our growing digital and e-commerce capabilites, working closely with our customers and suppliers to develop our online presence.
We also engage with a number of leading logistics partners to ensure responsive and timely delviery of our products to the relevant geography.