Our second integrated report is designed to provide a concise overview of how we generate value for all stakeholders.

By following an integrated reporting model, we aim to show how our competitive advantage is sustainable in the short, medium, and long term. Although this report focuses on shareholder value generation, it also demonstrates how we interact with all of our stakeholders.


Our second integrated report has not only built upon the key changes we introduced last year, but has also evolved in line with developments in integrated reporting practices.

Our future reports will seek to keep up with these cutting edge developments, and in doing so, we hope to continually improve stakeholder communications.

Here are the steps we have taken on this journey so far:

Future orientation

Our business model continues to evolve to provide greater clarity on how we create value in the short, medium and long term, ultimately showing that we are sustainable.


Integrated reporting has helped us to ensure connectivity of our thinking in every aspect of our business. Our business model is informed by our strategic thinking, and likewise, our strategy is informed by sustainability and risk considerations. So, we have increased signposting and consistency between sections to show how they interact.

Stakeholder relationships

We have included the nature and quality of our key stakeholder relationships: how we engage with these groups, how we address the issues that affect them, and the broader picture of how we each contribute to deliver value.


To give an honest representation of the interdependencies between our resources, relationships and the sustainability of our business, we have identified the material matters which affect our ability to create value, and prioritised them in our risk considerations. They are also integrated into our business model and strategy.

Consistency and comparability

We have provided 5-year KPIs throughout this report to make comparisons easy, both with previous years' progress and across other organisations.


We have removed repetition where possible, increased signposting where relevant, and made the structure of the report logical and intuitive. Rather than keeping sustainability separate, we have integrated it throughout the report to reflect how it informs every business decision we make. We have included our key corporate responsibility requirements within the directors' report, and pulled case studies of our charity initiatives into the relevant strategy pages.

Reliability and completeness

This report aims to approach material matters both positive and negative in a fair, balanced and understandable way.

CSR and strategic execution case studies

Throughout this report, we have included case studies to bring our story to life.

These case studies illustrate in more depth some of the specific ways in which we have executed our strategic objectives.

These case studies show examples of our varied CSR activities which we consider important to our strategic performance.

business model

Evolved for a future orientation


Connected strategic thinking


Integrated into every aspect of business


Identifies key material interdependencies

Find out more about the global drive for public companies to move towards integrated reporting:

International Integrated Reporting Council www.theiirc.org