Strategy

Growing markets and a unique proposition

When we look at our markets, there are many opportunities for growth. However, we will grow in a way that is sustainable and which creates a positive impact throughout our value chain, while balancing the short-term and long-term interests of our stakeholders.

Our strategy ‘Towards Full Potential’ highlights how we will get there. It focuses on three strategic priorities:

Grow and transform current business

As a company we are in a strong position. Our core markets are growing and there is high demand for our services and solutions, across the globe. That is why the first strategic priority of our updated strategy is to grow and transform our current business. To grow with our markets we will invest in people and equipment to meet rising demand. We will expand the services we offer in our current business, for example in offshore wind, where we can enhance our offering to include biodiversity and inspection and monitoring solutions for our clients. We will transform our capabilities also, continuing to roll out different ways of working, including more uncrewed and remote solutions while speeding up data delivery to our clients. To optimise our business performance we will improve terms and conditions and pricing, prioritise early engagement with our clients and continue to standardise group-wide systems to drive efficiency and improve our bottom line.

Expand into developing segments

Within our existing markets, we have identified several important developing segments, where there is significant investment taking place. These segments are addressing particular challenges in our world today and by expanding our current solutions into these areas, we can play a big role. The first of these developing segments is coastal resilience. 40% of the world’s population live within 100 km of shores and these coastal lines are under threat. We can play a vital role in protecting coastal areas through our large-scale mapping and monitoring expertise and Geo-data consultancy. In the area of Ocean Health, we are already involved in mapping the conditions of the ocean but we can expand into monitoring biodiversity too, as we apply our expertise to protecting this most precious of ecosystems. Carbon Capture, Utilisation and Storage (CCUS) is another developing segment to which our existing site characterisation solutions can be applied, providing baseline assessments, monitoring, measurement and verification for CCUS projects.

Build recurring revenue with Geo-data as a service

This is not a new approach for us, but the opportunity to build more scale in our recurring revenue models is clear. We already have years of experience in selling subscription-based access to Geo-data, both with our market-leading Satellite Positioning business and our Lidar Buoys - but we’ll go further. We’ll acquire and attract new skills to build these recurring revenue models and capitalise on the value of the insights we deliver from Geo-data through providing subscription-based Geo-data solutions to our clients. This could be access to a data platform like VirGeo® or even combined hardware and data subscriptions, providing clients with more ways to benefit from our data and technology.