Page 45 - Neal and Massy Holdings Annual Report 2012

43 forward focused
The Information Technology & Communications
(ITC) Business Unit closed its financial year exceeding its prior
year budgeted Profit Before Tax (PBT), Shareholder Value Added
(SVA), and Free Cash Flow (FCF) targets. This was achieved despite
continued challenges in the Eastern Caribbean and Jamaican
economies.
The ITC Business Unit is focused on achieving its long-term
growth ambitions through the development of a number of new
services-related initiatives in the Caribbean. The Unit is also exploring
potential acquisition targets in Latin America that are providers
of Imaging and Printing (IPS) and Information Technology and
Communications (ITC) solutions. One of the ITC Business Unit’s
newest initiatives is the establishment of a Credit Bureau in Jamaica
(CNM-CAL), a joint venture with CRIF, a leading provider of credit
solutions and services.
The ITC Business Unit has also made strides in its efforts to
improve its Health, Safety, Security and Environmental (HSSE)
standards in the region. Barbados and Jamaica operations made
advances in implementing their HSSE Management Systems. The
companies in Trinidad and Tobago are continuing to meet their
HSSE targets. All the Trinidad and Tobago companies are now Safe
To Work (STOW)-certified. Illuminat (Trinidad & Tobago) achieved
a one-year certification, and Pereira & Company Limited and 360
Communications Limited achieved two-year certification.
Illuminat (Trinidad & Tobago) Limited (ITTL), despite significant
reductions in Government spending, exceeded its budgeted Profit,
SVA and FCF targets, and previous year’s performance. This was
achieved through the company’s continued focus on growing its
recurrent revenue base and on delivering to customers a diverse
mix of transactional, managed and professional services.
The company also made strides in improving its service quality,
and was recently awarded “Service Provider of the Year” by the
Trinidad and Tobago Coalition of Services Industries (TTCSI). The ITTL
project management services unit has also been approved by the
global standards-setting body, PMI (Project Management Institute),
as a Global Registered Education Provider. In the coming year, ITTL
will continue to focus on delivering more transaction-based and
recurring-revenue services, as well as delivering new cloud-based
services in areas where it is currently strong. In addition, it will
continue to develop its footprint for communications services across
the Caribbean.
Pereira & Company Limited (Pereira) exceeded its budgeted
Profit, SVA ad FCF targets, based on creditable performances of the
Image and Print business and strong performance in its Office Interior
business. Despite significant reductions in construction opportunities,
the Company met its target through stringent expense management.
The company continues to exceed its customer satisfaction
targets, and to improve its quality assurance programme metrics.
The company was also named Client of the Year in the medium
company category by Leadership Management International Inc
(LMI), an international leadership development group.
In the coming year, Pereira will continue to focus on its managed
print service portfolio, while expanding its Ricoh business across the
Caribbean and into selected Latin American countries, through the
establishment of new operations and acquisitions.
Three Sixty Communications Limited (Three Sixty) exceeded
its budgetary targets in all key financial metrics and significantly
improved over its previous year performance. During fiscal 2012,
Three Sixty further expanded its international and domestic fibre optic
network to meet growing demands for high-capacity bandwidth
from the enterprise, government and telecommunications carrier
segments. The company’s strong top-line growth was significantly
fuelled by increased international voice traffic. In the upcoming
year, Three Sixty will continue to be strategically positioned as a
communications partner, providing 100 percent optical fibre to the
building solutions.
Illuminat Barbados and Eastern Caribbean (Illuminat
Barbados and EC) did not achieve its budgeted operational profit
targets, due mainly to limited availability of major Government
projects in Barbados and Antigua, territories both facing challenging
economic conditions. Despite the challenges, however, the Illuminat
Barbados operation achieved its SVA target mainly through effective
working capital and expense management. The continued shift of
the business to a greater proportion of transactional and professional