Halfords Group Plc · LSE:HFD
Halfords — Investor Day (September 2018)
116 slides from Halfords's investor day presentation, Sep 27, 2018
Slide 1: Capital Markets Day
HALFORDS GROUP PLC CAPITAL MARKETS DAY SEPTEMBER 27TH 2018
Slide 2: Introduction
2 INTRODUCTION GRAHAM STAPLETON, CEO
Slide 3: halfords halfords
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Slide 4: Key strategic changes
4 Key strategic changes • More specialist, unique and differentiated shopping experience • More convenient, easier to shop and integrated services business • Building customer relationships for a lifetime
Slide 5: Why we have to change
5 Why we have to change • Customers’ needs are changing and our competitors grow stronger • There is huge unfulfilled potential in this business • As a Group we will be stronger and more efficient together
Slide 6: Presenting today
6 Presenting today Graham Stapleton Karen Bellairs Steve Knights Chief Executive Chief Operating Officer Group Commercial Director Officer Andy Randall Adam Phillips Managing Director – Group Strategy & Investor Relations Director Halfords Autocentres
Slide 7: Agenda
7 Agenda Halfords’ Strengths Graham Strategic Process Customer, market and competitor insight Karen Opportunities and threats Our new Customer Strategy: - Overview Graham - Inspire Steve - Support Andy - Lifetime Karen - Summary Graham Operational Efficiencies Adam Financial Guidance Summary Graham
Slide 8: Halfords' strengths
halfords HALFORDS’ STRENGTHS
Slide 9: Key strengths
9 Key strengths • Engaged colleagues with great training • Group-wide Single Customer View • A scaled and growing services business • Mix of needs-based and discretionary offer
Slide 10: Key strengths
10 Key strengths • A strong heritage and good brand awareness • Leading positions in attractive markets • Flexible property portfolio • Cash generative and consistent dividend returns
Slide 11: Strategic process
halfords STRATEGIC PROCESS
Slide 12: Strategic Process: internal
12 Strategic Process INTERNAL Getting into • Review of previous strategies GettingGear Into Gear • Colleague insight Moving Up A Gear • Single customer view • Financial analysis
Slide 13: Strategic Process: external
13 Strategic Process EXTERNAL • Customer insight • Competitor analysis • Macro technology and consumer trends • External advice and specialist expertise
Slide 14: Customer, market and competitor insight
14 CUSTOMER MARKET AND COMPETITOR INSIGHT
Slide 15: Macro customer trends
15 Macro customer trends • DIY to DIFM • Convenience - Cash rich time poor • Omnichannel - seamless shopping journeys • Customers becoming less brand loyal • Move towards personalisation • Growing preference for experiences over product • A move from owning to using • Increased price transparency •
Slide 16: Halfords' customer insight on our brand
16 Halfords’ customer insight on our brand • Customers confused by us selling non core categories which then undermines our specialism • Customers do not stay with us for the life of their bike or car needs • We under-index in female and younger customers • Low cross shop
Slide 17: Halfords' customer insight on services
17 Halfords’ customer insight on services • Our services customers are more valuable • Motoring fitting is more likely to be purchased by female and younger customers • Whilst the Halfords brand is well known, awareness of some services is low • However, our services offer is not convenient or easy
Slide 18: Our markets - motoring
18 Our markets - motoring Car products and Car servicing related fitting Market size c.£3bn c.£9bn Halfords Group’s market 20% 2% share* Forecasted Market 2+% 2+% Growth** * Halfords estimates ** Halfords estimates, annual average
Slide 19: Our markets – drivers of growth in motoring
19 Our markets – drivers of growth in motoring The UK car parc has exhibited steady growth and is expected to continue… …with the average age of cars gradually rising UK Car Parc Average Age of UK cars Millions of Cars Years +1.1% 33 32 +1.8% 31 30 +0.7% 7.7 7.8 7.8 8.0 8.1 29 28 0 2006 2008 2010 20
Slide 20: Our markets – customer trends in motoring
20 Our markets – customer trends in motoring % of new vehicle registrations 100% 90% 80% Appeal of hybrid and 70% 70% of our motoring customers want 60% Diesel electric cars someone to “do it for me” 50% 40% Petrol is forecast to 30% 20% increase Complexity of cars and bikes 10% AFV* significantly a
Slide 21: Our markets – motoring market share opportunity
21 Our markets – motoring market share opportunity • We only have 2% share of the large and fragmented car servicing market • We have almost zero presence in the mobile services and repair market
Slide 22: Our competitors - motoring
22 Our competitors - motoring Car parts, accessories, Car servicing and consumables and aftercare technology Other 17% Other garage 25% chains Online pure-play 26% Franchised 30% Dealerships ‘Traditional’ retailers 23% & grocers Independent Independent 14% garages 43% garages Halfords Group 20% Half
Slide 23: Our competitors - motoring
23 Our competitors - motoring Car products and related fitting Car servicing Competitors Independent Garages Dealerships • Limited retail specialism but a highly diverse competitive set • Difficult for independents to keep up with technological changes • Limited retail bricks and mortar competition
Slide 24: Our markets - cycling
24 Our markets - cycling Cycling Market size c.£2bn Halfords Group’s market share* 19% Forecasted Market Growth** 3+% * Halfords estimates ** Halfords estimates, annual average
Slide 25: Our markets – drivers of growth in cycling
25 Our markets – drivers of growth in cycling Cycling participation by EU country eBike sales as % of total UK Cycling sales % of adult population who cycle at least once a month 18% 87% 15% 82% 79% 78% 70% 70% 12% 65% 57% 9% 44% 40% 7% 32% 31% 23% 4% 3% 2% 1% 1% 1% 2012 2013 2014 2015 2016 2017 201
Slide 26: Our markets – cycling market share opportunity
26 Our markets – cycling market share opportunity Performance Cycling* Market share 7% 5% 2% 10 years ago 5 years ago 3 years ago Today PACs and Cycle Repair Market share 15% 12% * This is a segment of the cycling market that contains cycling enthusiasts who spend much more than average on their PAC
Slide 27: Our competitors - cycling
27 Our competitors - cycling Cycling 22% Online pure-play Generalist retailers & 13% grocers Independents and 46% cycling specialist chains 19% Halfords Group Source: Halfords research
Slide 28: Our competitors - cycling
28 Our competitors - cycling Mainstream Cycling Performance Cycling Competitors Independents • Predominantly generalist competitors with own label bikes • Predominantly branded bikes • Limited online penetration in mainstream bikes • Traditional specialists and independents struggling • Physical ser
Slide 29: Key opportunities
29 Key opportunities • Increasing cross group shopping and customer retention • Creating a convenient, scaled services business with improved awareness • Attracting younger and female customers • E bikes and electric and hybrid cars are driving increased complexity in motoring market • Digitally-ena
Slide 30: Key Threats
30 Key Threats • Rising tide of customer expectations • Optimising our bricks and mortar in a retail space that is becoming more digitally led • Growing focus on value, with increasing price transparency • Growing pressure on discretionary spend • A diverse and evolving competitor base • Changing ca
Slide 31: Introducing our new customer strategy
31 INTRODUCING OUR NEW CUSTOMER STRATEGY
Slide 32: Our new customer strategy
32 Our new customer strategy 1 Inspire our customers through a differentiated, super specialist shopping experience 2 unique and more convenient services offer Support our customers through an integrated, 3 Enable a lifetime of motoring and cycling
Slide 33: Our new customer strategy: Inspire
33 Our new customer strategy 1 Inspire our customers through a differentiated, super specialist shopping experience
Slide 34: Our new customer strategy: Support
34 Our new customer strategy 2 Support our customers through an integrated, unique and more convenient services offer
Slide 35: Our new customer strategy: Lifetime
35 Our new customer strategy 3 Enable a lifetime of motoring and cycling
Slide 36: Slide 36
Slide 37: Inspire our customers through a super specialist shopping experience
Inspire our customers through a differentiated, super specialist shopping experience
Slide 38: Where are we now…
halfords Where are we now...
Slide 39: Halfords is currently a general specialist
39 Halfords is currently a general specialist Where we are now • A focus on motoring and cycling but also a range of other loosely associated product categories • Our customers tell us our non-core products undermine our specialist credentials • We know that our less specialist products do not bring
Slide 40: Innovation is industry led and a small proportion of range
Innovation is industry led and is a small 40 proportion of today’s product range Where we are now • Innovation in our markets is typically industry-led; often by overseas suppliers who don’t know the UK customer • Products with unique features and benefits are a very small proportion of our product
Slide 41: The customer experience is improving
41 The customer experience is improving Where we are now • Strong Click & Collect proposition: around 85% of halfords.com orders collected in store • Good growth in online sales • Customer satisfaction improved in stores and garages, helped by training programmes • Recent store refreshes have been c
Slide 42: Opportunities to improve customer experience
But there are also lots of opportunities to 42 improve customer experience Where we are now Ageing estate Product rather than service led Too much space in some Fragmented on and offline journeys categories and too little in others
Slide 43: Where will we be moving to
halfords Where will we be moving to
Slide 44: We will become a super specialist
44 We will become a super specialist Where we will be moving to • More physical range and space given to our core specialisms of motoring and cycling • Reduction of non-core products • Online ranges of motoring and cycling products to increase • Continued commitment to invest in training with even g
Slide 45: Enhancing our cycling specialism with Performance Cycling
We will also be enhancing our cycling specialism with 45 growth in our Performance Cycling business Where we will be moving to • Increase our store estate from 24 to 50+ • Invest in our IT and digital platforms, leveraging Group scale • Continue to build our range proposition with more exclusive bra
Slide 46: Customer-led innovation
We will lead and differentiate our markets with 46 customer-led innovation Where we will be moving to • Utilising customer insights to develop products that we know customers want and need • Shifting focus away from innovation being different colour/design/brand to truly unique products • New produc
Slide 47: The first idea from our innovation pipeline
47 The first idea from our innovation pipeline… Where we will be moving to Heated handlebars Example of new approach in action: • New team • Customer research and insights • Identify customer needs and wants • Develop new products/services to meet needs utilising latest technology • Protect with IP
Slide 48: Redefining our own label ranges
We will redefine and further differentiate 48 our own label ranges Where we will be moving to • New own brand product family developed with clear good / better / best hierarchy • Ranges spanning motoring and cycling • Target to grow own brand penetration by at least 20% over the medium term • First
Slide 49: Improving shopping journey - online
49 Improving our customer shopping journey - online Where we will be moving to • Halfords as one site bringing services and product together • Personalisation • Integrated services booking experience to nearest available location and timeslot
Slide 50: Improving shopping journey – online to offline
50 Improving our customer shopping journey – online to offline Where we will be moving to • Customer waiting areas with wifi • Quick and simple vehicle registration lookup screens • Digital signage with personalised content • Super-fast Click & Collect
Slide 51: Improving shopping journey – online to offline
51 Improving our customer shopping journey – online to offline Where we will be moving to • Colleagues able to access customer/product info e.g. purchase history and brand preferences and type of car/bike owned • Colleague collaboration tools to share advice and best practice e.g. knowledge and advi
Slide 52: The new store format
The new store format will be a more transformational 52 change than previous refresh concepts Where we will be moving to • Services first • Mission based layouts • Product inspiration – creating heroes of our best products • Right space, right range • Opportunities to optimise store cost base e.g. L
Slide 53: New autocentre format
We will also be developing and implementing 53 a new autocentre format Where we will be moving to • Utilising similar design principles as store format change • More customer-centric front-of-house • Transformed back office, utilising new system implementation • Trialling servicing of both hybrid ca
Slide 54: Accelerating the rate of refresh of our estate
We will be accelerating the rate of refresh of our 54 physical estate Where we will be moving to Number of stores / garages refreshed Up to Up to Up to 50 50 50 Up to Up to Up to 90 90 90 24 6 45 16 36 23 25 10 17 7 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Stores Garages
Slide 55: Step change in the profile of the estate
This accelerated refresh programme will step change the 55 profile of the estate Where we will be moving to % of Group estate invested in since FY13 100% 75% 50% 25% 0% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Slide 56: Inspire: summary
1 Inspire our customers through a differentiated, super specialist shopping experience Summary • General specialist to super specialist • More product innovation • Increased range of own label products • New customer experience in stores and garages, linking on-line and off-line journeys • Expand ou
Slide 57: Support our customers through an integrated services offer
Support our customers through an integrated, unique and more convenient services offer
Slide 58: Where are we now…
Where are we now...
Slide 59: Services are already an important part of the Group
Services are already an important 59 part of the Group Where we are now 7.5m 23% 85 130 Services performed of Group sales* Services available Services available in FY18 in stores in garages * Revenue from the services and the attached product
Slide 60: Our services businesses are not integrated
60 However our services businesses are not integrated Where we are now • Separate Retail and Autocentres websites • Not all “We-Fit” services available on demand in garages • Limited range of services available in stores • Inconsistent pricing • Offline customer journey • Manual booking process for
Slide 61: Some differentiated services, opportunity to do more
61 Some differentiated services, but an opportunity to do more Where we are now • 3Bs (Blades Batteries and Bulbs) fitting is unique • Car servicing expertise but low awareness • Separate training schemes • E bike servicing and hybrid car servicing capability increasing but low awareness • The garag
Slide 62: Services proposition is not convenient to all customers
62 Our services proposition is not convenient to all customers Where we are now • Average drive time to an Autocentre is 30 mins, whereas customers want a drive time of no more than 20 mins 40% of people say they have not • Manual booking process; not an easy considered Halfords Autocentres customer
Slide 63: Where will we be moving to
Where will we be moving to
Slide 64: Integrated
64 Integrated Where we will be moving to • A unified services identity across the Group for B2B and B2C • One seamless website, combining Halfords Retail and Halfords Autocentres • Store “we fit” services available on demand in garages • Increased range of services available in stores • Seamless cus
Slide 65: Halfords Mobile Expert
65 Halfords Mobile Expert Where we will be moving to • 3 Halfords Mobile Expert vans operational • 12 services available including batteries, tyres, air conditioning and windscreen chip repair • Services performed at home or at your place of work • Technology powered by our investment in TyresOnTheD
Slide 66: Convenient
66 Convenient Where we will be moving to + + = Combined physical estate Roll out 100+ garages to Roll out mobile services One combined services with consistent services reduce average drive to major urban areas estate of 1,000+ locations offer and increased time from 30 mins to 20 availability mins
Slide 67: Services change underpinned by…
67 Our services change will be underpinned throughout by… Where we will be moving to • Operating Model • Training • Technology • Services led store format • Garage refurbishments • Enhanced customer payment options
Slide 68: Support: summary
2 Support our customers through an integrated, unique and more convenient services offer Summary • Convenience though an integrated and expanded “on demand” service offer across stores, garages and mobile • Digital customer journey from booking through to service delivery • Unique position in e-bike
Slide 69: Enable a lifetime of motoring and cycling
Enable a lifetime of motoring and cycling
Slide 70: Where are we now…
Where are we now...
Slide 71: Strong customer data platform built
After investment in the last three years we have built 71 a strong customer data platform Where we are now 3 years ago Today Disparate data sources to a Group SCV 33 1 Size of customer database 3m 22m % of Group revenue matched to customers 3% 75%
Slide 72: Platform is already bringing benefits
72 Using this platform is already bringing benefits Where we are now Maximising marketing Realising rewards from behaviour return with lookalike & data led email strategy targeting strategy More personalised in our interactions with customers Maximising customer value with predictive modelling
Slide 73: Opportunity to improve retention and lifetime value
There is a big opportunity if we improve retention 73 and lifetime value Where we are now Frequency of visit Limited repeat visit per year… 1.9 1 in 3 Of our known customers haven’t shopped with us for two years Cross shop within the Group is low at… 2%
Slide 74: Limited and fragmented loyalty programmes
We currently have limited and fragmented 74 loyalty programmes Where we are now Tradecard customers visit 5 times per year Cycle Republic Reward Card customers spend more than double what other customers spend, every time they shop
Slide 75: Where will we be moving to
Where will we be moving to
Slide 76: Moving to a customer led action culture
We have transitioned from being data focused and are now 76 moving to a customer led action culture Where will be moving to To A customer Now led action culture 3 years Data and Data and ago Insight Insight driven driven Data Data Data Focus Focus Focus
Slide 77: Already driving meaningful action from insight
We have already started to drive meaningful 77 action from our insight Where we will be moving to Informed the strategy Use data to define future range decisions Change labour operating model to better reflect Greater understanding of customer customer needs pain points and moments that matter
Slide 78: Ready to drive customer loyalty and retention
We are now ready to more actively drive 78 customer loyalty and retention Where we will be moving to • Supercharge CRM • Cross-Group loyalty programmes
Slide 79: Accelerate development of our CRM programme
We will accelerate the development 79 of our CRM programme Where we will be moving to • Compelling reasons for customers to return • Seamless optimised message across all channels • Real time relevant content through customer journey
Slide 80: Developing loyalty propositions
We are currently developing loyalty propositions to 80 optimise lifetime value and advocacy Where we will be moving to Young families through milestone categories Services to enhance Group loyalty
Slide 81: Lifetime: summary
3 Enable a lifetime of motoring and cycling Summary • A more focussed and targeted approach to loyalty at a Group level • Accelerating the development of our CRM program • Fully leveraging our SCV and increasing the investment in customer data management
Slide 82: Summary of new customer strategy
82 SUMMARY OF NEW CUSTOMER STRATEGY
Slide 83: To inspire and support a lifetime of motoring and cycling
To inspire and support a lifetime of motoring and cycling
Slide 84: In the future, customers will see… (Inspire, Support)
84 In the future, customers will see… 1 Inspire our customers through a differentiated, super specialist shopping experience • A business more focused on what it is really known for – its core motoring and cycling offer • Products and services with features and benefits that are only available at Ha
Slide 85: In the future, customers will see… (Lifetime)
85 In the future, customers will see… 3 Enable a lifetime of motoring and cycling • Halfords building relationships for the long term • A business encouraging people to explore and enjoy all that motoring and cycling can offer A more unified and customer-focused Halfords Group enables the strategy…
Slide 86: Operational infrastructure and efficiencies
86 OPERATIONAL INFRASTRUCTURE AND EFFICIENCIES
Slide 87: Infrastructure
87 Infrastructure IT & digital Property
Slide 88: IT & digital infrastructure
88 IT & digital infrastructure Completed in last two years In progress In the pipeline • Colleague headsets • New in-store software and in- • Web re-platform store tablets for colleagues • Resource planning system • Online enhancements, e.g. • Enhanced B2B online presence personalisation • Single cu
Slide 89: Today's physical estate portfolio
89 Today’s physical estate portfolio 452 24 315 3 Halfords stores Performance Garages Mobile vans Cycling stores
Slide 90: Flexible physical estate with short leases
We have a flexible physical estate with relatively short leases 90 and a significant peak in expiries ahead of us 120 Retail Lease Expiry & Breaks (228 sites) Autocentre Lease Break and Expiry (149 sites) 6 years 100 Average remaining 39 lease length 80 60 24 34 25 40 27 66 196 50 20 44 42 Number of
Slide 91: Changes to future physical estate
91 Changes to future physical estate Doubling the Rolling out mobile Opening 100+ number of Retail store vans, targeting autocentres Performance closures* major Cycling stores conurbations Underpinned by flexible lease portfolio enabling us to continually monitor and adjust * At similar run rate to
Slide 92: Indicative illustration of change in physical estate
92 Indicative illustration of the change in our physical estate From… To… Retail Stores Retail Stores Performance Performance Cycling Cycling Garages Garages Mobile Servicing Mobile Servicing Benefits of the future estate: • Average drive time to a Halfords service location reduced from 30 to 20 min
Slide 93: Indicative illustration of change in physical estate
93 Indicative illustration of the change in our physical estate Physical estate now Indicative illustration of future estate
Slide 94: Operational efficiencies
94 Operational efficiencies Property Product In-garage processes Synergies
Slide 95: Property savings
95 Property savings Retail store A reduction of 6 stores saved circa £1m per annum of rent and rates closures Over the last 3 years we have saved c.£1m of rent through our “right size” “Right sizes” programme The services transformation provides an opportunity to consider Relocations alternatives to
Slide 96: In-garage efficiencies
96 In-garage efficiencies UTILISATION REPORT PRODUCTIVITY REPORT Transformation programme to drive productivity and utilisation benefits • PACE system • Improved process flows • New reporting • Incentives linked to utilisation
Slide 97: Product efficiencies – cost benefits
97 Product efficiencies – cost benefits COST WORKING CAPITAL Own brand development Scale benefits from greater range authority in specialisms In-store space optimisation Forecasting and replenishment system More closely aligning customer and supplier payment dates
Slide 98: Synergies
98 Synergies • Multiple back offices • Overlap in activity • We are proud of our highly-trained colleagues and expect to be increasing our number of FTEs over the medium term
Slide 99: Summary of operational efficiencies
99 Summary of operational efficiencies • There are clear opportunities for cost and working capital efficiencies • We have already started unlocking some of these • We will use these savings to reinvest in: • Increased capex • Strategic investments in operating costs • Value investment
Slide 100: Financial guidance
100 halfords FINANCIAL GUIDANCE
Slide 101: Profit guidance
101 Profit guidance • FY20 Profit Before Tax to be broadly flat on FY19 • Profit Before Tax anticipated to grow by mid-single-digit percentage annually thereafter • Depreciation & amortisation to increase towards the level of capex • This guidance assumes an orderly Brexit
Slide 102: Operating costs guidance
102 Operating costs guidance Inflationary Cost growth from cost increases investments Cost • Annual wage increases + • Services - efficiencies and savings • Business rates • increased colleague • Utilities resource (see pages 94-99) • training • Rent & rates from increased physical estate • Marketin
Slide 103: Capex guidance
103 Capex guidance • Prevailing guidance c.£40m a year Major capex projects • New guidance up to £60m a year from FY20 • Roll out of garages and performance cycling stores • Increased capex to be self funded* over life of • Refresh of stores and garages plan • Continual digital enhancements • Approx
Slide 104: Financial targets
104 Financial targets 1 Grow sales faster than the markets in which we operate 2 Increased Free Cash Flow over the period FY19 to FY21 compared to previous 3 years 3 Grow the ordinary dividend every year 4 Net debt target of 1.0x EBITDA with a range of up to 1.5x for appropriate M&A
Slide 105: Financial targets: grow sales faster than markets
105 Financial targets 1 Grow sales faster than the markets in which we operate Car products and Car servicing Cycling related fitting Forecasted Market Growth** 2+% 2+% 3+% ** Halfords estimates, annual average
Slide 106: Financial targets: free cash flow
106 Financial targets 2 Increased Free Cash Flow over the period FY19 to FY21 compared to previous 3 years Guidance for next All in £m Previous 3 years 3 years (FY16-18) (FY19-21) Operating cash flow pre working capital 329.2 Free Cash Flow Capex (109.9) has been added Working capital (40.1) to the
Slide 107: Financial targets: grow the ordinary dividend
107 Financial targets 3 Grow the ordinary dividend every year Dividend per share history (pence) 3% 18.03 3% 17.51 3% 17.00 16.50 FY15 FY16 FY17 FY18
Slide 108: Net debt to EBITDA
108 Financial targets 4 Net debt target of 1.0x EBITDA with a range of up to 1.5x for appropriate M&A 1.8 1.6 1.4 Debt target of 1x (with range up to Net debt to EBITDA 1.2 1.5x for M&A) 1 0.8 0.6 0.4 0.2 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY FY FY FY FY FY FY FY
Slide 109: Capital allocation priorities
109 Capital allocation priorities 1 Maintaining a prudent balance sheet 2 Investment for growth 3 Grow the ordinary dividend 4 Appropriate M&A 5 Surplus cash returned to shareholders
Slide 110: Reporting changes going forward
110 We will be making some reporting changes going forward P&L Retail Autocentres Group Group LFL categories Retail Motoring Car Maintenance Car Enhancement Motoring • Changes to be made for FY20 onwards Travel Solutions Cycling Cycling • We will also be changing how we report services sales into Au
Slide 111: Financial guidance summary
111 Financial guidance summary • Profit broadly flat in FY20 with mid-single-digit percentage growth thereafter • Increased capex self funded through cost and working capital efficiencies throughout the life of the plan • Target to increase Free Cash Flow over the plan • Commitment to preserve ordin
Slide 112: Summary
halfords Summary
Slide 113: To inspire and support a lifetime of motoring and cycling
To inspire and support a lifetime of motoring and cycling
Slide 114: Our new customer strategy
114 Our new customer strategy 1 Inspire our customers through a differentiated, super specialist shopping experience 2 unique and more convenient services offer Support our customers through an integrated, 3 Enable a lifetime of motoring and cycling
Slide 115: Summary of infrastructure and operational efficiencies
115 Summary of infrastructure and operational efficiencies • Clear plan for infrastructure with majority of investment in IT and property • Wide-ranging operational efficiency programme to cover increased investment • Robust investment discipline with gating process in place
Slide 116: To inspire and support a lifetime of motoring and cycling
To inspire and support a lifetime of motoring and cycling