Global environmental consulting market returns to growth driven by ...
Global Environmental Consulting Strategies and Competitor Analysis 2016 Global research summary for survey participants Environment Analyst would like to take this opportunity to thank you for your help with our market research last year looking at the environmental consulting sector in 2015 and 2016. We are very grateful to all those who have assisted us by completing our surveys, participating in email/phone/ face-to-face interviews and verifying/ commenting on their company profiles. Our thanks go to all who have helped. With the last of the consultancies reporting their results for 2015/16, we are pleased to say that last year’s research has come to an end and, by way of thank for your assistance, we can now provide you with this free summary of selected research findings. Please feel free to circulate the document among your colleagues. If you subscribe to our Market Intelligence Service, you should have received instructions separately on how to download the full reports.
Global environmental consulting market returns to growth driven by larger integrated and multidiscipline firms Following two years of decline, there was a 2.1% rise in the worldwide market for EC services in 2015 - with similar growth expected in 2016 - as the North American region returned to growth and opportunities in Europe accelerated, set against the continuing highly challenging market conditions particularly relating to the international mining and oil & gas industries Twenty four companies are leading the global environmental consulting (EC) sector - together accounting for 45% of the total US$28.5bn market Of the ‘Global 24’, those operating as part of broader integrated and multi-service companies outperformed those with a more specialist environmental/sustainability positioning - as some of the recent ‘mega-merger’ deals involving the larger multidiscipline firms begin to bear fruit The global EC market is set to reach $32.5bn in the next five years - up 13.8% on its 2015 value - as emphasis shifts back to the more mature markets and advanced economies The value of the global environmental consultancy (EC) market reached US$28.5bn (£19.3bn) in 2015, up 2.1% over the previous
year, according to the latest report1 by business intelligence provider Environment Analyst. The sector is still be lagging global economic growth
– which was 3.2% in 2015 – mainly reflecting the ongoing impact of the natural resources sector downturn and depressed oil prices – but still represents a significant improvement on the previous two years of declining market revenues. A similar level of increase is expected for 2016 at 2.2%. Growth has been bolstered by strong demand relating to infrastructure development in Western Europe, and a return to growth of the largest regional revenue generator North America (which accounted for 52.6% of the global sector in 2015), which saw respective EC revenue increases of 4.9% and 2.2%. Growth in North America was boosted by renewables (especially wind and solar) support work in the US as well as increased activity in certain government channels. The fully updated and further extended version of the report, now in its sixth year, provides a comprehensive picture of the current state of the global EC sector and competitive landscape through detailed company profiles and financial statistics from the 24 players judged to be the most geographically diverse, globally ambitious and largest companies active in this field (collectively referred to as the ‘Global 24’). Together these firms are estimated to make up 44.8% of the worldwide EC market. The report categorises them into three main business model types - large-scale integrated, multidiscipline and specialist - according to their size and the prominence of EC activities within the overall business. Key to the international industry’s reviving fortunes in 2015 was the improving growth rates achieved by the larger fully integrated and multidisciplinary players in this space (with organic year-on-year EC growth rates of 3.9% and 2.9% respectively), whilst in contrast the specialists - those with over 50% of their business in environmental consulting suffered the brunt of the declines, with the organic growth of this sub-group at -5% in 2015.
Editor of Environment Analyst's Global Market Intelligence Service and co-author of the report Liz Trew comments: “Our conclusion is that the playing field has really leveled out now between the various types of operator, and the specialists no longer seem quite so resilient. It remains to be seen whether firms that are still struggling can take the necessary steps to adapt, modify and innovate their offerings to the new paradigm of depressed resource markets and much more cost-conscious clients.” The top ten players, in order of gross global EC revenues in 2015, were: AECOM, CH2M, Tetra Tech, Arcadis, Environmental Resources Management (ERM), Golder Associates, AMEC Foster Wheeler, RPS Group, Ramboll Environ, and WSP|Parsons Brinckerhoff. The next 14 in order are: GHD, HDR, Sweco (incorporating Grontmij) and MWH Global (now part of Stantec) in joint 13th; Antea Group and Jacobs in joint 15th; Cardno and Mott MacDonald in joint 17th position; ICF International; WorleyParsons, Royal HaskoningDHV and SLR in joint 20th place, Atkins and Coffey International (now owned by Tetra Tech). The three market leaders in each global region are shown in the map attached. Significant M&A activity and consolidation involving the top end of the industry in the last five years years is evident with the top ten’s combined global market share growing to 32.9% in 2015, up from 23.8% in 2010. AECOM is revealed as the market leader for the second year running, having completed the $4bn acquisition of fellow US consulting and engineering giant URS in 2014. With group revenue close to $18bn and staff of c90,000 (around 10% of which make up its EC operations), AECOM is reaping the benefits of post-merger synergies and economies of scale, having extended its lead over second-placed CH2M this year and achieving a top-three positioning in three major regions: North America, Asia-Pacific and East Europe/FSU.
Other recent M&A pairings have led to the appearance of both Sweco and Stantec in the Global 24 analysis for the first time thanks to their respective acquisitions of Grontmij and MWH Global. Also featuring for the first time in this report edition is US-based HDR, which has itself taken part in significant M&A activity to grow the business and help realise its international aspirations. The EC staff numbers employed by the Global 24 remained more or less static, at approximately 75,000 in 2015 (discounting the effect of staff added through major M&A). The average EC contract size, at $67K, has also remained virtually unchanged over the last four years. Based on the service area breakdown of the Global 24's aggregated EC revenues, Environment Analyst finds contaminated land remains the largest single discipline in the global EC market in 2015 with 31% of the total, ahead of the 22% share held by water and waste management services. Environmental impact assessment (EIA) & sustainable development takes a further 18%, whilst environmental management, compliance and due diligence services represent 15%. Climate change & energy related services generate a further 10% of the total, and is the fastest growing of all the major disciplines. A breakdown of the market by work area and also key client sector is illustrated in the figures attached. According to the study, the global EC market is forecast to reach $32.5bn by 2019, up 13.8% on 2015 and representing a five-year compound annual growth rate of 2.6%. The forecast has been projected upwards since the previous edition of the report given the renewed strength of the European market and turnaround of the dominant North American region to positive
growth - although still cautious given the significant uncertainties around the global economic and geopolitical landscape, and commodity price trends. Commenting on future outlook, Liz Trew says: “The regional prospects have shifted back towards the advanced economies and more mature EC markets, while in terms of services the climate change and energy disciplines are expected to spearhead continued market recovery. This area alone is forecast to increase by almost 30% over the next five years, driven by strong underlying policy drivers and the global push for decarbonisation. The rise of infrastructure development is also evident in our forecast model, with this area expected to expand by almost 20% by 2020.” She concludes: “But given the current lowgrowth market projections, M&A activity by – and impacting – the Global 24 is likely to continue at a fair pace, and also given the pressures in the wider engineering and support services industry. Although activity is expected to be more concentrated among small and midsize players, some commentators have raised the possibility of one (or more?!) of the Global 24 being snapped up by an IT giant, reflecting the growing importance of digital technologies, software applications and big data management and environmental analytics in the shaping the services on offer. The willingness to forge intersector and cross-sector partnerships is also becoming increasingly significant in the environmental management of complex infrastructure and other major projects.”
Contact for further information: Liz Trew Editorial Director Tel: +44 (0)20 3 603 2107 Email: [email protected]
Bill Kirby, Account Manager Tel: +44 (0)1743 818 008 Email: [email protected]
Fifteen tables and charts are provided overleaf as a thank you for your participation in the survey. Please visit https://environment-analyst.com/global for further information.
1. Global Environmental Consulting Strategies and Competitor Analysis 2016 is an in-depth market report including detailed profiles of 24 leading operators – for further information (including a full list of contents and figures, and sample company profile download) see www.environmentanalyst.com/global
2. The report is based on core financial figures and strategic information collated through an annual research process in collaboration with the environmental consultancy companies – via market surveys, phone/face-to-face interviews with senior executives, and publicly-available annual reports/accounts and websites. The 24 profiled firms have all had the opportunity to review their company profiles and core financial statistics 3. The report is part of Environment Analyst’s 2016 Global Market Intelligence Service. The full service includes this market assessment, company profiles of the leading 24 environmental consultancies updated throughout the year, the results of a global market trends survey issued each summer, weekly environmental services business news and Market and Company Insight articles. 4. Environment Analyst Ltd (www.environment-analyst.com) is a publishing and market research organisation focusing on the environmental consulting and support services sector – we collect and analyse information from the industry for the benefit of the industry
Figure 1 Global 23 – top 3 market leaders in each region
EIA & sustainable development 17%
Ranking
Env. management, compliance & due diligence 15% Water and waste 23%
Other 4% Climate change & energy 8%
Contaminated land 33%
Figure 2 Global environmental consultancy market share by service area 2015
1
AECOM
2
CH2M
3
Tetra Tech Inc
4
Arcadis
5
Environmental Resources Management (ERM)
6
Golder Associates
7
Amec Foster Wheeler E&I
8
RPS Group
9
Ramboll Environ
10
WSP | Parsons Brinckerhoff
11
GHD
12
HDR
13
MWH Global (now part of Stantec)
14
Sweco (formerly Grontmij)
Energy & utilities (inc. waste)
15
ANTEA GROUP
28%
16
Jacobs
17
Cardno
18
Mott MacDonald
19
ICF International
20
Royal HaskoningDHV
21
WorleyParsons
22
SLR
23
ATKINS
24
Coffey International (Tetra Tech)
Government & regulators 27%
Other 3% Financial, professional & service sector 4%
Consultancy
Infrastructure & development 9%
Mining, manuf. & process industries 29%
Figure 4 Ranking (by revenue) of the Global 23, 2015 Figure 3 Global environmental consultancy market share by client sector 2015
Africa & Middle East 5% East Europe/ FSU 1%
AsiaPacific 15% North America 53%
West Europe 22%
Latin America 4%
Figure 5 Global environmental consultancy Figure 6 Range of average turnover growth 2015 market share by region 2015
Figure 8 2016 and 2017 prospects in relation to 2015, by percent of respondents
Figure 9 Staff recruitment trends, by consultancy size
Figure 10 Range of remuneration change in last 12 months, by percent of respondents
Figure 11 International turnover growth potential (CAGR)
Figure 12 Key operational trends (compared with previous year), by percent of respondents
Figure 13 Strategies consultancies expect to adopt over next 5 years, by percent of respondents
Figure 14 Drivers influencing demand for environmental consultancy over next five years
Figure 15 Strategic actions in next 5 years
Market Intelligence Service 2017 - Global What you get in your 2017 subscription package Our flagship report, Global Environmental Consulting Strategies and Competitor Analysis (2016 & 2017 editions) Profiles of 24 global environmental consulting firms, plus year-on-year comparisons Includes data from the 2016 and 2017 market trends surveys Full access to the online news service
See ordering details at www.environment-analyst.com/global
Global Environmental Consulting Strategies and Competitor Analysis 2016 This latest edition (issued December 2016) contains profiles of the following 24 global environmental consultancies: AECOM, Amec Foster Wheeler E&I, ANTEA GROUP, Arcadis, ATKINS, Cardno, CH2M, Coffey International (Tetra Tech), Environmental Resources Management (ERM), GHD, Golder Associates, HDR, ICF International, Jacobs, Mott MacDonald, MWH Global (now part of Stantec), Ramboll Environ, Royal HaskoningDHV, RPS Group, SLR, Sweco (formerly Grontmij), Tetra Tech Inc, WorleyParsons and WSP | Parsons Brinckerhoff
Your single source for strategic assessment and competitive analysis Environment Analyst is pleased to announce the 2016 edition of its strategic assessment and competitor analysis of 24 of the world's top environmental consultancies. Packed with company data, competitor intelligence and strategic insight, this in-depth review of the top operators is the first report to assess the global operations and strategies of the firms with multi-region operations. Aimed at global executives, advisors and investors in environmental consultancies, this 200-page report will help: Assess your global and regional competitive position - we provide comprehensive data and insight into the consultancies with international operations, including environmental revenues, geographical breakdown, service area revenues and client sector split. Through this data you'll be able to determine your competitive position alongside the key players. Review the global strategies of your competitors and companies in which you invest or plan to invest - following comprehensive interviews with key players in the sector, and a review of their global operations, challenges and opportunities, we have provided the only independent assessment of each firms' strategic approach to growing their global businesses. Through the report you'll be able to assess where competitors are strong/weak, what their strategies are, and where are the gaps and opportunities. This data can support your investment and operational decisions. Identify growth opportunities to aid strategic planning and operational reviews through our deep, expert and independent analysis of these consultancies, you'll have information and insight available to support your corporate decision-making. Understand how others see your company - with Environment Analyst's independent review. Assess whether your internal view of your firm is reflected in the wider market, from a market intelligence provider who really knows and understands the sector. Support your financial assessment - financial analysis only tells part of the story. Our expert, independent assessment of historic record, service, regional & client sector performance, current strategies and future opportunities completes the picture.
Global environmental consulting market returns to growth driven by larger integrated and multidiscipline firms Following two years of decline, there was a 2.1% rise in the worldwide market for EC services in 2015 - with similar growth expected in 2016 - as the North American region returned to growth and opportunities in Europe accelerated, set against the continuing highly challenging market conditions particularly relating to the international mining and oil & gas industries Twenty four companies are leading the global environmental consulting (EC) sector - together accounting for 45% of the total US$28.5bn market Of the ‘Global 24’, those operating as part of broader integrated and multi-service companies outperformed those with a more specialist environmental/sustainability positioning - as some of the recent ‘mega-merger’ deals involving the larger multidiscipline firms begin to bear fruit The global EC market is set to reach $32.5bn in the next five years - up 13.8% on its 2015 value - as emphasis shifts back to the more mature markets and advanced economies The value of the global environmental consultancy (EC) market reached US$28.5bn (£19.3bn) in 2015, up 2.1% over the previous
year, according to the latest report1 by business intelligence provider Environment Analyst. The sector is still be lagging global economic growth
– which was 3.2% in 2015 – mainly reflecting the ongoing impact of the natural resources sector downturn and depressed oil prices – but still represents a significant improvement on the previous two years of declining market revenues. A similar level of increase is expected for 2016 at 2.2%. Growth has been bolstered by strong demand relating to infrastructure development in Western Europe, and a return to growth of the largest regional revenue generator North America (which accounted for 52.6% of the global sector in 2015), which saw respective EC revenue increases of 4.9% and 2.2%. Growth in North America was boosted by renewables (especially wind and solar) support work in the US as well as increased activity in certain government channels. The fully updated and further extended version of the report, now in its sixth year, provides a comprehensive picture of the current state of the global EC sector and competitive landscape through detailed company profiles and financial statistics from the 24 players judged to be the most geographically diverse, globally ambitious and largest companies active in this field (collectively referred to as the ‘Global 24’). Together these firms are estimated to make up 44.8% of the worldwide EC market. The report categorises them into three main business model types - large-scale integrated, multidiscipline and specialist - according to their size and the prominence of EC activities within the overall business. Key to the international industry’s reviving fortunes in 2015 was the improving growth rates achieved by the larger fully integrated and multidisciplinary players in this space (with organic year-on-year EC growth rates of 3.9% and 2.9% respectively), whilst in contrast the specialists - those with over 50% of their business in environmental consulting suffered the brunt of the declines, with the organic growth of this sub-group at -5% in 2015.
Editor of Environment Analyst's Global Market Intelligence Service and co-author of the report Liz Trew comments: “Our conclusion is that the playing field has really leveled out now between the various types of operator, and the specialists no longer seem quite so resilient. It remains to be seen whether firms that are still struggling can take the necessary steps to adapt, modify and innovate their offerings to the new paradigm of depressed resource markets and much more cost-conscious clients.” The top ten players, in order of gross global EC revenues in 2015, were: AECOM, CH2M, Tetra Tech, Arcadis, Environmental Resources Management (ERM), Golder Associates, AMEC Foster Wheeler, RPS Group, Ramboll Environ, and WSP|Parsons Brinckerhoff. The next 14 in order are: GHD, HDR, Sweco (incorporating Grontmij) and MWH Global (now part of Stantec) in joint 13th; Antea Group and Jacobs in joint 15th; Cardno and Mott MacDonald in joint 17th position; ICF International; WorleyParsons, Royal HaskoningDHV and SLR in joint 20th place, Atkins and Coffey International (now owned by Tetra Tech). The three market leaders in each global region are shown in the map attached. Significant M&A activity and consolidation involving the top end of the industry in the last five years years is evident with the top ten’s combined global market share growing to 32.9% in 2015, up from 23.8% in 2010. AECOM is revealed as the market leader for the second year running, having completed the $4bn acquisition of fellow US consulting and engineering giant URS in 2014. With group revenue close to $18bn and staff of c90,000 (around 10% of which make up its EC operations), AECOM is reaping the benefits of post-merger synergies and economies of scale, having extended its lead over second-placed CH2M this year and achieving a top-three positioning in three major regions: North America, Asia-Pacific and East Europe/FSU.
Other recent M&A pairings have led to the appearance of both Sweco and Stantec in the Global 24 analysis for the first time thanks to their respective acquisitions of Grontmij and MWH Global. Also featuring for the first time in this report edition is US-based HDR, which has itself taken part in significant M&A activity to grow the business and help realise its international aspirations. The EC staff numbers employed by the Global 24 remained more or less static, at approximately 75,000 in 2015 (discounting the effect of staff added through major M&A). The average EC contract size, at $67K, has also remained virtually unchanged over the last four years. Based on the service area breakdown of the Global 24's aggregated EC revenues, Environment Analyst finds contaminated land remains the largest single discipline in the global EC market in 2015 with 31% of the total, ahead of the 22% share held by water and waste management services. Environmental impact assessment (EIA) & sustainable development takes a further 18%, whilst environmental management, compliance and due diligence services represent 15%. Climate change & energy related services generate a further 10% of the total, and is the fastest growing of all the major disciplines. A breakdown of the market by work area and also key client sector is illustrated in the figures attached. According to the study, the global EC market is forecast to reach $32.5bn by 2019, up 13.8% on 2015 and representing a five-year compound annual growth rate of 2.6%. The forecast has been projected upwards since the previous edition of the report given the renewed strength of the European market and turnaround of the dominant North American region to positive
growth - although still cautious given the significant uncertainties around the global economic and geopolitical landscape, and commodity price trends. Commenting on future outlook, Liz Trew says: “The regional prospects have shifted back towards the advanced economies and more mature EC markets, while in terms of services the climate change and energy disciplines are expected to spearhead continued market recovery. This area alone is forecast to increase by almost 30% over the next five years, driven by strong underlying policy drivers and the global push for decarbonisation. The rise of infrastructure development is also evident in our forecast model, with this area expected to expand by almost 20% by 2020.” She concludes: “But given the current lowgrowth market projections, M&A activity by – and impacting – the Global 24 is likely to continue at a fair pace, and also given the pressures in the wider engineering and support services industry. Although activity is expected to be more concentrated among small and midsize players, some commentators have raised the possibility of one (or more?!) of the Global 24 being snapped up by an IT giant, reflecting the growing importance of digital technologies, software applications and big data management and environmental analytics in the shaping the services on offer. The willingness to forge intersector and cross-sector partnerships is also becoming increasingly significant in the environmental management of complex infrastructure and other major projects.”
Contact for further information: Liz Trew Editorial Director Tel: +44 (0)20 3 603 2107 Email: [email protected]
Bill Kirby, Account Manager Tel: +44 (0)1743 818 008 Email: [email protected]
Fifteen tables and charts are provided overleaf as a thank you for your participation in the survey. Please visit https://environment-analyst.com/global for further information.
1. Global Environmental Consulting Strategies and Competitor Analysis 2016 is an in-depth market report including detailed profiles of 24 leading operators – for further information (including a full list of contents and figures, and sample company profile download) see www.environmentanalyst.com/global
2. The report is based on core financial figures and strategic information collated through an annual research process in collaboration with the environmental consultancy companies – via market surveys, phone/face-to-face interviews with senior executives, and publicly-available annual reports/accounts and websites. The 24 profiled firms have all had the opportunity to review their company profiles and core financial statistics 3. The report is part of Environment Analyst’s 2016 Global Market Intelligence Service. The full service includes this market assessment, company profiles of the leading 24 environmental consultancies updated throughout the year, the results of a global market trends survey issued each summer, weekly environmental services business news and Market and Company Insight articles. 4. Environment Analyst Ltd (www.environment-analyst.com) is a publishing and market research organisation focusing on the environmental consulting and support services sector – we collect and analyse information from the industry for the benefit of the industry
Figure 1 Global 23 – top 3 market leaders in each region
EIA & sustainable development 17%
Ranking
Env. management, compliance & due diligence 15% Water and waste 23%
Other 4% Climate change & energy 8%
Contaminated land 33%
Figure 2 Global environmental consultancy market share by service area 2015
1
AECOM
2
CH2M
3
Tetra Tech Inc
4
Arcadis
5
Environmental Resources Management (ERM)
6
Golder Associates
7
Amec Foster Wheeler E&I
8
RPS Group
9
Ramboll Environ
10
WSP | Parsons Brinckerhoff
11
GHD
12
HDR
13
MWH Global (now part of Stantec)
14
Sweco (formerly Grontmij)
Energy & utilities (inc. waste)
15
ANTEA GROUP
28%
16
Jacobs
17
Cardno
18
Mott MacDonald
19
ICF International
20
Royal HaskoningDHV
21
WorleyParsons
22
SLR
23
ATKINS
24
Coffey International (Tetra Tech)
Government & regulators 27%
Other 3% Financial, professional & service sector 4%
Consultancy
Infrastructure & development 9%
Mining, manuf. & process industries 29%
Figure 4 Ranking (by revenue) of the Global 23, 2015 Figure 3 Global environmental consultancy market share by client sector 2015
Africa & Middle East 5% East Europe/ FSU 1%
AsiaPacific 15% North America 53%
West Europe 22%
Latin America 4%
Figure 5 Global environmental consultancy Figure 6 Range of average turnover growth 2015 market share by region 2015
Figure 8 2016 and 2017 prospects in relation to 2015, by percent of respondents
Figure 9 Staff recruitment trends, by consultancy size
Figure 10 Range of remuneration change in last 12 months, by percent of respondents
Figure 11 International turnover growth potential (CAGR)
Figure 12 Key operational trends (compared with previous year), by percent of respondents
Figure 13 Strategies consultancies expect to adopt over next 5 years, by percent of respondents
Figure 14 Drivers influencing demand for environmental consultancy over next five years
Figure 15 Strategic actions in next 5 years
Market Intelligence Service 2017 - Global What you get in your 2017 subscription package Our flagship report, Global Environmental Consulting Strategies and Competitor Analysis (2016 & 2017 editions) Profiles of 24 global environmental consulting firms, plus year-on-year comparisons Includes data from the 2016 and 2017 market trends surveys Full access to the online news service
See ordering details at www.environment-analyst.com/global
Global Environmental Consulting Strategies and Competitor Analysis 2016 This latest edition (issued December 2016) contains profiles of the following 24 global environmental consultancies: AECOM, Amec Foster Wheeler E&I, ANTEA GROUP, Arcadis, ATKINS, Cardno, CH2M, Coffey International (Tetra Tech), Environmental Resources Management (ERM), GHD, Golder Associates, HDR, ICF International, Jacobs, Mott MacDonald, MWH Global (now part of Stantec), Ramboll Environ, Royal HaskoningDHV, RPS Group, SLR, Sweco (formerly Grontmij), Tetra Tech Inc, WorleyParsons and WSP | Parsons Brinckerhoff
Your single source for strategic assessment and competitive analysis Environment Analyst is pleased to announce the 2016 edition of its strategic assessment and competitor analysis of 24 of the world's top environmental consultancies. Packed with company data, competitor intelligence and strategic insight, this in-depth review of the top operators is the first report to assess the global operations and strategies of the firms with multi-region operations. Aimed at global executives, advisors and investors in environmental consultancies, this 200-page report will help: Assess your global and regional competitive position - we provide comprehensive data and insight into the consultancies with international operations, including environmental revenues, geographical breakdown, service area revenues and client sector split. Through this data you'll be able to determine your competitive position alongside the key players. Review the global strategies of your competitors and companies in which you invest or plan to invest - following comprehensive interviews with key players in the sector, and a review of their global operations, challenges and opportunities, we have provided the only independent assessment of each firms' strategic approach to growing their global businesses. Through the report you'll be able to assess where competitors are strong/weak, what their strategies are, and where are the gaps and opportunities. This data can support your investment and operational decisions. Identify growth opportunities to aid strategic planning and operational reviews through our deep, expert and independent analysis of these consultancies, you'll have information and insight available to support your corporate decision-making. Understand how others see your company - with Environment Analyst's independent review. Assess whether your internal view of your firm is reflected in the wider market, from a market intelligence provider who really knows and understands the sector. Support your financial assessment - financial analysis only tells part of the story. Our expert, independent assessment of historic record, service, regional & client sector performance, current strategies and future opportunities completes the picture.
