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Our Group strategy

We will deliver our strategy by working together with our stakeholders to harness the powerful attributes that are unique to our business. We will rise to the challenges and opportunities before us to ensure we create broad social, environmental and financial value for our customers, stakeholders and the nation, wherever we operate, for many years to come.

Our Annual Report 2020/21

Our purpose

To create lasting and shared prosperity for the nation

Major trends

COVID-19 introduced an unprecedented level of uncertainty in the economy and our markets, and had a substantial effect on every part of our business. This has created a challenge in quantifying how deep or how prolonged its effect will be. In the immediate term, it has made a fundamental difference to the way people live, work and consume. Time will determine to what extent these lifestyle changes will become permanent. Given the volatility, it is important to gain a firm grasp of the environment in which we are operating, and in reviewing the broadest dynamics we identified five major trends (formerly referred to as our material issues) which are impacting our business and have informed our emerging strategy.

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Our Group strategy

We have an ambitious new strategy that is responsive to the changing market. We set our strategy by evaluating our external environment, considering the major trends that are impacting our business, forming a strategic assessment of risks and opportunities and an understanding of how we can create broad financial, environmental and social value. Our strategy is enabled by continued investment in our people and capabilities, ensuring we have the platform to position the business to deliver shared success for us and our stakeholders.

Our business model

Our business model articulates how we deliver our strategy, setting out what we do to create value.

We have identified five different resources and relationships which we draw on to create value.

We rely on these as vital inputs into our business model and are constantly transforming them through our activities.

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