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A time for change and progression

PFK land farming property lake district

Our vision

To deliver sustainable long-term value for all our stakeholders by having a clear strategy to grow our investment portfolio as well as providing integrated property services delivered by expert teams to clients seeking increased value by owning, occupying, developing, investing, or realising the value of residential, commercial or agricultural property.

Our strategy

Our strategy positions PFK for sustainable growth in both existing and emerging sectors and is designed to develop our existing Property Services business and grow net rental income, as well as simplifying and focusing all aspects of the business and building on the Company’s operational strength and foundations of over 140 years of trading.

In developing this strategy we have been inclusive with the leadership teams and reviewed all departments and all aspects of the business fully.

Our results support our view that there remains significant market opportunity in the Property Services sector where PFK has knowledge, skills and strong provenance.

We have also identified the need for PFK to focus on growing net rental income, predominantly through maximising the value of existing assets.

There remains significant continued market opportunity in the Property Services sector where PFK has knowledge, skills and strong provenance.

As the Company progresses the move toward a hybrid dividend policy (blended stability and residual policies), this process shall have regard to debt-to-equity levels, but through a longer term lens. This ensures a focus is kept on the longer term growth of the Company.

Given the cyclical nature of the Property services part of the business this policy will recognise business economics can fluctuate and as such the dividend policy should allow for a regular maintainable dividend payable, with extra dividend payable when set thresholds are within acceptable tolerances.

To achieve this, PFK have a clear four pillar strategy:

 

1. Grow the profitability of property services

PFK property services’ strategy is to be the leading advisor in the key markets in which we operate.

Our strategy is delivered locally by our experts on the ground with flexibility to adapt quickly to changes in circumstances and opportunities.

More recently, the residential property services market, which our Estate Agency department operates within, has become more uncertain and as such PFK have adopted an approach of the consolidation of services through our existing offices.

Focus will continue to be on: team training, development and well-being; investing in our digital-hybrid offerings; continually reviewing overheads and facilities; reviewing target market segments and offerings to maximise revenue streams and expanding our rental book in line with future legislation.

The outlook for our other professional services, particularly within the agricultural sector, appears more favourable and as such we strive to take advantage of this fast-growing market to maximise group revenue.

Focus on the expansion of this team and the strengthening of its leadership through organic growth or a scalable acquisition remains high as does building relationships with other specialist consultants to enhance revenue and our client offering. We also seek to take full advantage of future opportunities within land management such as renewable energy and carbon-offset initiatives.

2. Maximise existing asset value and growing net rental income

To review the most effective use of existing assets and develop, where appropriate, assets held within the Company using internal expertise to provide long term shareholder value with regards rental, sale and development income opportunities. This includes the prudent management and investment of cash for the benefit of the business and its shareholders.

3. Corporate leadership, board structure and future readiness

To expand the board with a balanced team of individuals who can best serve the interests of shareholders and all other stakeholders.

To have a diverse non-executive board with the skill-set to continue to support, advise and mentor the executive team whilst ensuring the executive team are working to future-proof the business to match the economic outlook.

4. Stakeholder communication

To continue to develop open and honest communication with stakeholders through the company website, direct communication and local press.

To have all financial and performance-related information produced and communicated in an accurate and timely manner and to change the manner of how PFK shares are traded to ensure maximum levels of transparency in the process.

To initiate an investor group with biannual gatherings of a small number of diverse individuals.

 

 

 

Corporate social responsibility

At PFK, we believe that in order to secure a successful, long-term future for the business, it is important to make a positive impact, both on those around us and the environment. Our focus on Corporate Social Responsibility is part of our wider Corporate Strategy and focuses on three key areas; inclusivity and fairness with our stakeholders; promoting a thriving local community and managing our environmental impact.

1. Inclusivity and fairness

We are committed to building strong, loyal relationships with our employees, customers and other stakeholders.

We aim to recruit and support the highest quality people from the widest pool of individuals whilst always promoting inclusion and diversity. We thrive to create an environment which nurtures talent and promotes development and progression.

We take a long-term approach with our customers so that relationships can grow in to genuine partnerships, built on mutual respect and a thorough understanding of each other’s goals and objectives. Through this, we are determined that these relationships are positive, strong and ultimately, long-lasting.

 

2. Promoting a Thriving Local Community

Our roots in the local community are deep and strong and we are proud of our history. PFK was founded in 1876 and has traded successfully throughout Cumbria ever since. We feel we have an important role to play in the community and communicate regularly with other community stakeholders to generate positive outcomes.

Staff operating in their respective areas of Cumbria are encouraged to support local initiatives and through this develop themselves through learning and contributing to making a real difference to their community.

 

3. Managing our environmental impact

PFK operate throughout a wide range of different landscapes and environments, ranging from National Parks and agricultural land through to large towns and cities.

Throughout our various operational divisions, we have procedures and initiatives in place for minimising the adverse effects our activities have on both the local environment we operate in and the wider environment in general. We regularly review how our approach can be modified to improve our environmental impact which can include financial investment if deemed to fit in with PFK’s overall Corporate Strategy.

 

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