During my Morgan site visits I have been able to engage directly with our employees
These interactions have enabled me to reinforce the messages regarding Morgan's culture and the Morgan Code as well as receiving honest, and in some cases robust, feedback from our employees which I have been able to share with my Board colleagues.
My lasting impression is of an enthusiastic workforce that is embracing the strategies of the Executive Committee and is committed to working safely and ethically. I thank all of our employees for their hard work in improving the business and achieving the 2019 results.
"Shareholders often ask how we know whether expenditure on R&D is effective. My answer to this is to look at to the Group's results."
Douglas Caster CBA FIET, Chairman
Morgan's Performance
In my statement for last year's Annual Report I indicated that we were experiencing a slowing of economic growth and tightening of market conditions as we looked to 2019. Several companies considered to be industrial market peers of Morgan have indicated profit warnings during 2019. It is pleasing to report therefore that Morgan has achieved another year of underlying organic growth with strong cash flow and reduced underlying leverage.
Group culture
The Board's overriding concern is that we should embrace a culture of always "doing the right thing" in ways that are respectful to all Morgan's stakeholders and the environment. The Board has zero tolerance of accidents and unsafe practices and insists that we should operate ethically. In 2019 the Group achieved a further reduction in the rate of accidents and improved our environmental footprint through reduced energy and water intensities.
