Urenco Annual Report 2022

16 Urenco Annual report and accounts 2022 Our strategy sets out what we need to achieve in the long term (five to 15 years) midterm (three to five years) and short term (12-24 months) under five building blocks, which are: The building blocks are: 1. Creating a winning team – continuing to invest in and support our people whilst harnessing their skills to make the business as successful as possible. 2.Maintaining our customer base – continuing to focus on strong existing and new customer relationships. 3. Defending and innovating our core business – investing in our core business to maximise capacity and prepare for growth. 4.Shaping and utilising regulatory frameworks – actively engaging with stakeholders and decision-making bodies in our target markets and across all aspects of our business. 5. Promoting growth – increasing our capabilities in associated areas such as stable isotopes and nuclear stewardship. Delivering elements of the strategy Through our strategy we are meeting renewed demand, while encouraging organic growth. This has resulted in 15 new commercial deals signed this year with customers. We are making investments in our core business and supporting innovation, for example through the development of advanced fuels.We are working to help our customers and the sector to fuel their nuclear new builds, including the next generation of reactors. To facilitate this, we are actively engaging with the relevant government departments and authorities to help design the future of civil nuclear power, promoting the evolution of regulatory regimes and continuing to be a reliable partner in the field of international non-proliferation. Our people remain the foundation of our strategy, and we are creating a winning team that is inclusive, diverse and fit for the future through our continuing culture work (see page 37). As we expand capacity, we will also look to secure the best talent to further enhance Urenco’s expertise. Strategic report 01 Our strategy Case Study Our response to the conflict in Ukraine Urenco’s response to the supply chain disruption to our sector, as a result of the war in Ukraine, was quick and effective.We launched a project to ensure Urenco could execute a significant change in operations across all of our sites. The communication of this at all levels led to rapid operational changes and the ability to meet the sudden increase in demand without significant disruption. Within days of the invasion, we took the strategic decision to discontinue our agreements with a Russian supplier with immediate effect. We have continued to ensure a consistent and secure supply of nuclear fuel to our global customers. We have also been working closely with governments, industry organisations and humanitarian relief efforts to support Ukraine since the invasion. For example, we have worked with the British embassy in Kiev to provide guidance and commercial support to the Ukrainian state-owned nuclear power plant operator, who is a valued customer.We have also been assisting and supporting the same operator to access new financing opportunities. In March 2022, we participated in the Prime Minister’s nuclear energy roundtable to discuss energy security and how to accelerate UK nuclear projects.