OUR HISTORY

Norfolk was established in 2004 to manage the selected group of companies which were acquired by Glenn Wallace and a private equity fund managed by JBWere (NZ) Private Equity Limited from Tyco Services, Australia and New Zealand.

Since Norfolk’s establishment in 2004, management has introduced numerous focused strategies to improve the business operationally and financially and to enable it to realise its significant growth potential.  These strategies can be divided into two broad stages.

Development stage (2004 to 2005)

The first stage of the strategy for the improvement of Norfolk was to create a new corporate structure and re-establish the businesses as standalone entities with identifiable brands. Key management changes were undertaken and a new, centralised information technology platform implemented to reduce support costs and increase the efficiency of the business’ infrastructure.

Consolidation stage (2005 to 2006)

Upon completion of the restructure of the business, over the course of 2005 and 2006 management’s focus turned to operational and financial improvements, including:

• the development of systems and controls to achieve:
  • selective tendering for contracts to ensure that Norfolk enters into contracts that are likely to be highly profitable; and
  • a stronger focus on alliance contracting whereby Norfolk enters into joint ventures with construction or engineering companies to complete a project

• a strong focus on revenue stability achieved through:
  • increasing the number of recurring revenue maintenance contracts held by Norfolk; and
  • targeting alliance contracts which are generally more profitalbe than fixed price contracts; and
  • developing financial strategies to achieve revenue growth, margin improvement and working capital. 

Expansion Stage (2007 and Beyond)

On the 27th of July, 2007 Norfolk completed its Initial Public Offer and successfully listed on the Australian Stock Exchange. Investors in Norfolk will have the opportunity to benefit from the significant organic growth potential of Norfolk and also the substantial upside through continued implementation of growth strategies for bolt-on acquisitions and international expansion. Norfolk is stepping into the next stage of its corporate evolution.