The Chair noted apologies received from Helena Forsythe. No conflicts of interest were declared with respect to items on the agenda. The Chair confirmed that a quorum was present and the meeting was duly constituted.

The minutes of the Board meeting held on 12 February 2026 (Ref: BM-2026-02) were reviewed and confirmed as a true and accurate record.

Jonathan Pemberton presented the CEO's report for the period ending 28 February 2026. Revenue performance was 4.2% ahead of budget, driven by stronger-than-anticipated demand in the Infrastructure Services division. The Board noted ongoing recruitment challenges in the Technology division and requested a detailed workforce plan be presented at the April meeting. A tender submission for the Northern Rail Framework contract, valued at approximately £42m over four years, was confirmed as proceeding on schedule.

Fiona Caldecott presented the management accounts for February 2026. Group EBITDA stood at £8.3m against a budget of £7.9m. Net debt reduced to £14.1m, reflecting strong cash conversion. The Board approved the revised cash flow forecast for Q2 2026. Fiona noted that the revolving credit facility renewal negotiations with Barclays were progressing well and heads of terms were expected by end of March.

Alastair Drummond raised the matter of the forthcoming AGM scheduled for 22 May 2026. Richard Tewkesbury confirmed that notice documents are on track for dispatch by 10 April 2026. The Chair thanked all Directors for their contributions and confirmed the next scheduled Board meeting.