From the MD: Refocused and Ready to Compete in 201226 Mar 2012
For manufacturers, adapting to market forces is essential and PSM has recently done so. We have entirely refocused to meet the changing market economy. A revitalised PSM with exciting new PSM Marine branding and a new website is already impacting on the market. Offering cost effective, tailored solutions, our state of the art product portfolio is being recognised by shipyards needing to provide a high quality of vessel but at reduced costs.
It was a relatively short time ago that we were all optimistically looking at the growth predictions of the ship building sector, with strong order books full for the next ten years. Despite predictions of world oversupply the bubble had continued to expand. When the financial crash came in 2009 it happened quickly and severely and the dominoes are still falling as the world economy struggles to get back on its feet.
Like many specialist British marine equipment suppliers, PSM looked at trading upon the benefits available. A worldwide recognition of the long history of British marine equipment experience is the foundation that drives us to uphold the tradition of quality and technology. Fluctuations in world currencies have meant that Britain is regaining its strength in competitive manufacturing of high tech products. Meanwhile customers have recognised that an initial low price of mass produced items is not cost effective if there is little or no manufacturer support.
I have always held to the doctrine that our people and their in-depth application experience is PSM’s greatest asset. The guidance offered to our customers into the correct solution for their applications is all part of our sales support. Our distributors, customers and end users acknowledge it is a comfort factor offered by few of our competitors and one we carry forward through our regenerated business portal and exciting new products and market propositions.
Our TankView family and iCT 1000 intelligent products offer the savings few others can match. The strength of ClearView in remote data access and pollution monitoring will be a major breakthrough in the industry over the coming year as both the need and value of real time condition monitoring of vessels becomes economically viable by using this innovative product.
All at PSM are delighted with our new look and so it seems are our customers. Orders for 2011 were up on the previous two years and we have seen many new and major customers now acknowledging the strength of our position in marine instrumentation. We will build upon this during 2012 with even further unique offerings and propositions for the industry. Keep an eye on our website and regular newsletters for details of further developments.
PSM Managing Director