January 19, 2021
The B Word
Brexit. If you live in the UK, outside of Coronavirus, this is one of the only other topics we have right now to talk about!
Brexit is the official term used to describe the United Kingdom leaving the European Union and the European Atomic Energy Community. It has been almost one year since we formally left the EU; at Novum, we have spent the past year ensuring that it remains business as usual for all our staff and customers. We have and will continue to monitor the situation closely to ensure the reliability of our services and products from 2021 moving forward.
Novum Structures made plans for every eventuality when it came to whether the UK would leave the EU with a trade deal. Ahead of the decision made in December, Novum made plans for dual certification for products in both Europe and in the UK market. Alongside this, we identified our sensitive product lines across the business and adjusted stock levels accordingly. We continue to evaluate our stock held on a weekly basis in both our UK and EU facilities. Novum maintains an open dialogue with our Freight Forwarders to mitigate the risk of customs delays, including reviewing alternative routes into the UK and preparations for an increase in customs administrations.
As a global company, we bank in multiple currencies to offset currency exchanges and fluctuations completing financial analysis to mitigate any risks we believe will impact our business, customers, and supply chain.
The Senior Management team will continually review the political landscape, consult with customers and suppliers as well as industry peers as to the best way to mitigate any effects. We will continue to review the position as more information is provided by the UK Government and our UK sources. Our priority has always been and will continue to be, our customers. Ensuring we can deliver our world-class projects and services globally to the highest standard is our main priority.