Memorandum from the Royal Mint
HISTORY
1. The Royal Mint has a continuous history
extending over 1,100 years, from the striking of silver pennies
for King Alfred in London in 886. The earliest recorded Trial
of the Pyx, where samples of the national coinage continue to
be presented annually for examination by a jury, took place in
the thirteenth century. For hundreds of years the Mint developed
within the walls of the Tower of London, until a new building
was opened on Tower Hill in 1812. A new Mint was opened at Llantrisant,
South Wales, in 1968 in order to provide additional capacity for
decimalisation in 1971, and minting ceased at Tower Hill in 1975.
2. The Royal Mint's original purpose, and
still its prime reason for existence, is the provision of circulating
coinage of the realm. The United Kingdom circulating coinage now
accounts for about 30 per cent on average of the Mint's total
turnover. Export of circulating coins was first developed as a
substantial business in the 1920s (though several branch mints
had been established within the British Empire during the nineteenth
century), and the export of circulating coins to overseas monetary
authorities and of ready-for-striking blanks to other mints accounts
on average for 40-45 per cent of the Mint's turnover. Over the
last 25 years the Mint has also developed a substantial collector
coin business (which includes its longer-standing production of
medals), selling both in the UK and overseas and accounting on
average for 25-30 per cent of turnover in recent years.
STATUTORY FRAMEWORK
3. The Coinage Act 1971 provides the statutory
framework of the Mint. The Chancellor of the Exchequer is, ex
officio, Master of the Mint, and the Treasury appoints a Deputy
Master who may exercise and perform all the powers, duties and
authorities of the Master. The Act does not specify that the Mint
should be the supplier of the United Kingdom coinage, or that
it should be a government department, but these assumptions underlie
several of its provisions. The Act details the arrangements for
the annual Trial of the Pyx and the specifications for gold coins
and silver maundy coins, whilst providing that specifications
for other UK coins be set by Royal Proclamation.
4. The Government Trading Funds Act 1973
enabled the Mint to become a trading fund, and this was implemented
by the Royal Mint Trading Fund Order 1975 which defined the operations
to be financed by the trading fund as:
"The manufacture and supply of coins, medals,
seals and similar articles, and any operation incidental or conducive
to such manufacture or supply".
5. The Mint became an Executive Agency in
April 1990. Its roles and responsibilities are currently defined
in the Framework Document published by HM Treasury in March 1997.
In summary, the key provisions are:
— the Mint's aim is to run its operations
along commercial lines and maximise their efficiency, effectiveness
and profitability;
— the Chancellor of the Exchequer sets
financial and other targets for the Mint. The financial target
is normally set in terms of operating profit as a percentage of
average net assets;
— the Deputy Master, as Chief Executive,
is accountable to the Chancellor for the Mint's performance in
accordance with its Corporate Plan and is the Mint's Accounting
Officer;
— the Mint has an Executive Board and
also a Management Board which includes non-executive directors
appointed by the Chancellor;
— the Treasury has two distinct roles
as owner of the Mint and as customer for United Kingdom circulating
coins;
— the Mint is free to manage its business
in line with the Corporate Plan which it submits annually to the
Treasury for approval, and subject to the specified financial
delegations (eg all capital expenditure projects of £1 million
or more require Treasury approval); and
— the Deputy Master has delegated authority
on all major personnel matters including pay and conditions, but
employees of the Royal Mint are civil servants and members of
the Principal Civil Service Pension Scheme.
FINANCIAL PERFORMANCE
6. Table 1 shows the Mint's sales, exports,
operating profits, dividends to the Treasury, capital expenditure
and return on assets over the 10 years since it became an Executive
Agency and including the latest published Report and Accounts
for the year to 31 March 2000.
In summary, over this 10-year period the Mint
has made total profits of £106.8 million and paid dividends
totalling £86.5 million to the Treasury. It has received
no funding from the Treasury other than short-term loans, which
currently amount to £5 million and has thus financed its
capital expenditure programme essentially from internally-generated
funds. However, the trend of profitability shows two significant
downwards steps. The main reason for the drop in profit from 1995-96
was the new UK circulating coinage contract—see paragraph
11 below. The background to the profit downturn over the last
two years is explained in the immediately following paragraphs
7-9.
CHANGE PROGRAMME
7. Profitability has, however, been adversely
affected since 1998 by an increasingly competitive marketplace
and by the far-reaching programme of change on which the Mint
has embarked. Profit margins in the circulating coin markets overseas
have fallen on average, with increasing numbers of mints having
capacity available and overall demand being at best static, following
the completion of recoinages such as Hong Kong from which the
Royal Mint benefited in the mid-1990s. Some competing mints are
not expected by their national authorities to use commercial criteria
in export pricing. The Royal Mint's change programme has been
prompted not only by the general need to maintain and improve
competitiveness into the 21st century but also by a number of
specific factors:
(a) there has been growth in demand for ready-for-striking
blanks from other mints—accentuated by the requirement of
first-wave euro countries—and this business has different
technical and quality requirements compared with coinage work,
entailing (inter alia) additional and upgraded equipment;
(b) much of the Mint's plant and equipment
for blank production was installed in the early 1970s and after
25 years was due for refurbishment or replacement, taking advantage
where appropriate of new technology and more efficient production
methods;
(c) increasingly health, safety and environmental
regulations are requiring additional capital expenditure and operating
procedures, especially for the plating and blank processing areas
of the factory where hazardous chemicals must be used; and
(d) new investment has had to be justified
financially, and this has entailed measures to achieve higher
productivity and continuous improvement which in turn have required
major changes to working practices and shift patterns, together
with a two-year training programme which is now virtually complete.
8. The principal elements of the change
programme have been:
— investment of approximately £25
million in the two-year period summer 1997 to summer 1999, mainly
in renewing and expanding blank production facilities;
— introduction of multi-skilling and
teamworking coupled with a Total Productive Manufacturing initiative
to involve factory employees at all levels in continuous improvement;
— change from four-crew to five-crew
shift patterns in continuous process areas, anticipating the EU
Working Hours Directive and reducing the Mint's dependence on
overtime. This has been linked, wherever possible, with reducing
manning levels per shift;
— heavy commitment to training, averaging
over 13 days per Mint employee in the last two financial years.
The Mint was one of the first Government departments to obtain
accreditation as an Investor in People, in 1996, and this status
was retained after the required three-yearly external appraisal
in 1999;
— new pay and grading structure for
industrial employees which has simplified grading, removed the
previous bonus scheme based on production volumes and extended
the Mint-wide profit share from non-industrial staff to all employees;
and
— a process of culture change, moving
from hierarchical management style to delegation of responsibility
to teams and individuals, supported by training and better communications.
9. The overall impact of the factors listed
in paragraphs 7 and 8 has been a significant disruption in circulating
coin and blank production, which has compounded the impact of
a more competitive international marketplace on profitability.
In the three months October-December 2000, however, circulating
coin and blank production achieved planned levels and thus started
to deliver the anticipated improvements in productivity. The collector
coin business has not been so significantly affected either by
the investment and change programme or by any adverse developments
in its marketplace and has maintained a satisfactory level of
financial performance.
UK CIRCULATING COIN
SUPPLY
10. Volumes and prices of UK circulating
coin issues have a significant influence on the Mint's financial
performance and production. Table 2 shows the volatility in UK
demand, but an overall trend of increasing demand for the lower
coin denominations. The exceptional level of demand for 5p coins
in 1990-91, 10p coins in 1992-93 and 50p coins in 1997-98 arises
from the recoining of those denominations at those particular
times, following public consultations on the case for reducing
the size and weight of the coinage. The Mint supplies UK commercial
banks directly with coins and is expected to meet orders from
the banks within 11 working days. Mint management liaises closely
with APACS on forecasting of demand, but it has not yet been possible
to identify an economic model or any other method which can reliably
forecast changes in demand patterns.
11. The Treasury pays the Mint for coins
issued at prices fixed under a five-year contract, and the Mint
collects the face value of coins from the receiving banks on behalf
of the Treasury. A new five-year contract for UK circulating coins
was agreed by the Treasury with effect from April 2000. The preceding
contract beginning in April 1995 had involved an up-front price
reduction of approximately £3 million (affecting the Mint's
profits from 1995-96 onwards) together with an annual price reduction
to encourage improved efficiency. The new contract has maintained
an efficiency factor within a revised pricing structure.
FIRST-WAVE
EURO IMPACT
12. The Committee expressed interest in
the impact on the Royal Mint on the launch of euro coins in the
first-wave euro participants in January 2002. The number of euro
coins required by these countries at launch date is approximately
50 billion and, except in the case of Greece, they were able to
begin production more than three years before the launch date.
In general, the mints of these countries have been able to create
sufficient in-house coin striking capacity to meet their targets.
However, their blank production capacity is either very limited
or non-existent, with the result that there has been a large (though
temporary) increase in the demand on blank suppliers including
the Royal Mint. Blank suppliers have also increased their capacity,
so that the market has remained very competitive.
13. The Royal Mint has supplied euro blanks
at various times to nine of the 12 first-wave euro countries and
has substantial contracts for 2001 from several of them. Access
to these markets, which had previously been dominated by national
blank suppliers, has been opened up by the euro, and, although
demand is expected to drop back to around five billion per annum
when the euro is fully in circulation, the Royal Mint is aiming
at a continuing flow of blanks business from these countries.
14. The Royal Mint is fully involved in
euro preparation work in the UK within the framework of the Outline
National Changeover Plan. The Mint is not incurring significant
expenditure on this activity at present, as the main task is to
monitor first-wave experience of the planning and implementation
of the cash changeover.
PERSONNEL ISSUES
15. The trend in numbers of Royal Mint employees
is shown in Table 3. The stability of employee numbers in the
1990s followed a substantial headcount reduction in the 1980s,
primarily driven by the availability of faster coining presses,
which now strike circulating coins at up to 750 per minute. The
more recent increase in the number of employees reflects partly
the change from four-crew to five-crew working in the continuous
process areas (see paragraph 8 above) and to a lesser extent the
increase in capacity and production arising from the investment
programme.
16. Three trade unions have negotiating
rights at the Royal Mint—the AEEU for industrial employees
(thus accounting for some 70 per cent of the workforce) and the
IPMS and PCS for non-industrial employees.
17. As an executive agency, the Mint obtained
authority to establish its own pay and grading structures (as
distinct from centrally-negotiated Civil Service arrangements)
in 1994 for non-industrial employees and in 1995 for industrial
employees. Revised structures more appropriate for the Mint's
particular circumstances were negotiated, agreed and implemented
in 1994-95 and 1998-99 respectively. The structure for industrial
employees is summarised in paragraph 8 above. For non-industrial
employees, the Mint moved from a multiple to a single job grading
structure in 1994-95, with a pay system whereby increases are
primarily based on individuals' performance. All employees are
eligible for a profit share scheme under which annual bonuses
are paid by reference to the profit achieved by the Mint in comparison
with the target in its Corporate Plan. No profit share bonus is
payable unless profit exceeds 80 per cent of Plan, and the maximum
of 8 per cent of salary is paid only if profit reaches 160 per
cent of Plan.
18. In 1999 a Steering Group with membership
from management and all three trade unions was established to
explore and if possible achieve progress towards harmonisation
of job structures, terms and conditions between industrial and
non-industrial employees. In mid-2000 a unified job structure
based on a common evaluation system was finalised and communicated
to all employees. The next step is to discuss performance appraisal
systems and pay structures, with a view to an agreement on harmonisation
if possible in time for the next annual pay review date of 1 July
2001. At present there is a two-year pay agreement with the AEEU
due to expire on that date, whereas there has been no agreement
yet between Mint management and the IPMS and PCS on the year 2000
pay review for non-industrial employees—although individual
performance pay increases were implemented as usual in July 2000.
19. The Mint's commitment to training and
development, as an Investor in People, was outlined in paragraph
8. Considerable emphasis is also placed on communications with
all employees, who are covered by a monthly cascaded team briefing
system and by the monthly staff newsletter "Mint Condition".
The team briefing system is intended to encourage and transmit
feedback from employees, and opportunity is also afforded to receive
and comment on broader based briefings from senior management
about the business in the spring when the annual Corporate Plan
has been finalised. All employees receive a copy of the Mint's
Annual Report and Accounts. Nevertheless there is further scope
to improve communications, and management and trade unions have
agreed to set up a joint working party to identify improvements.
INFORMATION TECHNOLOGY
ISSUES
20. The Royal Mint's policy is to use the
benefits of information technology to improve the effectiveness
and efficiency of its operations and in particular to support
internationally competitive standards of manufacturing and customer
service.
21. The most far-reaching IT project currently
in progress is the introduction of integrated Enterprise Resource
Planning (ERP) in the factory, with the objective of improving
not only planning and scheduling but also many other aspects of
operating efficiency such as stock control and management information.
An ERP system is being implemented in the Collector Coin and Tools
areas at present, and preparations are being made for its future
extension to Circulating coin and blank production. Upgrades are
also planned, in line with business needs, to other key Mint systems
such as finance, human resources and collector coin marketing.
22. In line with the Modernising Government
Initiative, the Mint already has plans to extend its use of e-commerce.
The Mint's web site (www.royalmint.com) offers collector coin
customers the opportunity to order coins and medals electronically,
and the use of this channel has grown rapidly since it became
available in 1999. The web site was upgraded in 2000 and will
be further enhanced in 2001. It is of particular value in reaching
customers and enquirers both in the UK and overseas who are not
on the mailing lists of the Mint or of its collector coin distributors.
23. Many of the Mint's procurement processes
are already automated, with the result that (for example) 87 per
cent of routine purchases are made and 90 per cent of routine
tenders issued electronically. Further improvements are planned
in conjunction with suppliers.
24. The Mint has full internal e-mail facilities
integrated with electronic notice-board, library and calendar
functions. External e-mail and Internet access have been made
available to key users.
25. The Mint has provided a link between
its own web site and the UK Online Citizen Portal from which the
general public can access Government information and services.
26. The central IT department of the Mint
has 19 staff, and considerable expertise has also built up amongst
the many IT users within the Mint. IT-related risks are minimised
by the use of established software packages wherever possible
by appropriate training and development programmes for employees
and by the normal back-up and disaster recovery procedures.
AIMS, OBJECTIVES
AND TARGETS
27. The principal aim of the Mint and the
framework for target-setting is described in paragraph 5. Since
the Mint acquired executive agency status in 1990, the Chancellor
of the Exchequer has set a financial target relating to operating
profit as a percentage of average net assets. Until the end of
1998-99 this target was set for a series of three-year periods,
to allow for normal year-to-year market fluctuations eg in the
volumes of UK circulating coinage issues. For 1999-2000 and 2000-01
the financial target has been set for a single year at a time,
pending a review of target-setting by the Treasury, on the advice
of the Shareholder Panel (see paragraph 32 below), in the light
of the Mint's strategy development. The financial targets set
since 1990 and the returns achieved by the Mint against these
targets are as shown in Table 4. The Mint consistently achieved
its three-year financial targets throughout the nine years to
1998-99.
28. Since 1997-98 four additional customer
service targets have been set and published by the Chancellor
of the Exchequer, varying in detail from year to year. Table 5
shows the customer service targets set for 2000-01, together with
the Mint's achievement against target for the preceding three
years.
29. Targets have generally been based on
forecast performance in Royal Mint Corporate Plans, which are
assessed by Treasury officials who advise the Chancellor. The
Mint's Corporate Plan, which is not published for reasons of commercial
confidentiality, also provides the Treasury with other key performance
indicators which can be used for monitoring purposes.
30. The Mint provides a formal report on
financial performance to the Treasury every three months and informally
provides key financial information to Treasury officials on a
monthly basis. Performance against published targets appears in
the Mint's Annual Report and Accounts and is thus subject to review
as part of the Mint's normal audit process—internal audit
by PricewaterhouseCoopers, whose papers are reviewed for the purposes
of the external audit by the National Audit Office.
ACTION FOLLOWING
1998-99 TREASURY REVIEW
31. In July 1998 a wide-ranging review was
initiated by Treasury Ministers with the aim of identifying the
actions needed to enable the Royal Mint to develop closer partnership
with the private sector. The outcome of the review was announced
by the then Economic Secretary to the Treasury, Patricia Hewitt
MP, on 12 July 1999. A new framework was to be established in
order to put the Mint on a modern commercial footing, to enable
it to make best possible use of its opportunities and to make
the Treasury a better shareholder. The following specific measures
were announced:
(a) a new Treasury Shareholder Panel of private
sector analysts and managers, to inject greater private sector
expertise into the Treasury's oversight of the Royal Mint as shareholder;
(b) better definition of the role of Royal
Mint non-executive directors, combined with bringing the number
of executives and non-executives into more even balance in line
with best-practice corporate governance;
(c) alignment of Royal Mint financial reporting
more closely with that of private sector companies; and
(d) extension of the Royal Mint's commercial
freedom to expand into non-coinage business where commercially
viable and to participate in a wider range of ventures with the
private sector.
32. Follow-up action during the ensuing
18 months has included:
(a) the Shareholder Panel, comprising three
private sector members together with the chief executive of another
executive agency and senior Treasury officials, was established
in March 2000. The panel has met on several occasions to visit
the Mint, review the Mint's strategy and advise the Treasury on
its shareholder role. It has also met with the Mint's non-executive
directors. At the same time the Treasury has segregated its role
as 100 per cent owner of the Mint—which is now discharged
at official level by the Public Enterprise Partnerships team—from
United Kingdom coinage policy and customer activities which continue
to be undertaken by the Debt and Reserves Management team;
(b) two additional non-executive directors
have been appointed to the Royal Mint Management Board, and one
of them, David Stark, has been appointed chairman of the non-executive
directors in which role he will co-ordinate the views of the non-executive
directors as necessary and chair the Board's Remuneration Committee.
The responsibility of the non-executive directors has been defined
as contributing to the enhancement of the Royal Mint's business
over time;
(c) the Royal Mint's published Accounts are
closely comparable to those of private sector companies, and now
include a statement on the system of internal financial control
in line with corporate governance best practice. Where the Accounts
are framed differently from those in the private sector due to
Treasury requirements—essentially in the recording of fixed
assets at current cost rather than historic cost—the equivalent
figures without revaluation are shown in a note to the Accounts;
(d) the Royal Mint proposes that the first
and most significant use of its extended commercial freedom is
to expand its successful collector coin business into selected
high-quality non-coin products within the overall market for gifts
and collectibles where it already participates. Further use of
existing Royal Mint assets or know-how in non-coin products is
not ruled out, but the present focus is on a successful expansion
into non-coin gifts and collectibles. The Treasury obtained Parliamentary
approval, within the Winter Supplementary in 2000, for a Vote
under which the Mint could trade in products beyond the current
remit contained in the Royal Mint Trading Fund Order 1975. The
Mint is trialling certain products such as jewellery, particularly
in mailings to its existing customers, with the benefit of the
Vote facility, and is developing more detailed product, marketing
and distribution plans for implementation later in 2001. The Treasury's
intention is to amend the Trading Fund Order in due course to
provide a more permanent basis for including this activity in
the Royal Mint Trading Fund Accounts. Initially the supplementary
Vote has been necessary because statutorily Trading Funds can
only be extended to embrace operations previously established
by the organisation concerned.
33. The Royal Mint has not yet entered into
any new forms of private sector partnership since the July 1999
announcement, but the opportunity to do so in the context either
of its new gifts and collectibles business or of its existing
activities is being kept under close review. The Mint already
has a number of successful commercial partnerships with private
sector companies.
CONCLUSION
34. This memorandum covers the specific
issues in which the Sub-Committee has expressed interest and contains
further information to provide a more complete and updated picture
of the Mint's business. Copies of the Royal Mint's Report and
Accounts for 1999-2000 are also available to the Sub-Committee.
If further information is required prior to the giving of oral
evidence, the Mint will be happy to provide it.
January 2001
Table 1
FINANCIAL SUMMARY
| £000 | 1990-91
| 1991-92 | 1992-93
| 1993-94 | 1994-95
| 1995-96 | 1996-97
| 1997-98 | 1998-99
| 1999-2000 |
| Sales value | 108,626
| 82,962 | 104,039
| 110,169 | 106,477
| 90,842 | 91,566
| 111,887 | 91,357
| 95,573 |
| UK sales | 49,752
| 22,540 | 49,688
| 37,824 | 36,225
| 35,026 | 37,805
| 48,842 | 33,714
| 43,444 |
| Exports | 58,874
| 60,422 | 54,351
| 72,345 | 70,252
| 55,816 | 53,761
| 63,045 | 57,643
| 52,129 |
| Export total sales | 54%
| 73% | 52%
| 66% | 66%
| 61% | 59%
| 56% | 63%
| 55% |
| Operating profit | 13,454
| 10,306 | 11,313
| 15,607 | 13,965
| 9,297 | 7,602
| 13,036 | 5,821
| 345 |
| Profit for the year | 14,677
| 10,636 | 11,836
| 16,535 | 15,005
| 9,949 | 7,679
| 13,567 | 6,289
| 668 |
| Dividend | 14,000
| 10,000 | 11,000
| 16,500 | 15,000
| 9,500 | 3,000
| 7,000 | —
| 500 |
| Capital expenditure | 3,646
| 3,266 | 2,559
| 2,526 | 4,171
| 4,789 | 5,845
| 9,620 | 12,677
| 6,119 |
| Average net assets employed | 48,246
| 48,973 | 48,895
| 48,726 | 49,372
| 50,899 | 53,968
| 58,448 | 63,800
| 68,703 |
| Return on average capital employed (financial objective ratio)
| 27.90% | 21.00%
| 23.10% | 32.00%
| 28.30% | 18.30%
| 14.10% | 22.30%
| 9.10% | 0.50%
|
Table 2
UK COIN DEMAND (MILLION PIECES)
| Denominations | 1990-91
| 1991-92 | 1992-93
| 1993-94 | 1994-95
| 1995-96 | 1996-97
| 1997-98 | 1998-99
| 1999-2000 |
| £2 |
| |
| |
| |
| — | 82
| 52 |
| £1 | 71
| 35 | 33
| 76 | 62
| 46 | 88
| 73 | 1
| 9 |
| 50p | —
| — | —
| — | 7
| — | —
| 417 | 94
| 44 |
| 20p | 72 |
29 | 54
| 76 | 119
| 92 | 108
| 84 | 49
| 106 |
| 10p | —
| — | 975
| 307 | 103
| 48 | 74
| 64 | 3
| 78 |
| 5p | 1,523 |
493 | 223
| 154 | 222
| 207 | 263
| 273 | 162
| 321 |
| 2p | 146 |
69 | 176
| 202 | 346
| 304 | 381
| 306 | 296
| 460 |
| 1p | 469 |
96 | 386
| 550 | 611
| 641 | 741
| 593 | 665
| 916 |
| | 2,281
| 722 | 1,847
| 1,365 | 1,470
| 1,338 | 1,655
| 1,810 | 1,352
| 1,986 |
Table 3
NUMBERS EMPLOYED (FULL TIME EQUIVALENTS)
| | 1990-91
| 1991-92 | 1992-93
| 1993-94 | 1994-95
| 1995-96 | 1996-97
| 1997-98 | 1998-99
| 1999-2000 |
| Average numbers for year | 1,040
| 1,040 | 1,011
| 986 | 997
| 1,045 | 1,031
| 1,014 | 994
| 1,084 |
| Numbers at 31 March | 1,046
| 1,023 | 1,006
| 1,022 | 1,015
| 1,051 | 1,042
| 974 | 1,030
| 1,126 |
Table 4
ROYAL MINT—PERFORMANCE AGAINST FINANCIAL TARGET
(RETURN ON AVERAGE CAPITAL EMPLOYED PER CENT)
¡
| | Target
| Actual |
| 1990-91 | 12.5
| 12.5 | 24.0
|
| 1991-92 | 12.5
| 12.5 | 24.0
|
| 1992-93 | 12.5
| 12.5 | 24.0
|
| 1993-94 | 14.0
| 14.0 | 26.2
|
| 1994-95 | 14.0
| 14.0 | 26.2
|
| 1995-96 | 14.0
| 14.0 | 26.2
|
| 1996-97 | 14.0
| 14.0 | 15.2
|
| 1997-98 | 14.0
| 14.0 | 15.2
|
| 1998-99 | 14.0
| 14.0 | 15.2
|
| 1999-2000 | 14.6
| | 0.5
|
| 2000-01 | 7.0
| | N/A
|
Table 5
KEY MINISTERIAL CUSTOMER SERVICE TARGETS
| |
|
1999-2000 |
1998-99 |
1997-98
| Proposed
2000-01
|
Target 1
UK circulating coin
|
| Accepted orders from UK banks and Post Office to be delivered within 11 working days
| Target
Outturn |
96.0% within 11 days
99.6%
| 95.0% within 12 days
99.8%
| 95.0% within 12 days
98.0%
| 97% within 11 days
—
|
Target 2
UK collector coin
|
| Orders from individual UK consumers to be delivered within 25 days from receipt of order or published issue date
| Target
Outturn |
95.0% within 25 days
68.0%
| 95.0% within 28 days
94.0%
| 95.0% within 28 days
73.0%
| 95% within 25 days
—
|
Target 3
Medals |
| Orders delivered by agreed delivery date |
Target
Outturn | 97.0%
97.2%
| 95.0%
99.2% | 95.0%
96.0%
| 97%
— |
Target 4
Quality |
| Collector products accepted by individual UK customers
| Target
Outturn | 99.7%
99.65%
| 99.65%
99.70% | 99.65%
99.65%
| 99.7%
— |
|
