We are pleased to report that we achieved an average return on fixed assets of 16.8%, which is 3.3% higher than our target. We have exceeded our financial targets through a combination of cost containment and a number of operational changes that we have implemented.

The biggest change that EMSTF is now undertaking is the reorganisation and regionalisation of our operations. Traditionally, many of our services were deployed from central depots. In order to better integrate with the needs of customers' operations, and reduce our costs, we are relocating many of our service staff closer to our customers. Over 1,000 staff are involved in this exercise.

With this reorganisation, EMSTF will be able to respond much faster to customers' requests for services. Although this process is just beginning, we are excited about the increased efficiencies this new partnership will bring to our customers, helping them to achieve the maximum reliability and long life from the equipment that underpins their day-to-day businesses.

We recognise that each of our customers has quite different requirements. In this regard we have undertaken a number of initiatives. The first is the establishment of a Customer Support Unit which has begun an annual, indepth customer opinion survey. Information from this will be used to develop appropriate improvement measures tailored specifically for each customer's needs and priorities.

We have implemented a new complaints management system. This means that customers need to place only one phone call with our dedicated hot-line, and our customer service staff will review the situation and co-ordinate the necessary corrective and improvement measures.

We are also in the process of establishing service level agreements with each of our major customers offering comprehensive operation and maintenance services for all their facilities and equipment. These agreements ensure that we understand, budget for, and meet our customers' service priorities. We recognise that in some instances this will necessitate a change in our own processes.

To achieve these changes, we have established some 30 work and process improvement teams. These teams comprise all levels of our workforce. We are pleased to note that our teams have already made good progress. In the area of ambulance service, we have improved our processes thereby benefiting our customers. This is equivalent to enabling 7 additional ambulances to operate on the streets each day.

Through continuous improvements, EMSTF plans to deliver a reduction of costs that will be passed on to our customers. For the next three years, our aim is to improve productivity by 5 percent per annum.

This improved efficiency also forms the backbone of our new business development strategy. Reassured that our efficiency is high, and our costs competitive, our customers will be willing to refer more business to us.

I am proud of the way EMSTF staff have adapted to the new Trading Fund environment, and am confident that with our collective experience and training, we will continue to deliver quality services to our customers.

In addition to ongoing skills training, we are introducing management and customer services training initiatives, to ensure that EMSTF fully takes on its new responsibilities.

We are looking forward to the challenges that the new Trading Fund environment will bring. We are keen to continue the momentum that has been established during the last eight months so that we can successfully become a highly competitive service organisation in the future.