This report describes to the Board the results for Q2 2018, in line with management’s obligation to maximise fun for shareholders in Haydn Williams Ltd.

After a successful Q1 up to “They’ve done what?!“, the period was concluded with a visit to Bike Park Wales. Working with riding colleague Richard, a total of eight uplift runs were completed to earn approx. 15,000 fun points. Revenue expenditure was incurred on cake, and on sufficient washing resource to de-mud one bike and two entire sets of winter clothing.

In April the long-term collaboration project with the Bowline Climbing Club continued. Market conditions were very favourable for the time of year, and BCC’s excellent assistance directly contributed to the success of the project (I was thrown a rope for a 10m section of Clogwyn y Person Arete).

Efforts to diversify continued in April, with ‘gig’ activity featuring alongside the company’s core business of ‘outdoors stuff’. Exposure to potential volatility was reduced by returning to a product previously invested in by Haydn Williams Ltd (i.e. Reef) but in a new geography (The Engine Shed, Lincoln – not bad). An internal assessment of the gig and the accompanying album release summarised them both as “bloody brilliant“.

Building from this strong base, April continued to deliver excellent performance. This included some exposure to the Paddy Buckley market, with Haydn Williams Ltd providing recce route-finding support to Andy Inc. A number of other partner organisations were present, and this initial pilot has since delivered good results in a full-scale implementation (details to follow).

May saw unexpected turbulence in the Great Lakeland 3 Day sphere, despite Haydn Williams Ltd having previously delivered good results here. Unfortunately performance was such that it was necessary to withdraw from the market halfway through Day 1, although very productive efforts were made to derive maximum value from resources already invested. This included eating ice cream, lounging around in the sun, and having a good catch-up with numerous friends. However, investors should be aware that specialist analysis from physio teams suggests that the negative impact from the weekend could bleed into Q3.

The organisation also carried out disaster recovery testing at Locked In North Wales, and the committee is pleased to advise that the Mad Scientist was unable to restrict business activity for any longer than one slightly-fraught hour.

Results in the subsequent Ten Pin Bowling exercise were published, but it is the view of this committee that to gloat about the impressive results achieved would not be in line with the values and ethos of the organisation.

Mountain biking has been an integral part of the business since circa. 1993, and in April there was a return to an area of early activity at Coed y Brenin. With industry disruptor Rob (Lefty fork – it’s not normal), a challenging but ultimately rewarding investigation of the centre was completed.

The end of May saw significant capital investment in The Best Bike in the World, as new bearings and brakes were fitted to further enhance the fun-generating potential of this asset. Testing of the Lake District market took place in June, in conjunction with Becs Corp. and Dog PLC.

Summary

The primary shareholder Haydn Williams has indicated satisfaction with performance during Q2. Current risks to performance include an overloaded anterior tibialis. Specialist input has been sought from contractors to mitigate against this. Activity may need to be reduced or varied during Q3, but at this time there are no concerns regarding the long-term ability of Haydn Williams Ltd to continue having fun.