MOSL has published its Annual Report and Financial Statements for the year ending 31 March 2024.
The report sets out the business retail market operator’s full-year performance against core services and improvement programmes. It outlines the activitiesMOSL has undertaken across areas such as audit and compliance, people and culture and Corporate Social Responsibility.
March 2024 marks the end of MOSL’s first three-year strategy (2021-24) - the Annual Report also reflects on some of the achievements the organisation has delivered under its former strategic priorities: Organisational Capability, Data Insight, Service Excellence and Market Improvement.
Over the course of the last strategy, MOSL has:
Increased trading party satisfaction – from a score of 3.8 out of 5.0 (April 2021) to 4.0 (April 2024)
Increased employee engagement – from an eNPS of 51 (2020/21) to 55 (2023/24)
Reduced Market Operator (MO) charges – a real-term reduction of 11% from 2020/21 to 2023/24
Delivered its improvement programmes – with an average completion rate of 98% across the three years
For 2023/24, MOSL said it had maintained a strong level of service with 18 of its 20 KPIs performing at or above target levels. The organisation has also delivered 98% of its business plan commitments, with all major milestones achieved.
MOSL’s 2022/24 budget was £12,150,000, covering operating and capital expenditures. Actual spend in the year was £11,811,000, 2.8% below budget.
Savings made in the year related to lower-than-expected levels of market-related code change; lower delivery costs on improvement programmes, driven in part, by using internal rather than third-party resources; and savings on Panel and Committee costs.
Commenting on the Annual Report and Financial Statements, MOSL CEO, Sarah McMath, said:
“I’m pleased to be presenting our report for 2023/24, which not only demonstrates what we have delivered across the past year but also the foundations we have set through the delivery of our 2021-24 Strategy. I believe this report is representative of the mature and confident market operator we set out to be three years ago and how far we have come on this journey. Not only does this maturity provide the framework to support our colleagues and their development, but it also enables us to be a reliable and robust market operator in the face of market and wider sector challenges.”
Following approval from the Board, members will be asked to formally adopt the Annual Report and Financial Statements at a General Meeting being held at the beginning of August. Notice of the General Meeting will be sent to members at least 14 days in advance.
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