The Margin Roundtable · Tuesday 19 January 2027, London · finance, procurement and commercial leaders, one room, no slides Ask for a seat →
Industries

Built for manufacturers, infrastructure operators and service businesses whose customer contracts run for years while supplier costs move every month.

Advanced manufacturing, contract manufacturing, infrastructure and industrial services. In each, the price you agreed with a customer and the cost you pay a supplier follow different market prices on different clocks, and the margin lives in the space between them.

A train in a rail maintenance depot, representing the infrastructure sector
Rail and infrastructure
Electrical switchgear being assembled in a factory, representing advanced and contract manufacturing
Advanced manufacturing
Rows of servers in a data centre hall, representing the data centres sector
Data centres
Traffic lights at a wet city junction at night, representing the traffic systems sector
Traffic systems
Drums of copper cable in a warehouse, representing every other industry
Metals and materials
A fleet of service vehicles parked at a depot at dusk, representing industrial services
Waste and environmental services
Rooftop heating and cooling plant at dusk, representing the building services sector
Building services
A substation and wind turbines at dusk, representing energy and utilities
Energy and utilities
A pharmaceutical production line, representing the life sciences sector
Life sciences
An aircraft being assembled in a hangar, representing defence and aerospace
Defence and aerospace
Is it for you

It fits best when three or four of these are true.

£0m
01 · SIZEMore than £100m a year with suppliers

Or the same again billed to customers under long contracts.

YEAR 1YEAR 5
02 · TERMCustomer contracts that run for years

Supply agreements, maintenance contracts and frameworks, often matched by supplier contracts underneath them.

YOUR PRICE##INLINE55##% follows the market
Metals ▲ 1.2%Energy ▼ 0.9%Freight ▲ 0.8%Labour ▲ 0.3%
03 · MARKET PRICESCosts that follow market prices

Around a third or more of what you sell depends on metals, energy, freight, labour or another published price.

04 · TWO CLOCKSCustomer prices that reset more slowly

A yearly review or a capped rise on one side, a monthly surcharge on the other.

Also fits

It also fits when two or three of these are true, because the supplier side works in every industry.

  • More than £100m a year with suppliers, wherever the spend sits
  • 200 or more active suppliers, across ten or more categories
  • Several business units, sites, countries or ERPs, so nobody sees the whole picture
  • Cost pressure: an EBITDA target, a savings mandate, a value creation plan or a refinancing
  • A moment that forces the question: a new CFO or CPO, an acquisition or carve-out, a big renewal or a sharp cost rise
  • Supplier invoices nobody has checked against the supplier contracts behind them
Electrical switchgear being assembled in a factory, representing advanced and contract manufacturingADVANCED MANUFACTURING

Parts priced on metal and energy, sold on fixed supply agreements.

Automotive, aerospace and defence, electrical equipment and industrial machinery. A bill of materials follows copper, steel, aluminium and energy month by month. The supply agreement with the customer often moves once a year.

Copper▲ 1.2%Steel HRC▲ 0.7%Aluminium▲ 0.9%UK power▲ 1.6%Polymers▼ 0.4%EUR/GBP▼ 0.1%
COPPER CONTENT · BUSBAR SUPPLY, 3 YEARSMONTH 0
100120SIGNEDM12M24M36
● supplier cost● customer price
Buy side
Supplier contracts with index and surcharge clauses, purchase orders, supplier invoices
Sell side
Supply agreements, price-review clauses, quotes for the next programme
First question
Which supply agreements still make money at today's metal prices?
VERDICT · FIX KEEPS +£340K EBITDABusbar supply to a switchgear maker, 3 years: loses money from month 14 on copper. Fix: index the copper content in the customer price, reviewed quarterly.
A train in a rail maintenance depot, representing the infrastructure sectorINFRASTRUCTURE

Maintenance and frameworks priced once, delivered for years.

Rail, roads and traffic systems, utilities and telecoms networks. Labour, materials and plant costs move with their markets, while the framework price moves on a capped inflation index.

Labour▲ 0.3%Construction materials▲ 0.6%Energy▲ 1.1%CPI▲ 0.2%Diesel▲ 0.5%
LABOUR AND SPARES · SIGNAL MAINTENANCE, 5 YEARSMONTH 0
100120SIGNEDM12M24M36
● supplier cost● customer price
Buy side
Subcontract agreements, plant hire, materials, spares held for maintenance
Sell side
Framework call-offs, maintenance contracts, change orders
First question
What does a maintenance visit really cost, and is every change order billed?
VERDICT · MAKES MONEY, APPROVESignal maintenance framework renewal, 5 years: makes money. Labour rises are matched by the uplift clause, and spares are on fixed rates.
A fleet of service vehicles parked at a depot at dusk, representing industrial servicesINDUSTRIAL SERVICES

Services billed on a rate card, delivered with fuel, labour and freight.

Facilities management, waste and environmental services, fleet and logistics, testing and inspection. A carrier's fuel surcharge changes monthly. The rate the customer pays may not.

Diesel▲ 0.5%Labour▲ 0.4%Freight▲ 1.1%Energy▲ 0.8%CPI▲ 0.2%
FUEL · WASTE COLLECTION CONTRACTMONTH 0
100120SIGNEDM12M24M36
● supplier cost● customer price
Buy side
Carrier and subcontractor rates, fuel surcharge rules, vehicle hire
Sell side
Customer rate cards, fuel recovery clauses, service levels and volumes
First question
On which customer contracts do we recover less fuel than our carriers charge us?
VERDICT · FIX KEEPS +£210K EBITDAWaste collection contract renewal: loses money on fuel. The carrier surcharge resets monthly, the customer's fuel clause yearly. Fix: monthly fuel recovery on the same diesel index.
Also suitable

Every other industry starts on the supplier side: what you spend, where you can save, and where you are overcharged.

Not every business has long customer contracts. Spend intelligence, sourcing and the supplier invoice audit work anywhere you buy from more than 200 suppliers, and the customer side is added where it fits.

Drums of copper cable in a warehouse, representing every other industryContract manufacturing

Products made to a customer's specification on multi-year supply agreements, while metals, resins, energy and labour are bought at market prices.

An aircraft being assembled in a hangar, representing defence and aerospaceDefence and aerospace

Long programme contracts on the customer side, with long supplier chains under them.

An operations centre with screens, representing outsourcing and business servicesOutsourcing and business services

Outsourcing and service agreements priced for years, delivered with labour and subcontractors whose costs move.

A lit shop front on a city street at night, representing retail and e-commerceRetail and e-commerce

Goods not for resale, logistics, store costs and marketing, across many suppliers.

A bottling line in a drinks factory, representing consumer goods, food and drinkConsumer goods, food and drink

Ingredients, packaging and freight that follow market prices.

Rooftop heating and cooling plant at dusk, representing the building services sectorHealth, fitness and leisure

Sites, energy, equipment and services across many countries.

A pharmaceutical production line, representing the life sciences sectorPharma, healthcare and chemicals

Many entities and ERPs, regulated categories and specialist suppliers.

Office towers in a financial district at night, representing financial services and insuranceFinancial services and insurance

Technology, property and professional services spend, often after acquisitions.

A boardroom overlooking the city, representing professional servicesProfessional services

Technology, property, travel and subcontractors, across many offices.

Apartment buildings at dusk, representing real estate and housingReal estate and housing

Property services, maintenance and works contracts.

A university building at dusk, representing public sector and educationPublic sector and education

Contracts and suppliers held to public procurement rules.

A roadside recovery truck at work at night, representing franchise, home and roadside servicesFranchise, home and roadside services

Many brands, sites and vans, each buying on its own: towing, repair and home services.

Aircraft at an airport terminal at dusk, representing transport and airlinesTransport and airlines

Fuel, handling, maintenance and leases, priced on different clocks.

A substation and wind turbines at dusk, representing energy and utilitiesEnergy and utilities

Works contracts, materials and services priced against regulated revenue.

Rows of servers in a data centre hall, representing the data centres sectorTechnology, media and telecoms

Software, cloud, network and agency spend that grows quietly.

If your prices do not follow a market index, the first step is the invoice check.

Not every business has an index story. Where the margin is not in the pricing, it is often in what has already been invoiced. Checking supplier and customer invoices against their contracts finds money that pays for the work, and it proves the data at the same time.

Private equity: the same view across a portfolio.

One file from each portfolio company, scored against the same four tests, with a ranked list of where margin is won or lost. Operating partners use it to set the value creation plan and to check it a year later.

Tell us your sector, and we will show you a verdict on a deal like yours.

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