Today MOSL has published its Annual Report and Financial Statements for the year ending 31 March 2024.
The report sets out MOSL’s full-year performance against core services and improvement programmes. It outlines the activities we have undertaken across areas such as audit and compliance, people and culture and Corporate Social Responsibility.
As March 2024 marks the end of our first three-year strategy (2021-24), the Annual Report also reflects on some of the achievements we have delivered under our former strategic priorities: Organisational Capability, Data Insight, Service Excellence and Market Improvement. Over the course of the last strategy, we have:
- 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 our improvement programmes – with an average completion rate of 98% across the three years
For 2023/24, we have maintained this strong level of service with 18 of our 20 KPIs performing at or above target levels. We have also delivered 98% of our business plan commitments, with all major milestones achieved.
Our 2022/24 budget was £12,150k, covering operating and capital expenditures. Actual spend in the year was £11,811k, 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.
In publishing 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.
If you have any questions about the Annual Report and Financial Statements, please email
