A focused growth strategy and strong results.
The Board believes the execution of this strategy will enhance shareholder value.
Organic growth will continue to be driven by capitalising on our leading market positions in the UK and South Africa. Our strategic initiatives will ensure we maintain the provision of innovative new product programmes, excellent customer service and investment in our brand portfolio. We will also reinforce our “designed in Britain” credentials as well as capture the growth opportunities in South Africa, Sub-Saharan Africa and the Middle East, where medium-term growth rates are likely to be higher than those in the more developed markets.
We will continue to drive faster revenue growth in our existing export markets and develop new emerging export opportunities.
Acquisitions will be targeted at complementary market and industry segments exhibiting attractive returns on capital which are likely to be in bathroom and kitchen products with exposure to commercial and specification segments. The successful acquisitions of Vado, Croydex, Abode and most recently of Merlyn in November 2017 all demonstrate the execution of our strategy. The addition of House of Plumbing to the portfolio will help drive further progress.
“A leading supplier of bathroom and kitchen products in selected geographies, offering strong brands, contemporary designs, trusted quality, outstanding service, innovation and a wide product range.”
Pursue a faster and focused growth strategy to scale the size of the Group both organically and by acquisition
Maintain investment in our strong brands and new product development
Leverage revenue synergies within our portfolio of complementary businesses
Target acquisitions in complementary markets with attractive returns on capital
Continue to ensure high standards of corporate governance and responsibility
Grow Group revenue to £600m by 2023
Maintain approximately 50% of Group revenue derived outside the UK
Achieve a sustainable underlying return on capital employed of above 15% through the economic cycle