Our strategy

The Board believes the execution of this growth strategy will enhance shareholder value. The strategy is balanced between organic growth and building on our proven acquisition track record.

Organic growth will continue to be driven by capitalising on our leading market positions in the UK, South Africa and new export markets. Our organic growth initiatives are focused on continued development of our market leading, design led brands and market positions. We will reinforce our in-house design capability, building on our sustainability credentials, while accelerating cross-selling synergies and the development of our Group operating efficiencies. Increased investment in our team and systems will underpin our current and future growth plans.

Acquisitions are an area where our team has a proven track record. We have a well developed acquisition pipeline and will continue targeting complementary market and regional segments exhibiting attractive returns on capital. Our focus is on complementary bathroom and kitchen product categories with strong exposure to commercial and specification segments. Our robust financial position allows us to move forward with confidence as we continue to consolidate increasingly fragmented markets following a sustained period of economic headwinds. We will simultaneously continue managing our existing portfolio to ensure the best possible returns as demonstrated by the closure of the loss making UK Adhesives business this year. The successful acquisition and integration of Grant Westfield, Vado, Croydex, Abode, Merlyn and the House of Plumbing businesses all demonstrate our ability to drive profitable growth through acquisitions.