A focused growth strategy delivering strong sustainable results.
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.
“To be 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.”
Portfolio Development - Continue to target acquisitions in complementary product markets with attractive returns on capital
Organic Growth - Accelerating organic growth through cross-selling, new product development and customer relationships
ESG - Develop already high standards of corporate governance and social responsibility, while placing sustainability at the heart of our business
Operational Excellence - Driving efficiency and effectiveness through Group synergies and increased investment in operating systems and facilities
Talent - Our teams are the key differentiator in our decentralised business model
Grow Group revenue to £600m by 2025
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