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 acquisitions of Abode in March 2016 and Merlyn in November 2017 represent the most recent examples of the execution of our strategy.
Achieve a sustainable underlying return on capital employed of above 15% through the economic cycle