What we do
Strategic priorities
Across the Group we are focused on providing innovative, energy-efficient electrical and lighting solutions. Committed to sustainability and customer satisfaction, the Company aims to enhance lives by delivering high-quality products that contribute to a brighter, more efficient and environmentally conscious future.
Our strategic priorities form part of our investment framework. See the full framework here.
Our strategic priorities:
Our focus
We are focused on growing our presence in higher‑growth product segments by targeting areas where electrification is reshaping demand and where we hold a clear competitive advantage. EV charging remains a major strategic priority across Retail, Hybrid and Wholesale channels, supported by accelerating adoption and strong category momentum. Alongside this, HEMs represents a compelling opportunity as households increasingly integrate EV charging, solar, battery storage and heating technologies. By entering adjacent markets with attractive long‑term growth prospects, we are broadening our portfolio, strengthening our relevance to customers and positioning the Group to capture the structural shift underway.
Progress in 2025
Energy Transition products grew 84.7% in the year, supported by product launches including our new Link EV charger, while our existing products including our Wall Charger 2 and range of charging cables are also taking market share through access to our mature routes to market. Looking forwards, introduction of our HEMs positions the Group firmly within the accelerating transition to smarter, cleaner residential energy.
Revenue from Energy Transition (£m)
Our focus
To strengthen and enhance our existing market position, we remain a reliable, value‑adding partner to key customers across Retail, Hybrid and Wholesale channels. We continually innovate the services that sit alongside our products, improving the customer experience, deepening loyalty and increasingly selling our solutions as integrated packages rather than standalone items. Product innovation, such as advanced lighting controls, further reinforces our relevance in core categories. In addition, we are unlocking growth through greater cross‑selling between our lighting brands, ensuring customers benefit from a broader, more cohesive offering across the full project lifecycle.
Progress in 2025
Delivering strong execution across Wiring Accessories, LED Lighting and Portable Power. We closely monitor EPOS data supplied by our customers, giving us clear insight into how our products are performing with end consumers. We were particularly encouraged by the consistent growth seen throughout the year. Through consistently high product and service levels, supported by strong channel access, we are confident that we are continuing to win in our chosen markets.
Like-for-like revenue growth (%)
Our focus
We will expand the breadth and depth of our product range by continuing to innovate at pace, designing high‑functioning, higher‑margin devices that address both existing and emerging customer needs. Our innovation pipeline spans new categories such as HEMs solutions, enabling us to strengthen our position in fast‑growing electrification markets. This approach is underpinned by our customer‑driven, bold and innovative culture, which shapes every stage of product development. By combining technical expertise with real customer insight, we can broaden our portfolio with solutions that enhance performance, improve usability and reinforce our relevance across all channels.
Progress in 2025
We advanced our priority to expand the breadth and depth of our product range. This included the launch of innovative solutions across EV chargers, lighting and home energy, broadening our portfolio and reinforcing the quality and relevance of our brands. These developments strengthen our ability to serve a wider range of customer needs and support future organic growth.
Research and development expenditure (£m)
Our focus
We will use our technical capability and experience to enhance the performance of acquired businesses. Our engineering teams in China play a critical role, enabling us to optimise designs, improve product quality and insource manufacturing where it delivers value. We will use our existing contacts to improve product sourcing from China, unlocking material cost efficiencies and expanding their range. In parallel, we capture opportunities to cross-sell, for example making our existing LED portfolio available to CMD’s talented project and sales teams.
Progress in 2025
We delivered synergistic growth through disciplined integration of D‑Line and CMD, alongside operational efficiency gains within our manufacturing footprint. These actions supported margin progression and enhanced cash generation, ensuring we remain well positioned to invest behind our long‑term ambitions.
Adjusted Operating Margin (%)