1

We operate in attractive markets

  • Growing faster than GDP
  • Low cyclicality
  • High margins
  • Defendable from new entrants
  • High brand loyalty among professionals
  • Opportunities for expansion into adjacent products/customers

2

We have an advantaged business model

  • Market-leading product development that is:
    • Customer-led
    • Agile
    • Entrepreneurial
  • High quality manufacturing that is:
    • Vertically integrated
    • Low cost
    • Responsive
  • Flexible fulfilment that is:
    • Tailored to customer needs
    • Shared / “one stop shop” for customers
  • Established branding that offers a:
    • Clear proposition focused on quality, value and design

3

We deliver compelling and consistent financial outcomes

Targeted financial performance:

  • Revenue:
    • 5-10% growth
    • Organic supported by
      bolt-on M&A
  • Profit:
    • Adjusted Operating Margin of 15-20%
  • Cash:
    • Free Cash Flow Margin of 10-15%
    • Capex of 3-4% of Group revenue (incl. development costs)
  • Returns:
    • ROCI of 30-40%
    • Net debt leverage of
      1.0-2.0x Adjusted EBITDA
    • Dividend payout of 40-60%
  • Growing faster than GDP
  • Low cyclicality
  • High margins
  • Defendable from new entrants
  • High brand loyalty among professionals
  • Opportunities for expansion into adjacent products/customers
  • Market-leading product development that is:
    • Customer-led
    • Agile
    • Entrepreneurial
  • High quality manufacturing that is:
    • Vertically integrated
    • Low cost
    • Responsive
  • Flexible fulfilment that is:
    • Tailored to customer needs
    • Shared / “one stop shop” for customers
  • Established branding that offers a:
    • Clear proposition focused on quality, value and design

Targeted financial performance:

  • Revenue:
    • 5-10% growth
    • Organic supported by
      bolt-on M&A
  • Profit:
    • Adjusted Operating Margin of 15-20%
  • Cash:
    • Free Cash Flow Margin of 10-15%
    • Capex of 3-4% of Group revenue (incl. development costs)
  • Returns:
    • ROCI of 30-40%
    • Net debt leverage of
      1.0-2.0x Adjusted EBITDA
    • Dividend payout of 40-60%