1

We operate in attractive markets

  • Serving construction RMI markets
    • Growing faster than GDP
    • Low cyclicality with sustainable growth
    • High margin
  • Defendable from new entrants
  • High brand loyalty
  • Opportunities for expansion into adjacent products/customers

2

We have an advantaged business model

  • Market-leading product development
  • High quality, agile, vertically integrated manufacturing
  • Flexible fulfilment model
  • Established and clear branding focused on quality, design and value
  • Underpinned by our “can-do” culture

3

We deliver compelling and consistent financial outcomes sustainably

  • Our financial targets demonstrate our commitment to strong and sustained financial performance
    • Revenue growth >5%
    • Adjusted Operating Margin >15%
    • Adjusted Free Cash Flow Margin >10%
    • ROCI >30%
    • Covenant Net Debt leverage 1.0-2.0x
    • Dividend payout 40-60%
  • Ambition demonstrated by upwards revision of targets in 2021
  • ESG performance a central pillar of the Group’s success
    • 2021: low carbon sales 25%
    • 2021: UK employee satisfaction 90.5%
  • Serving construction RMI markets
    • Growing faster than GDP
    • Low cyclicality with sustainable growth
    • High margin
  • Defendable from new entrants
  • High brand loyalty
  • Opportunities for expansion into adjacent products/customers
  • Market-leading product development
  • High quality, agile, vertically integrated manufacturing
  • Flexible fulfilment model
  • Established and clear branding focused on quality, design and value
  • Underpinned by our “can-do” culture
  • Our financial targets demonstrate our commitment to strong and sustained financial performance
    • Revenue growth >5%
    • Adjusted Operating Margin >15%
    • Adjusted Free Cash Flow Margin >10%
    • ROCI >30%
    • Covenant Net Debt leverage 1.0-2.0x
    • Dividend payout 40-60%
  • Ambition demonstrated by upwards revision of targets in 2021
  • ESG performance a central pillar of the Group’s success
    • 2021: low carbon sales 25%
    • 2021: UK employee satisfaction 90.5%