A reshaped Group to compete in a changing world

During 2021, the demerger of Wickes and the successful sale of the Plumbing and Heating business completed the Group's portfolio strategy, delivering a re-focused and re-energised business aligned to a predominantly trade customer base. The Group has worked hard through the unprecedented challenges of the Covid-19 pandemic, taking opportunities to improve and innovate in order to emerge well positioned for the future.

The new strategic direction articulated at the Capital Market Update in September 2021 demonstrated the potential of the Group to generate enhanced returns from the delivery of innovative propositions to our customers which will help them to adapt to future changes in the construction market.

01Reshaped Group more stable and predictable with competitively advantaged trade-focused portfolio
02Actions taken to simplify processes, speed up decision making and address the cost base
03Well positioned to take advantage of new market opportunities and deliver profitable growth ahead of the market
04Strong balance sheet with good cash conversion, sufficient to fund investment requirements
05Scope for enhanced shareholder returns over and above ordinary dividend

Repeatable model focused on delivering sustainable returns to shareholders

  • Attractive earnings growth

  • Ordinary dividend (30% - 40% of full year adjusted earnings)

  • Potential for additional return of surplus capital