Investment case



  • Blended portfolio of defensive, cyclical and growth assets
  • Cash generative businesses that are relatively capital light
  • Highly entrepreneurial and decentralised management teams supported by lean corporate office
  • 30 years of consistent trading profit outperformance
  • Strong track record of efficient capital allocation
  • Proven ability to quickly execute and assimilate acquisitions
  • Highly regarded brands
  • Embrace change through innovation
  • Positioned for international expansion in chosen niche areas
  • Aim for market leadership in operating sphere

Operational ROFE 28% (10yr avg)
Operational ROIC 23% (10yr avg)
  Trading profit
10yr CAGR 7%
  Cash generation strong