Organic growth

What this means & how we do it
We will grow through a focused sales strategy for each of our market sectors. We will promote the benefits to health of higher-value ventilation solutions to grow our markets and increase margins. We will invest in innovative new products and deliver benefits from recently acquired businesses and drive cross selling initiatives.

Progress

• Organic revenue growth at 1.5% on a constant currency basis.
• Launched a range of energy-efficient commercial ventilation systems.

Priorities for FY25

• Continue the focus on cross selling across our organisation.
• Improve our focus on innovation and the introduction of new products.

Value-adding acquisitions

What this means & how we do it
We will continue to acquire and integrate complementary businesses in the residential market and, where appropriate, in the commercial ventilation market. Our focus will be in businesses with clear synergistic benefits available.

Progress

• Inorganic growth at 6.5% on a constant currency basis.
• Completed the acquisition of DVS in New Zealand, a provider of low-carbon whole-home ventilation systems.

Priorities for FY25

• Continue to focus on delivery of targeted synergistic benefits including cost reduction and intercompany trade.
• Focus on acquisitions which open new channels or product categories helping to diversify and reduce risk.

Operation excellence

What this means & how we do it

Our dedication to operational excellence continues. We have been focused on improving the efficiency of all our operations and processes, reducing waste and optimising packaging and logistics.

Progress

• Adjusted operating margin of 22.5% (+120bps). 
  Consolidated manufacturing sites in the UK increasing our operational efficiencies.

Priorities for FY25

• Move to a new improved flow line layout in our Dudley facility.

• Leverage Group procurement to optimise supply chains and maximise synergistic benefits available.

Sustainability at the core

What this means & how we do it

We are committed to a low-carbon future with the health and wellbeing of people and the planet at its core. We continue to focus on our operations, our product proposition and how we fit into the circular economy.

Progress

• Increased the percentage of recycled plastic within our own facilities to 78.1%.
• Made further progress on low carbon sales now making up 70.9% of Group revenue.
• We saw a small increase in carbon intensity to 12.8tCO₂/£m revenue  (2023: 12.3tCO₂/£m revenue).

Priorities for FY25

• Roll out of further recycled plastic usage outside of the UK.

• Reduce emissions and associated reduction in our carbon intensity.