We aim to achieve our goals through a combination of three strategic objectives: organic growth, selective acquisitions and operational excellence, and this year have continued to develop our focus on environmental, social and governance issues (ESG) into our culture.

Strategy diagram

Organic growth

Growth driven through a focused sales strategy for each of our market sectors. Focus on opportunities arising from increasingly favourable regulatory environments and growing public awareness of indoor air quality issues. Promote the benefits to health of higher value ventilation solutions to grow our markets and increase margins. Invest in innovative new products and deliver benefits from recently acquired businesses and drive cross-selling initiatives.

  • Organic revenue growth 6.6% on a constant currency (cc) basis, supported by price and volume.

Value-adding acquisitions

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 principally on opportunities in Europe where there are clear synergistic benefits available and on key strategic opportunities outside of Europe.

  • Inorganic growth at 8.5% on a constant currency basis.
  • We have completed two acquisitions in the year: Energy Recovery Industries in September 2021 and Bera in July 2022.

Operational Excellence

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. We have been building sustainability and ongoing improvement into the culture of our operations teams, helping to drive our ESG strategy.

  • Adjusted operating margin 21.1% (+20bps)
  • Managed our supply chains well and provided excellent levels of customer service.
  • Continued focus on sustainability has helped move our key initiatives forward.