Investment case
Strong platform. Expanding horizons. Building a business that can compound for shareholders through our scalable business model.
1. Continuous improvement culture driving high returns
- Culture of continuous improvement builds credibility, competitive advantage, margin improvement and cash to reinvest in growth
- Low-capital business model with long-term ROIC growth opportunity
2. Increasing market share in growing markets
- Well positioned to grow above underlying markets
- Core addressable markets growing at 3-4.5% CAGR
- Global instability and conflicts driving demand
- Increasing CBRN threats driving defence and homeland security investment
3. Strong competitive moat
- World-leading, innovative and certified technology
- Deep material science, product design and manufacturing capability, aligned to customer priorities and future threats
- Over 100 years’ experience protecting lives of NATO militaries and first responders
- Contracted on nine US DoW Programs of Record
4. Stable revenue base, well-underpinned growth
- Low revenue volatility with valuable recurring revenue base and stable aftermarket
- Sole sourced or primary sourced on long-cycle programmes of record
- Long history of partnering with customers on breakthrough technologies
Addressable market FY26-30
$1bn+
total across both SBUs
Market CAGR
3-4.5%
over the next 5 years
5. A repeatable business model
- Proven business system that builds capability and culture to deliver local continuous improvement actions
- Track record of successfully transforming and strengthening existing business units
- Disciplined capital allocation framework which drives high returns:
