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Our overall objective is to deliver sustainable growth in shareholder value by increasing sales and profits at above market level growth rates through leadership in products, operations, sales, marketing and distribution. We have seven strategic priorities to support the delivery of our overall objective, which are summarised below.

 

 

Grow market share in profiles plus

Increase market share of rigid PVC profiles to drive sales and profit growth in Profiles.

2022 Progress

  • 29 new account wins since the beginning of 2022
  • Healthy pipeline of potential new fabricator and new build customers established
  • Further strengthening of the relationships with large and medium-sized housebuilders, maintained by our specification and technical teams
  • Development of our sales and technical teams in the Commercial sector, to provide an unrivalled added-value service to both our fabricator base and installer networks

2023 Focus

  • Exploit spare operational capacity to accelerate acquisition of new fabricator customers
  • Target weaker competitors who may be vulnerable to leaving the market
  • Explore modest investment to reduce on-boarding time period e.g. in-house software engineers
  • Extend our national housebuilder proposition to the regional housebuilders
  • Provide a fit-for-purpose solution for the Future Homes Standard

Expand our branch networkplus

Investment in existing estate and new branches to increase market share of foam PVC profiles, and drive sales and profit growth in Building Plastics.

2022 Progress

  • Continued development of market-leading product range, with better aesthetics and improved environmental characteristics
  • Above includes more contemporary look to roofing and door products, plus a new best-in-class conservatory offering and an extended outdoor living product range
  • Ongoing review of branch sizes, locations and formats to better showcase the breadth of our product range, engage our customers and drive big-ticket purchases

2023 Focus

  • Temporary pause in branch opening programme until the economic outlook is clearer
  • Focus on increasing sales from existing branch network with improved margins
  • Deep dive analysis to determine criteria that drive the most successful branches and the best return on invested capital, including consideration of optimal branch format and scale
  • Development of value added services, including Select Installer scheme and centralised quotation system for windows and doors
  • Use of artificial intelligence to improve customer loyalty and target lapsing/lapsed customers
  • Investment to improve and better maintain branch welfare and other facilities
  • Other initiatives to reduce labour turnover, including simplified systems and processes, increased colleague engagement and enhanced staff training

Increase the use of recycled materialsplus

Increased use of recycled material to help mitigate raw material pricing pressure, enhance stability and reduce the carbon footprint of our manufactured products.

2022 Progress

  • Continued investment to optimise site utilisation and improve reliability in both plants, with capex of £0.6 million (2021: £1.1 million)
  • Long-term sustainability KPIs and targets imbedded within the business, including commitment to 1% year-on-year increase in use of recycled material
  • Usage in 2022 increased to 29% (2021: 27%)

2023 Focus

  • Improve the reliability of both plants through the improvement of existing planned and preventive maintenance processes
  • Develop new feedstock sources for post-consumer and post-industrial waste to support volume and cost pricing, including expansion of the feedstock hub network
  • Develop more uses for by-products to minimise waste removal, with a continued focus on reducing waste going to landfill
  • Develop an optimal cost and operating structure through realignment of processes and resources

Develop innovative new productsplus

Maintain market leadership by offering the latest in product innovation.

2022 Progress

  • Development and introduction of products which feature better aesthetics, and a more modern look, along with improved environmental characteristics, including:
    • Contemporary conservatories
    • Luma flat rooflights
    • Extended garden room range
    • Pergolas and verandas (Oasis)
    • Vertical sliding windows (Charisma)

2023 Focus

  • Continue to enhance/develop new products, which include for 2023:
    • Slim rebate Logik sash
    • Aluminium flat roof lantern
    • ‘Extension in a Box’ kits
    • Vertical Coastline
    • Vertical slider system
    • New composite door system

Deliver sustained operational excellenceplus

Optimise returns on recent investment in manufacturing and warehousing capacity to enhance profits and return on sales.

2022 Progress

  • Completed investment in five new extrusion lines, increasing capacity by a further 5%. Capacity now c.40% higher than 2018, creating a good level of headroom to support efficiency improvements
  • Further efficiency improvements in the warehouse supported by the installation of new carousel racking for small picks
  • Improvements in the planning process to realign supply and demand leading to higher stock turns
  • Improved manufacturing conformance to, and attainment of, extrusion production plan, with cross-functional team established to address weekly exceptions

2023 Focus

  • Phased implementation of centralised planning, inventory control and stock replenishment, to increase stock turns, reduce stock holdings and therefore improve working capital
  • Manufacturing focus on:
    • Waste minimisation – through reductions in lead times, changeover times and material movements
    • Resource optimisation – through more integrated manpower planning and yield improvements
    • Footprint optimisation – through consideration of ‘make vs buy’, vertical integration
    • Improvements to factory welfare facilities
  • In the warehouse, implementation of finger scanners to improve picking accuracy and stock traceability (following successful trial in Q4 2022)

Develop a sector-leading digital propositionplus

Develop end-to-end digital solutions to enable our strategic priorities and improve the supplier, customer and employee experience.

2022 Progress

  • Product Information Management (‘PIM’) solution developed and configured for launch in 2023
  • Website and e-commerce platforms developed and being finalised for launch in 2023
  • Employee management systems developed and configured for launch in 2023

2023 Focus

  • Successfully launch: 
    • the new PIM solution and website/e-commerce platforms for operational use
    • the new employee management systems
  • Scope out potential future solutions to upgrade or replace Enterprise Resource Planning (‘ERP’) systems and complete selection process

Explore potential bolt-on acquisitionsplus

Consider acquisition opportunities when they arise.

2022 Progress

  • Several opportunities considered and investigated against strict strategic and financial criteria – none progressed in 2022

2023 Focus

  • Whilst we will continue to assess and consider bolt-on acquisition opportunities over the medium-term, this is not a priority for 2023
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