Financial Framework
Our financial model is based on strong cash generation. This allows us to allocate capital to accelerate organic growth, to make high quality acquisitions and to maintain a sustainable, progressive dividend policy.
Cash generation and conservative leverage
Our objective is to deliver annual cash conversion in excess of 80%, targeting a net debt to EBITDA ratio of 1.0 to 2.0 times.
Reinvesting for organic growth
We allocate capital to support organic growth, with the focus on higher-return niches and growth markets, while at the same time investing in talent and innovation.
Targeted acquisitions to enhance growth
Acquisitions must fit our purpose and strategy. The strength of the returns and the opportunities for growth form the basis of all investment decisions.
Progressive earnings and dividend growth
The emphasis on growth and return targets delivers progressive earnings and our focus on converting these returns into cash supports sustainable dividend growth.