![Police officer wearing riot vest, helmet and respirator](/media/b2rlu4mx/investment-case_page-image.jpg?width=1920)
Investment Case
We have strong foundations and extraordinary potential. Through our STAR strategy, we have developed strategic initiatives with a focus on protecting more lives through our innovative products and delivering improved margins, cash flow and returns on capital for our shareholders.
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Addressing increasing global threats by protecting the lives of those who protect us
- A major supplier of integrated protective solutions to the U.S. Department of Defense and other NATO countries
- Supportive addressable markets growing at 2-4% CAGR
- Global instability and current conflicts driving demand and emphasising the importance of soldier and first responder protection
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Leading technology
- Cumulative R&D of $34 million over the last 3 years
- World leading, innovative protection provided by our helmets, respirators and rebreathers
- Uniquely positioned to lead future technology programmes for head and respiratory protection
- Deep material science, product design and manufacturing capability, aligned to customer priorities and future threats
- Decades of experience protecting the lives of NATO militaries and first responders
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Resilient competitive advantage
- Platform lifecycles support deep customer partnerships and long-term revenue visibility
- Recertification and extensive qualification requirements provide strong barriers to entry
- Brands represents trust and reliability - long-term reputation for product excellence essential given high cost of failure
- Extensive installed product base and broad accessory offering provides stable after-market revenue
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Well positioned for above market growth
- Organic revenue growth underpinned by strong positions on multi-year programmes
- Sole sourced or primary sourced on key programmes of record
- Long history of partnering with customers on break-through technology
- Strong channel to market allows for rapid commercialisation of new technology
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Transformation driving accelerated financial and ESG performance
- Robust plan to deliver mid-teens margins, improved ROIC and strong cash conversion
- An innovative culture with a well-invested asset base and engaged workforce driving future growth
- Disciplined approach to capital allocation
- Focused on delivering responsibly for all stakeholders; new transformation plan and five-year targets reducing scrap and CO2 emissions
CAPITAL ALLOCATION POLICY FOCUSED ON EARNINGS RECOVER ANDÂ DRIVING SUSTAINABLE TOP-LINE GROWTH
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Focus on disciplined capital allocation in support of growth in core markets and maximisation of returns
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Transformation initiatives and organic investment in R&D
Reduce debt
Sustainable through-cycle dividend payout ratio
Inorganic investment in bolt-ons
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Deliver strong margin progression and revenue growth
Increase balance sheet flexibility and minimise interest cost to allow compounding of returns
2.5-3.0x EPS cover through cycle
Only where value-creative and supportive of strategy acceleration
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1-2x
net debt – EBITDA