Howden Joinery Group PLC

Annual Report (ESEF) • Mar 20, 2024

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Performance in 2023

Howdens at a glance

The UK’s #1 specialist trade-only kitchen supplier. We make builders’ lives simpler. We help them to achieve exceptional results.

Operational highlights
* Making more products in our UK factories
* Continuing to strengthen our supply chain and logistics
* 32 new UK depots
* 5 new depots in Republic of Ireland
* 5 new kitchen ranges

Financial highlights
* Revenue: £2.3bn
* Gross margin: 60.8%
* Operating profit: £340m
* Earnings per share: 46.5p
* 2023 FY dividend: 21.0p
* Dividends paid in year: £328m
* Net cash at year end: £283m
* Share buybacks: £50m

*2021 included a special dividend of £54.1m.

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Operational and profit resilient, and in, as we anticipated, a more challenging marketplace.# Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Our purpose, our culture & values, our market, our strategy and our business model

Our purpose

Our purpose drives our business model and shapes our strategic decisions. We respond to external opportunities and mitigate threats.

Our culture and values

We believe that the purpose and future success of our business are clear that the purpose and future success of our business should be worthwhile for all concerned — customers, homeowners, tenants, local communities, our suppliers, our investors, and our staff. This founding principle has shaped our business model and our strategic decisions.

Trade service and convenience

We deliver trade service and convenience.

Product leadership

We aim for product leadership, delivering the right product styles that are attractive to consumers, with competitive pricing that supports the builder and provides value for money.

Trade value

We offer trade value, with the best local trade prices enabled by in-house manufacturing, efficient supply chains and a focus on providing great value for customers.

Worthwhile for our trade customers

• Delivering great value, convenience and inspirational products.
• Ensuring product availability and reliable delivery to meet customer needs.
• Providing expert advice and support.
• Offering a comprehensive range of products and services.
• Providing convenient access to products and services.

Worthwhile for our staff

• Providing opportunities for training, development and career progression.
• Offering a good salary, pension and benefits package.
• Creating a supportive and inclusive working environment.
• Recognising and rewarding contributions.
• Promoting a culture of safety and well-being.

Worthwhile for our suppliers

• Providing fair and transparent terms.
• Ensuring timely payments and consistent orders.
• Building strong and lasting relationships.
• Working collaboratively to develop and innovate.

Worthwhile for our other stakeholders

• Delivering consistent long-term value for shareholders through profitable growth and strong cash generation.
• Investing in our business and supporting a sustainable future.
• Making a positive impact on the environment and communities.
• Providing high-quality products and services that meet customer needs.
• Operating responsibly and ethically.

Customers, Environment and communities, Shareholders, Pensioners, Staff, Suppliers and landlords, Government and local authorities.

Howdens was founded on the principle that the business should be worthwhile for all concerned — customers, homeowners, tenants, local communities, our suppliers, our investors, and our staff. This founding principle has shaped our business model and our strategic decisions.

Our strategy

The kitchen market

• The UK kitchens and joinery market is valued at £12bn.
• DIY market is £12bn.
• Trade market is £9bn.
• DIY represents £7bn of the trade market.
• Howdens UK is £2.7bn of the total market.
• Competitors represent £9.3bn of the total market.

Structural drivers

• Increased housing stock and need for home improvements, driven by an aging UK housing stock of around 65 years.
• Product innovation, with consumers increasingly focused on design and quality.
• Builders have remained optimistic in 2023, with housebuilders increasing their output.
• First-time buyers have increased by 20% over the last 10 years.
• Consumers are more focused on design and quality, with an increase in bespoke and high-end kitchens.
• The market for integrated appliances continues to grow.

Recent trends

• Builders have remained optimistic in 2023 and have increased their output.
• First-time buyers have increased by 20% over the last 10 years.
• Consumers are more focused on design and quality.
• The market for integrated appliances continues to grow.
• The demand for sustainable and environmentally friendly products is increasing.

Reach more builders

Achieved through:

• Evolving our depot model
• Improving our product range and supply management
• Developing our digital platforms
• Expanding our international operations

Measured by: KPIs

• Sales growth
• Profitability
• Cash
• Depot openings
• Health & Safety
• FSC® or PEFC certified materials
• Waste recycling

Product innovation

The right amount of the best product, in stock and ready to go.

Operational excellence

Efficient and effective operations, focused on delivering value and excellent customer service.

Our purpose

To help our trade customers achieve exceptional results for their customers and to provide worthwhile solutions.

Our market

UK Kitchens and joinery market is valued at £12bn

	2023 Market Value
Total UK kitchens & joinery market	£12bn
Kitchens	£9.6bn
Joinery	£2.4bn

Howdens UK £2.7bn

Competitors £9.3bn

• We are focused on the trade market, serving builders and homeowners.
• We offer a comprehensive range of kitchen and joinery products, including cabinets, worktops, appliances, and flooring.
• Our products are designed to be durable, functional, and aesthetically pleasing.

Our business model

What we do:

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.

The value we create:

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.

• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

• We provide a range of products and services that help our trade customers to succeed.

• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities and local support.

Our resilient business model

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

Environment and communities

• Employment opportunities and good neighbour in over 1,000 locations.
• Supporting local and national charities.
• Responsible ESG practices.
• See our Sustainability report on page 97.

Governance

• Long-term value creation, generating cash for further investment in the business and to support a sustainable future.
• Surplus cash after investment and dividends is returned to shareholders via share buybacks.

What we do

• Our manufacturing and sourcing capabilities enable us to make attractive products that are trade focused and provide value for money.
• We have a network of over 70 depots across the UK, providing convenient access to our products and services.
• Our in-house distribution operation delivers from our factories and distribution centres to our depots, and then to our customers.
• We have strong and enduring relationships with our suppliers.
• We offer a comprehensive range of products and services to our customers.
• Our business depends on entrepreneurial depot managers and our team of dedicated staff.

The value we create

• We provide a range of products and services that help our trade customers to succeed.
• We create value for our shareholders through profitable growth and strong cash generation.
• We contribute to the communities in which we operate through employment opportunities# Strategic Report

Another year of strong progress

I am pleased to report the Company delivered another year of strong progress supporting our trade customers with an outstanding product line up, industry-leading stock availability and, as always, a commitment to service from our excellent team. This has been driven by our vertically integrated approach and market-leading distribution, which combined allow us to offer competitive pricing and the best product choice, ensuring builders can get the products they need, when they need them.

Our in-stock model means that builders can get the products they need, when they need them. This allows us to offer excellent levels of service and trade pricing. It’s vital that we continue to offer this to our customers. When we look at our competitors, they often do not have this level of stock availability.

Our approach means we:

• Serve our customers: Builders can get the products they need, when they need them, often the same day.
• Offer value: We provide excellent levels of service and trade pricing.
• Are trusted: We have built trusted personal relationships providing outstanding service, from kitchen design to delivery and installation.
• Are proactive: We offer excellent stock availability, and anytime ordering tools help the builders get what they need.

Financial performance

In 2023, we delivered strong performance in a resilient market.

Revenue in 2023 was £3.9bn, a 4.7% increase on 2022, driven by strong like-for-like growth and our vertically integrated approach and market leading distribution enabling us to offer competitive pricing and the best product choice, ensuring builders can get the products they need, when they need them.

Profit before tax was £881m, representing strong cash generation which remains one of the great hallmarks of our business. Our robust strategy, which has seen us invest in our vertically integrated approach, depot network and product development, delivered consistent and resilient performance.

Strategic initiatives

Our strategic initiatives, delivered through a combination of our direct-to-trade model and our established, trusted customer relationships, have allowed us to continue to grow market share. We are investing commensurately in our consistent and proven strategy, with the aim of further strengthening our market-leading position.

Our priorities are to invest in deeper vertical integration, depot network expansion and technology.

We are committed to operating responsibly and sustainably. This means doing the right thing for our people, our customers, our suppliers, the environment and the communities in which we operate. We aim to make a significant positive impact on our environment, our customers and the communities in which we operate, and we see this as a genuine opportunity. We are proud of our progress in environmental, social and governance (ESG) initiatives. We have set ambitious targets to reduce our environmental footprint and enhance our social impact.

A milestone year for ESG

The opportunity to have a positive impact on our environment, our customers and our communities is a significant commitment for Howden Joinery. We are dedicated to operating responsibly and sustainably. We have set ambitious targets to reduce our environmental footprint and enhance our social impact.

In 2023, we made significant progress towards our ESG ambitions. We reduced our carbon emissions by 12% and increased our use of renewable energy to 35%. We also continued to invest in our people, with training and development programs available to all employees. Our commitment to ethical sourcing and sustainable supply chains remains a key priority.

Governance and Board changes

As your Chair, one of my key responsibilities is to ensure the Board has the right skills and experience to oversee the strategy of the Company. We have continued to refresh the Board by rotation, ensuring we have the right mix of skills and experience in the team to complement the talents of our executive team. I am pleased to report that the Board has continued to refresh the Board by rotation, ensuring we have the right mix of skills and experience in the team to complement the talents of our executive team.

In 2023, we welcomed Vanda Jones to the Board as a Non-Executive Director. Vanda has over 20 years of senior management experience across a range of sectors, including manufacturing, industrial, and logistics.

We also said goodbye to David Johnston, who retired as Senior Independent Director, after nearly eight years of service, in particular as Senior Independent Director.

Peter Ventress
Chairman# Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Chairman’s statement

Strategic Report

Strategic Report

Strategic Report

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Strategic Report

continued

Capital allocation and returns

The Board recognises the importance of shareholder returns and believes that maintaining a robust capital allocation framework will drive long-term value. Our capital allocation priorities are to invest in our business to ensure we remain market leaders, to return surplus cash to shareholders and to maintain a strong investment grade credit rating.

We have continued to invest in our existing sites and have also invested in a number of new sites during the year to support our growth strategy. Our capital expenditure programme is focused on our key capabilities and gives us, end to end, a stronger business.

Looking ahead

The Group has delivered another year of strong progress and achieved its financial targets, demonstrating the resilience of our business model and our ability to generate superior returns in our markets.

We have continued to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

Peter Ventress
Chairman
28 February 2024

See our Sustainability report 42
See my introduction to our Governance report 74
See our Board of Directors 76

Chief Executive

Andrew Livingston
Chief Executive Officer

Andrew Livingston
Chief Executive Officer

Further reading

Q&A With Andrew Livingston,
Chief Executive Officer

Our results demonstrate the strengths of our local, trade only, in-stock business model. In the UK we believe we gained market share by volume in 2023, which helped us mitigate a decline in the overall size of the market.

The Group delivered a resilient performance in 2023, against record prior year comparatives and in, as we anticipated, a more challenging marketplace. Sales and profit were ahead of our expectations for the year. We have also continued to invest in our capital investment programme, which is focused on our key capabilities and gives us, end to end, a stronger business.

Q Given the external challenges of 2023, the Board has seen significant shifts in the market, which have impacted our customers, can you explain the impact on the business and how the Group has responded?

A We expect profitability to be driven by our focus on our strategic priorities and will continue to be a key differentiator for the Group. Our strong balance sheet, operational excellence and disciplined capital allocation will allow us to navigate the current economic environment and deliver sustainable growth.

We will continue to focus on our core strengths: our local depot network, our trade-only model and our in-stock availability. This, combined with our ability to provide competitive pricing across the board for our customers, will continue to be key drivers of our success.

Our strong balance sheet and cash generation means we are well-placed to continue to invest in our business and return cash to shareholders. We continue to see opportunities in our markets and our ability to generate attractive returns remains strong.

Investment in our stores and infrastructure

Investment in our depots and infrastructure is a key part of our strategy. We continue to invest in our sites to ensure we offer the best possible service to our customers. This includes upgrading our depots, improving our stock availability and investing in our IT systems.

We have also invested in our fleet of delivery vehicles to ensure we can continue to offer a next day ‘XDC’ delivery service to supplement in-depot collections.

Sustainability

Sustainability is an increasingly important part of our business strategy. We are committed to reducing our environmental impact and to operating in a responsible and ethical manner.

External suppliers represent most of our total emissions and we have worked with them to put in place Net Zero targets. Our key suppliers are contractually obliged to have Net Zero targets in place and we are working with them to improve their environmental performance.

We are also focused on reducing our own direct emissions and have invested in a range of initiatives to reduce our energy consumption and waste.

We have also launched a plastic pledge initiative looking across all products to remove, reduce or replace plastic packaging where possible.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A We expect our resilience to inflationary pressures and supply chain disruptions to continue to be a key differentiator for the Group. Our strong balance sheet, operational excellence and disciplined capital allocation will allow us to navigate the current economic environment and deliver sustainable growth.

We will continue to focus on our core strengths: our local depot network, our trade-only model and our in-stock availability. This, combined with our ability to provide competitive pricing across the board for our customers, will continue to be key drivers of our success.

Our strong balance sheet and cash generation means we are well-placed to continue to invest in our business and return cash to shareholders. We continue to see opportunities in our markets and our ability to generate attractive returns remains strong.

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

18

Strategic Report

Page Title

Strategic Report

Andrew Livingston
Chief Executive Officer

continued

Q What has driven the performance in sustainability this year, where the board has seen significant progress?

A Yes, the board has seen significant progress in sustainability this year. We have continued to be a leader in our sector for sustainability. We have also launched a new sustainability strategy, which has been aligned with our business strategy and has been focused on reducing our environmental impact and improving our social and governance performance.

We have also continued to reduce our greenhouse gas emissions, which have been driven by our investment in renewable energy and our focus on reducing our waste. Our key suppliers are contractually obliged to have Net Zero targets in place and we are working with them to improve their environmental performance.

We have also continued to reduce our direct emissions and have invested in a range of initiatives to reduce our energy consumption and waste.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Financial Statements

Consolidated Statement of Comprehensive Income

Item	Note	2023 £m	2022 £m
Revenue	3	5,774.6	5,164.9
Cost of sales	4	(3,500.5)	(3,077.5)
Gross profit		2,274.1	2,087.4
Other operating income	5	12.4	9.5
Distribution costs	6	(841.2)	(766.1)
Administrative expenses	7	(412.1)	(383.1)
Other operating expenses	8	(48.7)	(41.2)
Operating profit	9	984.5	806.7
Finance income	10	14.6	4.5
Finance costs	11	(58.3)	(37.0)
Profit before income tax		940.8	774.2
Income tax expense	12	(175.8)	(145.0)
Profit for the year		765.0	629.2
Other comprehensive income
Items that may be reclassified
to profit or loss:
Foreign exchange translation gains		1.4	(2.0)
Net movement on derivative
financial instruments		41.7	(1.1)
Items that will not be
reclassified to profit or loss:
Actuarial gains on pension schemes		155.9	50.2
Income tax relating to these items		(27.6)	(9.8)
Other comprehensive income		171.4	37.3
Total comprehensive income		936.4	666.5
for the year
Profit attributable to:
Owners of the parent		765.0	629.2
Non-controlling interests		—	—
		765.0	629.2
Total comprehensive income
attributable to:
Owners of the parent		936.4	666.5
Non-controlling interests		—	—
		936.4	666.5
Earnings per share
Basic	13	26.6p	21.8p
Diluted	13	26.5p	21.8p

Consolidated Statement of Financial Position

Item	Note	31 December 2023 £m	31 December 2022 £m
Assets
Non-current assets
Property, plant and equipment	14	1,948.0	1,718.0
Right-of-use assets	15	461.8	458.0
Intangible assets	16	169.8	168.6
Investments	17	0.5	0.5
Deferred tax assets	18	78.0	66.1
Pension scheme assets	19	423.7	331.5
Total non-current assets		3,081.8	2,742.7
Current assets
Inventories	20	794.5	699.9
Trade and other receivables	21	515.9	492.1
Current tax receivable		11.9	15.5
Cash and cash equivalents	22	75.0	73.0
Total current assets		1,397.3	1,280.5
Total assets		4,479.1	4,023.2
Equity and liabilities
Equity
Share capital	23	1.5	1.5
Share premium	23	133.9	133.9
Revaluation reserve	23	12.3	12.3
Retained earnings	23	3,338.9	2,766.0
Total equity		3,486.6	2,913.7
Non-current liabilities
Borrowings	24	516.8	492.0
Lease liabilities	15	392.3	374.1
Provisions	25	6.9	8.7
Deferred tax liabilities	18	30.3	37.3
Pension scheme liabilities	19	2.1	2.7
Total non-current liabilities		948.4	914.8
Current liabilities
Trade and other payables	26	34.8	32.0
Borrowings	24	31.2	10.0
Lease liabilities	15	55.8	51.8
Provisions	25	3.0	2.8
Current tax payable		50.3	48.1
Total current liabilities		175.1	144.7
Total liabilities		1,123.5	1,059.5
Total equity and liabilities		4,479.1	4,023.2

Consolidated Statement of Cash Flows

Item	Note	2023 £m	2022 £m
Cash flows from operating activities
Operating profit	9	984.5	806.7
Depreciation and amortisation		138.0	128.3
Impairment of property, plant and
equipment		0.4	1.7
Movement in pension schemes		(122.5)	(40.4)
(Gain)/loss on disposal of
property, plant and equipment		(0.4)	(0.3)
Share-based payment expense		16.0	14.0
Finance income	10	(14.6)	(4.5)
Finance costs	11	58.3	37.0
Change in inventories		(94.6)	(68.6)
Change in trade and other
receivables		(23.8)	(22.3)
Change in trade and other payables		2.8	4.5
Change in provisions		(0.2)	(0.6)
Net cash from operations	27	937.9	832.3
Income tax paid		(175.3)	(144.9)
Net cash from operating activities		762.6	687.4
Cash flows from investing activities
Purchase of property, plant and
equipment		(274.1)	(224.6)
Proceeds from sale of property,
plant and equipment		1.2	1.3
Purchase of intangible assets		(1.5)	(1.2)
Net cash used in investing activities		(274.4)	(224.5)
Cash flows from financing activities
Proceeds from issue of share capital		—	0.1
Purchase of own shares		(151.1)	(151.1)
Dividends paid		(456.0)	(325.9)
Repayment of borrowings		(353.0)	(250.6)
Proceeds from borrowings		367.0	299.9
Interest paid		(55.7)	(34.5)
Net cash used in financing activities		(643.8)	(402.1)
Net (decrease)/increase in cash and cash equivalents		(155.6)	60.8
Cash and cash equivalents at the beginning of the year		73.0	12.2
Cash and cash equivalents at the end of the year		75.0	73.0

Consolidated Statement of Changes in Equity

Item	Share Capital £m	Share Premium £m	Revaluation Reserve £m	Retained Earnings £m	Total Equity £m
Balance at 1 January 2022	1.5	133.9	12.3	2,253.2	2,400.9
Profit for the year	—	—	—	629.2	629.2
Other comprehensive income	—	—	37.3	—	37.3
Total comprehensive income	—	—	37.3	629.2	666.5
Issue of share capital	0.0	0.0	—	0.1	0.1
Purchase of own shares	—	—	—	(151.1)	(151.1)
Dividends paid	—	—	—	(325.9)	(325.9)
Balance at 31 December 2022	1.5	133.9	49.6	2,405.5	2,590.5
Profit for the year	—	—	—	765.0	765.0
Other comprehensive income	—	—	171.4	—	171.4
Total comprehensive income	—	—	171.4	765.0	936.4
Purchase of own shares	—	—	—	(151.1)	(151.1)
Dividends paid	—	—	—	(456.0)	(456.0)
Balance at 31 December 2023	1.5	133.9	221.0	2,863.4	3,220.8

Notes to the Financial Statements

Governance

19
Howden Joinery Group Plc Annual Report & Accounts 2023

18
Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report

Page Title

Strategic Report

Andrew Livingston
Chief Executive Officer

continued

Q What has driven the performance in sustainability this year, where the board has seen significant progress?

A Yes, the board has seen significant progress in sustainability this year. We have continued to be a leader in our sector for sustainability. We have also launched a new sustainability strategy, which has been aligned with our business strategy and has been focused on reducing our environmental impact and improving our social and governance performance.

We have also continued to reduce our greenhouse gas emissions, which have been driven by our investment in renewable energy and our focus on reducing our waste. Our key suppliers are contractually obliged to have Net Zero targets in place and we are working with them to improve their environmental performance.

We have also continued to reduce our direct emissions and have invested in a range of initiatives to reduce our energy consumption and waste.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q The board has seen significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

Q How resilient is the business to inflationary pressures and supply chain disruptions?

A Resilience is a key strength of our local, trade only, in-stock business model. Our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

The foundation for this is our strong product line-up, high stock availability, industry leading service levels and our investment in a strong IT infrastructure mean we are well-placed to respond to these challenges.

Q Are you running out of opportunities for market growth and store expansion?

A No. Our market continues to grow and we see significant opportunities for further expansion. We continue to invest in our store network, our IT systems and our people to ensure we are well-placed to exploit future growth opportunities.

We have a strong pipeline of new store openings and we continue to invest in our existing store network to ensure we offer the best possible service to our customers.

Q Over the past couple of years there have been significant shifts in our market and the wider economic environment, how have you managed these changes?

A The business continued to deliver volumes on our core products, which has helped us to manage these changes. We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers.

We have also focused on our product offering, ensuring that we are offering competitively priced products to our customers to sell to their customers# Strategic Report

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Turning to growth, how are the UK and Ireland markets developing?

High service levels, including local proximity and immediate availability, are key for our customers. We also recognise the need to reduce the cost of our products, and the format enables us to provide the best possible service and to make space utilisation and productivity gains in a cost-effective way. In 2023, we have continued to invest in our depot network. We have opened 17 new depots, taking our total to 856, and 125 depots were refurbished. We have also continued to invest in our IT systems, our people and our supply chain, including expanding our fleet of vehicles.

Q. In the UK, are you seeing growth in new build and RMI?

A. High service levels, including local proximity and immediate availability, are key for our customers. We also recognise the need to reduce the cost of our products, and the format enables us to provide the best possible service and to make space utilisation and productivity gains in a cost-effective way. We have invested in several forms of growth, the format enables us to provide the best service and to make space utilisation and productivity gains in a cost-effective way. We believe there is scope for around 1,000 depots in the UK and Ireland and 500 in Europe.

We have reorganised our range architecture, removing duplications, and are launching new products in our kitchen and fitted furniture categories, as well as continuing to invest in our supply chain to ensure we can meet customer demand. We have also been actively working to improve our digital offering, including the development of our online ordering system.

Q. You are continuing to invest in your depot network. How does this contribute to your goal in terms of what products you are able to offer?

A. We are committed to expanding our depot network, and have opened 17 new depots, taking our total to 856, and 125 depots were refurbished. We believe that by having more depots, we can get closer to our customers and provide them with a wider range of products and services. We are also investing in our in-house manufacturing capabilities, which will allow us to produce more of our products and to control the quality and cost of our products. We are also investing in our digital capabilities, which will allow us to provide our customers with a better online experience.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Strategic Report

Howden Joinery Group Plc Annual Report & Accounts 2023

Continued investment in manufacturing and product innovation

Q. How has the development of solid work surfaces and the new architrave and skirting line helped Howdens address the higher price point of some of your products?

A. The development of solid work surfaces was a new category for us in 2023 and it’s been a priority for us to develop a product range that is both high quality and competitively priced. Our in-house manufacturing capabilities have been developed over the last few years and other investments, our in-house manufacturing capabilities are now able to service more of the substantial product demand.

The range of work surfaces we offer has been developed to provide a balance of quality and value. We offer a range of different materials, including laminate, solid wood and quartz, at a variety of price points. This allows our customers to choose the work surface that best suits their needs and budget.

The new architrave and skirting line became operational this year, enabling us to service in-house more of the substantial product demand.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. You are continuing to invest in your depot network. How does this contribute to your goal in terms of what products you are able to offer?

A. We are committed to expanding our depot network, and have opened 17 new depots, taking our total to 856, and 125 depots were refurbished. We believe that by having more depots, we can get closer to our customers and provide them with a wider range of products and services. We are also investing in our in-house manufacturing capabilities, which will allow us to produce more of our products and to control the quality and cost of our products. We are also investing in our digital capabilities, which will allow us to provide our customers with a better online experience.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for Howdens. How has this helped Howdens address the higher price point of some of your products?

A. Being in stock is very important for Howdens. We understand that our customers rely on us to have the products they need, when they need them. We have invested heavily in our stock management systems and our supply chain to ensure that we have high levels of stock availability. This allows us to provide our customers with the products they need, and to reduce the amount of time they have to wait for their orders. We have also been able to use our stock levels to negotiate better prices with our suppliers, which has allowed us to keep our prices competitive.

The strategic report provides a number of examples of how Howdens has been investing in its stock availability. For example, in 2023, Howdens opened a new depot in the Midlands, which has allowed them to increase their stock availability in the region. They have also invested in a new stock management system, which has allowed them to better track their stock levels and to identify any potential shortages.

Q. What are the advantages of digital innovation and the continued investment in your product development?

A. We believe that digital innovation is key to our success. We are investing in a number of digital initiatives, including the development of our online ordering system, our app and our CRM system. These initiatives will allow us to provide our customers with a better online experience, and to improve our sales and marketing efforts.

We are also continuing to invest in our product development. We have a dedicated team of product developers who are constantly working to create new and innovative products. This allows us to stay ahead of the competition and to offer our customers the latest products and technologies.

Q. Being in stock is very important for How# 

By mid-2024, the online account customers of all our depots will be able to access their accounts on a by-depot basis and make multiple purchases of products in a way that meets their needs for immediate collection, supported by appropriate stock availability in the depots. The aim is to allow customers to place orders for collection at a time of their choosing, and to enable them to create a personalised and convenient shopping experience with instant access to product details and stock information, along with the ability to amend or cancel orders up to the point of collection.

Q Can the Howdens model work in other businesses in France and the Republic of Ireland?

A We are confident that our model can be replicated in other businesses in France and the Republic of Ireland, which have experienced similar retail trends to the UK over recent years. We have already undertaken extensive market analysis and competitor benchmarking in both France and the Republic of Ireland, using the findings to adapt our model to suit local market conditions, customer behaviours and regulatory requirements.

In advance of 2024, we have invested in market analysis and in our French and Irish subsidiaries. The French team and the Irish team have both experienced significant growth over the last three years and have been investing in their respective markets, including through enhanced offerings to trade customers and an investment in customer service which has resulted in significant increases in both sales and profitability in France. In particular, our expansion in France is already delivering strong growth and our operations there have been robust.

The French business has a strong and experienced management team and is focused on delivering continued growth through its strategy of ‘Rooster Deals’ promotions in place to encourage repeat business and to drive growth in both average transaction value and transaction frequency.

The business has also invested in its depot network and has a strategy of creating a best-in-class depot model, which will be rolled out across all depots over the next three years. The updated depot format provides a welcoming environment for trade customers, a place for them to bring their customers to see products and to discuss their needs, and to allow for effective stock management.

Strategic Report

Evolve our depot model

We have made further progress on our medium-term strategic initiatives, and our ambition to transform the Howdens depot proposition continues to develop. We remain committed to ensuring that our depot network continues to evolve to meet the changing needs of our customers.

1 Evolve our depot model – we want to improve our depot network over time to ensure we use our depots efficiently and effectively, and to enhance productivity. This means ensuring high service levels, including local proximity and immediate availability, and ensuring that our depots are a destination for trade customers to engage with our colleagues and see our products.

We have invested in upgrading our depots to create the best environment for trade customers, a place for them to bring their customers to see products and to discuss their needs. The investment in our depot network provides customers with the ability to get instant access to product details and stock information, and to amend or cancel orders up to the point of collection.

Improving our range and supply management

Develop our digital capabilities and services

Expand our international operations

Q What are your expectations for the Republic of Ireland and France in 2024?

A We expect to see continued growth in the Republic of Ireland and France, driven by our ongoing investment in the market and our commitment to customer service. We will continue to focus on improving our product range and supply chain, and on developing our digital capabilities and services.

Our strategic initiatives

1 Evolve our depot model – we want to improve our depot network over time to ensure we use our depots efficiently and effectively, and to enhance productivity. This means ensuring high service levels, including local proximity and immediate availability, and ensuring that our depots are a destination for trade customers to engage with our colleagues and see our products.

The updated depot format creates the best environment for trade customers, a place for them to bring their customers to see products and to discuss their needs.

2 Improving our range and supply management

In range and supply management, we continue to seek opportunities to improve service and to enhance productivity. As product lifecycles shorten, managing the number of SKUs and ensuring that we offer the right number of range families, designed to meet the needs of our customers, is becoming increasingly important.

We have also innovated in other product categories to expand our offering.

XDC’s are a key enabler to delivering the levels of high availability and immediate availability, which are critical to our customers. The improvements to stock replenishment enable depots to hold deeper stocks of faster selling lines and makes it simpler and faster to reorder.

We have also made significant progress in simplifying our depot operations. The aim is to reduce the time taken to process orders, to reduce the number of errors, and to improve the accuracy of stock information, which will lead to improved customer service and availability.

The updated depot format is designed to create the best environment for trade customers, a place for them to bring their customers to see products and to discuss their needs.# STRATEGIC REPORT

STRATEGY

principally frontals and panels, but also skirting and other fittings. We also provide a comprehensive installation service.

3 Digital – we are developing our digital platforms to raise brand awareness, support the business model and to deliver productivity gains and enhance customer experience. Our digital strategy reinforces our model of strong local partnerships. We are investing in digital tools and capabilities to support our showrooms, our customers and our colleagues, and to facilitate online ordering and delivery. We aim to enhance our digital offering by developing a fully functional e-commerce platform to complement our existing showroom-led model.

Key performance indicators

Sales

| Key Performance Indicator (KPI) | Why we measure it | Links to strategy, risks and remuneration | Progress

3 Digital

We are developing our digital platforms to raise brand awareness, support the business model and to deliver productivity gains and enhance customer experience. Our digital strategy reinforces our model of strong local partnerships. We are investing in digital tools and capabilities to support our showrooms, our customers and our colleagues, and to facilitate online ordering and delivery. We aim to enhance our digital offering by developing a fully functional e-commerce platform to complement our existing showroom-led model.

Key performance indicators

Sales

| Why we measure it | Links to strategy, risks and remuneration | Progress # Strategic Report

Financial review

taken throughout the year more than offsetting cost increases enabled us to protect our ongoing investments in our strategic initiatives including the full year impact of our investment in DWS and the strong trading performance which delivered £1.6bn in interim adjusted EBITDA. This was supported by our continued focus on cost discipline and capital management.

 initiatives including the full year impact of our investment in DWS and the strong trading performance which delivered £1.6bn in interim adjusted EBITDA. This was supported by our continued focus on cost discipline and capital management.

The Group’s proactive approach to managing its cost base, including its ongoing programme of operational efficiencies, meant that the net benefit from these activities of £36m was delivered throughout the year, more than offsetting cost increases in the period. The Group’s continued focus on cash generation and disciplined capital allocation enabled us to protect our ongoing investments in our strategic initiatives. These include our investment in DWS which continues to develop our digital customer experience and the continued rollout of our store network, supporting our long-term growth strategy. Cash generation was also positively impacted by the proactive management of our working capital.

The Group’s financial results continue to reflect the impact of prior year strategic decisions, including investments in our infrastructure and digital capabilities, and the full year impact of our investment in DWS, our digital warehouse solutions business. These investments are crucial to supporting our long-term growth strategy and ensuring we remain at the forefront of the industry.

The Group’s strong balance sheet and disciplined approach to capital allocation underpin our ability to navigate the current economic environment and deliver sustainable value to our shareholders.

The Group expects an ongoing reduction of around 6% in its like-for-like costs in 2024.

Cash

The Group’s robust cash generation continues to support our investment in strategic initiatives and our progressive dividend policy. In 2023, operating activities generated £647m of cash before working capital changes. This was complemented by a further £28m from the release of working capital, primarily due to disciplined inventory management. This strong cash generation, coupled with a consistent approach to capital expenditure, enabled the Group to return £308m to shareholders through dividends and share repurchases.

The Group's cash position at the end of 2023 was £50m. This reflects significant investment in our strategic initiatives, including the ongoing rollout of our store network and our investment in DWS.

Pensions

The Group’s defined benefit pension schemes are well-funded. As at 31 December 2023, the net deficit for the Group’s defined benefit pension schemes was £14m, compared to a net deficit of £17m at 31 December 2022. The Group has put in place a funding plan for its defined benefit pension schemes to ensure they remain adequately funded.

Technical guidance for 2024

Income statement

• Continued operating expense investment to support our strategic initiatives and drive further integration of DWS and store network expansion.
• Ongoing reduction in our underlying cost base, with a target of 3% per annum.
• Strong divisional performance, particularly in Trade and DIY, is expected to continue.
• Patent box impact on the Group’s effective tax rate 6% to 7%.

Investment

• Land purchases for expansion, manufacturing and logistics optimisation, and digital capabilities.
• Modest investment in adjacencies, including digital solutions and land for expansion.

Return surplus cash to shareholders:

• After organic investment needs
• Fund pension scheme
• Share buybacks

Progressive ordinary dividend growth:

• Maintain dividend
• Dividend to Capex ratio
• Share buyback

Uses of cash -£107m	£m	£m	£m	£m	£m	£m
Operating Cash	488	4	156	114	250	50
Tax paid						114
Shares repurchased						115
Dividends paid						283
Pension contribution						308
2023
2022

Dividend	Capex	Share buyback
£156m	£114m	£250m
£50m	£114m	£283m
		£308m

Interest rate risk

The Group’s treasury policy is to manage its exposure to interest rate fluctuations by ensuring that a prudent proportion of its debt is at fixed rates. The Group’s exposure to interest rate movements is therefore considered to be low.

New accounting standards

The Group has assessed new accounting standards and has determined that they will not have a material impact on the Group’s financial statements for the year ended 31 December 2023.

Cautionary statement

The directors of Howden Joinery Group Plc confirm that they are providing this information in accordance with their responsibilities under the Market Abuse Regulation. The directors believe that the information in this section of the annual report is consistent with the Group’s strategy and the Group’s financial position and cash flow. However, the directors wish to highlight that forward-looking statements are subject to risks and uncertainties, and actual future results may differ materially from those projected.# Financial review continued

By order of the Board
Paul Hayes
(Director)
28 February 2024

Financial review continued

The Board and the Executive Committee are responsible for establishing and maintaining the Group’s system of internal control and for reviewing its effectiveness. The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks. In particular, the Board and Executive Committee recognise the importance of managing financial risks in the form of interest rate, foreign currency and counterparty exposures.

The Group’s treasury policy is designed to minimise the financial risk arising from adverse movements in foreign currency exchange rates and interest rates. The Group’s policy is to hedge its exposure to these risks and limits the use of speculative use of derivatives, currency or other financial instruments, and exposure to foreign currency risk.

Foreign currency risk

The Group operates internationally and is exposed to foreign exchange rate fluctuations in respect of its overseas operations and transactions.

The Group’s principal exposures are to Euros. The net adverse impact of exchange rates on currency translation of overseas net assets and income, is managed by the Group.

The Group’s policy is to hedge its exposure to foreign currency risk using forward exchange contracts. The Group aims to cover approximately 80% of its forecast Euro denominated currency exposures for a period of up to 12 months ahead.

Counterparty risk

Group Treasury policy on investment restricts counterparties to those with a minimum credit rating of A-/A3 from Standard & Poor’s/Moody’s and limits placed on individual credit exposures to any one counterparty.

Funding and liquidity

The Group is financed by a committed, multi-currency, revolving credit facility from a syndicate of banks, which matures in September 2028. The facility is for £500 million.

The Group’s treasury strategy is focused on prudent financial management, balancing the achievement of strategic objectives and the need to provide for the long-term returns to shareholders and safeguards the Group’s ability to continue as a going concern. The Board regularly reviews the Group’s capital structure by varying the amount of dividends paid to shareholders, the returns of capital to shareholders, the level of investment in capital expenditure and the level of borrowings.

The Group has a committed, multi-currency, revolving credit facility of £500 million. The facility is un-drawn and available to fund ongoing working capital needs and general corporate purposes.

The Group’s liquidity is managed through robust cash flow forecasting, robust treasury operations and access to committed borrowing facilities.

The Group’s treasury activities are subject to stress-testing for reasonably possible adverse variations in financial markets and cash flow scenarios. The results of these stress tests confirm that the Group will have sufficient liquidity to meet its obligations for the foreseeable future as part of our going concern assessment, assuming no material adverse changes in the Group’s trading performance.

As at 31 January 2024, the Group had undrawn borrowing facilities of £500 million (2023: £500 million).

Average rate	EUR/GBP	EUR/GBP
	22	23
	1.27	1.14
	1.21	1.23
	1.24	1.17

Financial Statements

Governance

35 Howden Joinery Group Plc Annual Report & Accounts 2023

34 Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Board challenges and agrees the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Key activities People responsible

• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report

Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set out below:

4 Monitoring and reporting

The Group’s risk management framework includes regular monitoring and reporting of risks. The Board receives regular reports on the Group’s key risks, their assessments and the effectiveness of mitigation strategies.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

3 Response

Risks that require a response have additional mitigation strategies agreed and a future action plan developed to reduce the level of risk.

2 Assessment

The Group assesses risks on the basis of both the likelihood of occurrence and the potential impact. The Group’s risk register includes an assessment of the level of exposure against our risk appetite.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

1 Identification

Key activities	People responsible
Risk monitoring and reporting	Risk monitoring and reporting
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites  • Key risks, assessments and

Key activities People responsible

• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and
• The Group’s key risks, exposures and mitigation strategies are reported to the Board on a quarterly basis.
• The Executive Committee and Board challenge and agree the Group’s key risks, appetites and mitigation strategies, and key risks, assessments and

Strategic Report

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Risk management

Low

If the risk presents a hazard to our operations or strategy

Higher

If the risk presents us with a sale or service improvement opportunity

Balanced

For all other risks we carefully balance the risk and our mitigation efforts with the potential reward

Our approach to risk

The Board is responsible for ensuring that the Group has a robust risk management framework and that the key risks are identified and managed appropriately. The Group’s risk management process, which was effective throughout the year, is embedded within the Group’s operations and is designed to identify, assess, manage and monitor risks.

Functional management and leaders formally identify risks within their areas of responsibility and report these to the Executive Committee and ultimately to the Board.

The Board considers and agrees the key risks, appetites and mitigation strategies, and these are subject to ongoing monitoring and reporting to ensure that controls are in place and operating effectively.

Risk appetite

Our approach to risk, and emerging risks Emerging risks

The Group’s risk appetite is to take on risks where there is a clear opportunity to achieve strategic objectives and where the potential rewards justify the level of risk taken. The Group actively manages its risk exposure to ensure that it operates within its stated risk appetite.

The Board monitors emerging risks and considers their potential impact on the Group. The Board has considered the potential impact of geopolitical risks, including the current conflict in Ukraine and its implications for inflation and supply chain disruption, and the potential impact on our business in Eastern Europe and China, and its potential impact on our profitability and market share.

The Group considers its risk appetite in relation to its strategic objectives. The Group’s appetite for risk is generally low in relation to financial risks, regulatory compliance and the protection of its reputation, and higher in relation to strategic risks where there is a clear opportunity for growth.

The risk management process

The main steps in the process are set# Risk management

Risk response

• The Company monitors and assesses the identified risks and considers appropriate controls for each significant risk.
• The Board delegates to the Executive Committee the responsibility for ensuring that appropriate risk management systems are in place.

Risk assessment

• The Board oversees the risk assessment process and are compared against our risk appetite.
• The Board considers the risk of misstatement or fraud • The Company’s risk management process seeks to identify, assess and manage risks in a timely manner.

Principal risks

The Company identifies principal risks and uncertainties which, if realised, could have a potentially material impact on its business, financial condition, results of operations or prospects.

Key risk report

The Company identifies principal risks and uncertainties which, if realised, could have a potentially material impact on its business, financial condition, results of operations or prospects. The report considers scoring risks, emerging risk issues, the biggest impact on the Company and risk mitigation actions. The Company’s principal risks and uncertainties are outlined below.

Risk register

The Company maintains a risk register. Risk and impact information required to accurately capture the risk and is maintained on our risk management framework. The register assigns responsibility for each risk to a nominated individual or team.

• Board
• Executive Committee
• Audit Committee
• Risk team
• Functional leaders
• Operational management
• Risk team

Risk governance
* Top-down
* Bottom-up

Climate-related risk

Climate-related risk is an emerging risk, but is not a principal risk. The Company has continued to develop our climate risk approach during 2023, and more detail on this can be found in our TCFD report at [Link to TCFD report]. In 2023 the Company has invested in a climate risk assessment to understand the physical and transition risks of climate change for the business.

Risk appetite

The Company has a robust and comprehensive risk management process that enables the Board to take informed decisions and tailored to meet our needs, so that it enables robust risk management and proportionate consideration of the risk appetite.

Financial Statements

• Comprehensive Income
• Statement of Financial Position

Governance

37 Howden Joinery Group Plc Annual Report & Accounts 2023
36 Howden Joinery Group Plc Annual Report & Accounts 2023

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Strategic Report

The arrows alongside each risk show the year on year change

2023 Principal risks

6. Demand for repair, maintenance, and improvement

Risk and impact

• The Company’s revenue is directly dependent on the demand for repair, maintenance, and improvement activities.
• In all regions, the drivers of demand are predominantly based on consumer confidence and discretionary spend.

Mitigating factors

• The Company has a broad customer base and the market is diverse, serving all segments of the trade.
• The Company operates a diversified supply chain and has secured a robust programme of supplier relationships.
• The Company benefits from its strong brand and customer loyalty.

Risk appetite

The Company has a low appetite for risk associated with the volatility of its trading performance and is committed to protecting its market share and brand reputation.

7. Supply chain disruption

Risk and impact

• Our key suppliers, manufacturing and distribution operations could affect our ability to service our customers’ requirements.
• If, for example, lead times increase significantly, we could be impacted by a lack of product availability, and by a rise in the cost of goods.

Mitigating factors

• The Company has a strong and diversified supply chain.
• The Company has contingency plans in place to mitigate the impact of disruption.
• The Company has a robust supplier relationship management programme.

Risk appetite

The Company has a moderate appetite for risk associated with its supply chain and is committed to ensuring security of supply to customers.

8. Market competition

Risk and impact

Failure to recognise, innovate and exploit opportunities could impact on our market share, our profitability, and our ability to adapt to changes in our business model, risk appetite, structures, and operating practices.

Mitigating factors

• The Company’s product team regularly refresh our offerings to meet builders’ and end-users’ needs in terms of price, quality, and innovation.
• The Company’s management team has significant experience in the sector and has a deep understanding of the market.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a low appetite for risk associated with market competition and is committed to maintaining its market leadership through continuous innovation and customer focus.

9. Health and safety

Risk and impact

Our business could be adversely impacted by failing to manage our operations and locations in a way that prevents harm to our staff, our customers, their customers and the communities in which we operate.

Mitigating factors

• The Company has implemented a robust health and safety management system.
• The Company has a strong safety culture and invests in training and awareness programmes.
• The Company has a clear policy on health and safety.

Risk appetite

The Company has a very low appetite for risk associated with health and safety, and is committed to protecting the well-being of its employees, customers, and the public.

10. Economic uncertainty

Risk and impact

The Company’s revenue is sensitive to economic conditions, and a significant downturn in the economy could adversely affect demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic uncertainty, and is committed to maintaining its financial resilience and flexibility.

Principal risks and uncertainties

11. Product innovation

Risk and impact

• The Company’s ability to innovate and to bring new products to market in a timely manner is critical to its success.
• Failure to innovate could lead to a loss of market share and reduced profitability.

Mitigating factors

• Our product team regularly refresh our offerings to meet builders’ and end-users’ needs in terms of price, quality, and innovation.
• The Company’s management team has significant experience in the sector and has a deep understanding of the market.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a low appetite for risk associated with product innovation, and is committed to investing in and developing new products that meet the evolving needs of its customers.

12. Regulatory compliance

Risk and impact

The Company operates in a highly regulated environment, and failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with regulatory compliance and is committed to upholding the highest standards of corporate governance and ethical conduct.

13. Cybersecurity

Risk and impact

The Company’s operations and reputation could be adversely affected by a cyber-attack or data breach.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with cybersecurity and is committed to protecting its systems and data from unauthorized access and use.

14. Talent management

Risk and impact

The Company's ability to attract, retain and develop talent is critical to its long-term success. Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Executive Committee and senior leadership team assess succession plans for key positions.
• The Remuneration Committee and Board are regularly updated on key people activity and plans.
• The Company invests in employee development and training programs.

Risk appetite

The Company has a moderate appetite for risk associated with talent management, and is committed to fostering a positive and engaging work environment that attracts and retains top talent.

15. Operational efficiency

Risk and impact

The Company's ability to operate efficiently and to maintain high standards of operational excellence is critical to its profitability and customer satisfaction.

Mitigating factors

• The Company has a strong focus on continuous improvement and operational efficiency.
• The Company invests in technology and training to enhance its operational capabilities.
• The Company has robust processes in place to manage and monitor operational performance.

Risk appetite

The Company has a low appetite for risk associated with operational efficiency and is committed to achieving and maintaining the highest standards of operational excellence.

• Reach more builders
• Operational excellence
• Product innovation

Links to strategy

Financial Statements

• Comprehensive Income
• Statement of Financial Position

Governance

39 Howden Joinery Group Plc Annual Report & Accounts 2023
38 Howden Joinery Group Plc Annual Report & Accounts 2023

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Product innovation

Risk and impact

• The Company's ability to innovate and to bring new products to market in a timely manner is critical to its success.
• Failure to innovate could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company's product team regularly refresh our offerings to meet builders’ and end-users’ needs in terms of price, quality, and innovation.
• The Company’s management team has significant experience in the sector and has a deep understanding of the market.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a low appetite for risk associated with product innovation, and is committed to investing in and developing new products that meet the evolving needs of its customers.

14. Regulatory compliance

Risk and impact

The Company operates in a highly regulated environment, and failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with regulatory compliance and is committed to upholding the highest standards of corporate governance and ethical conduct.

15. Cybersecurity

Risk and impact

The Company's operations and reputation could be adversely affected by a cyber-attack or data breach.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with cybersecurity and is committed to protecting its systems and data from unauthorized access and use.

16. Talent management

Risk and impact

The Company's ability to attract, retain and develop talent is critical to its long-term success. Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Executive Committee and senior leadership team assess succession plans for key positions.
• The Remuneration Committee and Board are regularly updated on key people activity and plans.
• The Company invests in employee development and training programs.

Risk appetite

The Company has a moderate appetite for risk associated with talent management, and is committed to fostering a positive and engaging work environment that attracts and retains top talent.

17. Operational efficiency

Risk and impact

The Company's ability to operate efficiently and to maintain high standards of operational excellence is critical to its profitability and customer satisfaction.

Mitigating factors

• The Company has a strong focus on continuous improvement and operational efficiency.
• The Company invests in technology and training to enhance its operational capabilities.
• The Company has robust processes in place to manage and monitor operational performance.

Risk appetite

The Company has a low appetite for risk associated with operational efficiency and is committed to achieving and maintaining the highest standards of operational excellence.

18. Insurance and supplier continuity

Risk and impact

• Failure to maintain adequate insurance cover or ensure the continuity of our key suppliers could adversely impact our ability to trade and to operate effectively.
• A lack of insurance cover could expose the Company to significant financial losses in the event of an unforeseen event.

Mitigating factors

• The Company maintains comprehensive insurance cover for its assets and operations.
• The Company has robust processes in place to manage its relationships with key suppliers and to ensure their business continuity.
• The Company has a range of contingency plans in place to mitigate the impact of supplier failure.

Risk appetite

The Company has a low appetite for risk associated with insurance and supplier continuity, and is committed to ensuring that it has adequate cover and that its key suppliers are able to continue to trade.

19. IT Systems and Data Security

Risk and impact

• The Company's IT systems and data are critical to its operations and reputation. A failure of these systems, or a data breach, could have a significant adverse impact.
• The Company’s operations and reputation could be adversely affected by a cyber-attack or data breach.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with IT systems and data security and is committed to protecting its systems and data from unauthorized access and use.

20. Management of Retail Stores

Risk and impact

• The Company’s success is dependent on the effective management of its retail store network.
• Failure to effectively manage the store network could lead to a loss of sales and profitability.

Mitigating factors

• The Company has a dedicated retail management team that is responsible for overseeing the performance of its stores.
• The Company provides regular training and support to its store managers.
• The Company has robust processes in place to monitor store performance and to identify and address any issues.

Risk appetite

The Company has a moderate appetite for risk associated with the management of its retail stores, and is committed to ensuring that its stores are well-managed and profitable.

21. Foreign exchange rates

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company’s results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

22. Interest Rate Risk

Risk and impact

• Changes in interest rates could impact the Company's cost of borrowing and its investment income.
• The Company's results could be adversely impacted by changes in interest rates.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate movements, and is committed to managing this risk effectively to protect its financial performance.

23. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

24. Competition

Risk and impact

• Our business could be adversely impacted by increased competition in the market.
• The Company's market share and profitability could be affected by increased competition.

Mitigating factors

• The Company has a strong brand and a loyal customer base.
• The Company continuously innovates and develops new products to meet customer needs.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a moderate appetite for risk associated with competition, and is committed to maintaining its competitive advantage through product innovation and customer service.

25. Financial Performance

Risk and impact

• The Company's financial performance could be adversely impacted by a number of factors, including economic conditions, competition, and operational issues.
• The Company's profitability could be reduced by a downturn in its financial performance.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with financial performance, and is committed to achieving sustainable and profitable growth.

26. Operational and Strategic Execution

Risk and impact

• The Company's ability to execute its strategy and to achieve its operational objectives is critical to its success.
• Failure to execute its strategy could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a clear and well-defined strategy.
• The Company has a strong management team with the experience and expertise to execute the strategy.
• The Company has robust processes in place to monitor progress against its strategic objectives.

Risk appetite

The Company has a moderate appetite for risk associated with operational and strategic execution, and is committed to achieving its strategic objectives.

27. Climate Change

Risk and impact

• Climate change presents both physical and transitional risks to our business.
• Physical risks include the potential for increased frequency and severity of extreme weather events, which could disrupt our operations and supply chain.
• Transitional risks include the impact of policy changes, technological advancements, and market shifts towards a lower-carbon economy.

Mitigating factors

• The Company is committed to reducing its environmental impact and has set targets for reducing its carbon emissions.
• The Company is investing in renewable energy sources and energy efficiency measures.
• The Company is working with its suppliers to reduce their environmental impact.

Risk appetite

The Company has a moderate appetite for risk associated with climate change, and is committed to managing this risk responsibly and to contributing to a more sustainable future.

28. Business Continuity

Risk and impact

• The Company's ability to continue to operate in the event of a disruption, such as a natural disaster, pandemic, or cyber-attack, is critical to its survival.
• Failure to maintain business continuity could lead to a loss of sales, reputational damage, and financial losses.

Mitigating factors

• The Company has a robust business continuity plan in place.
• The Company conducts regular testing of its business continuity plan.
• The Company has a range of contingency plans in place to mitigate the impact of disruptions.

Risk appetite

The Company has a very low appetite for risk associated with business continuity and is committed to ensuring that it can continue to operate in the event of a disruption.

29. Reputational Risk

Risk and impact

• The Company's reputation is one of its most valuable assets.
• Damage to the Company's reputation could adversely impact its sales, profitability, and ability to attract and retain talent.

Mitigating factors

• The Company is committed to operating with integrity and transparency.
• The Company has strong relationships with its customers, suppliers, and other stakeholders.
• The Company has a crisis management plan in place to respond to any reputational threats.

Risk appetite

The Company has a very low appetite for risk associated with its reputation and is committed to maintaining the trust and confidence of its stakeholders.

30. Corporate Governance

Risk and impact

• Failure to maintain high standards of corporate governance could lead to regulatory sanctions, reputational damage, and a loss of investor confidence.
• Weak corporate governance could impact the Company's ability to execute its strategy and to achieve its objectives.

Mitigating factors

• The Company has a strong board of directors with a diverse range of skills and experience.
• The Company has a range of policies and procedures in place to ensure high standards of corporate governance.
• The Company is committed to transparency and accountability.

Risk appetite

The Company has a very low appetite for risk associated with corporate governance and is committed to upholding the highest standards of ethical conduct and corporate responsibility.

31. Legal and Regulatory Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and regulatory compliance and is committed to upholding the highest standards of corporate governance and ethical conduct.

32. Management of Capital

Risk and impact

• The Company's ability to manage its capital effectively is critical to its long-term success.
• Inadequate capital management could lead to a loss of financial flexibility and an inability to fund growth initiatives.

Mitigating factors

• The Company has a robust capital management framework in place.
• The Company regularly reviews its capital structure and funding needs.
• The Company has access to a range of funding options.

Risk appetite

The Company has a moderate appetite for risk associated with capital management, and is committed to maintaining a strong financial position.

33. Mergers and Acquisitions

Risk and impact

• The Company's growth strategy involves pursuing strategic acquisitions.
• Failure to identify and integrate acquisitions effectively could lead to a loss of value and an adverse impact on financial performance.

Mitigating factors

• The Company has a rigorous process for evaluating potential acquisitions.
• The Company has experienced teams in place to manage the integration of acquired businesses.

Risk appetite

The Company has a moderate appetite for risk associated with mergers and acquisitions, and is committed to pursuing acquisitions that are strategically aligned and financially attractive.

34. International Operations

Risk and impact

• The Company's international operations are subject to a range of risks, including political and economic instability, currency fluctuations, and regulatory differences.
• These risks could adversely impact the Company's financial performance and ability to operate effectively in its international markets.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of risks in any single market.
• The Company has a strong management team with experience in international operations.
• The Company has a range of risk management strategies in place to mitigate the impact of international risks.

Risk appetite

The Company has a moderate appetite for risk associated with international operations, and is committed to managing these risks effectively to achieve its international growth objectives.

35. Information Technology

Risk and impact

• The Company's reliance on information technology is critical to its operations.
• A failure of its IT systems could disrupt operations, impact customer service, and lead to financial losses.

Mitigating factors

• The Company invests in robust IT infrastructure and systems.
• The Company has a dedicated IT team responsible for managing and maintaining its IT systems.
• The Company has disaster recovery and business continuity plans in place.

Risk appetite

The Company has a low appetite for risk associated with information technology and is committed to ensuring the reliability and security of its IT systems.

36. Customer Satisfaction

Risk and impact

• The Company's success is dependent on its ability to satisfy its customers.
• Failure to satisfy customers could lead to a loss of sales, reputational damage, and a decline in market share.

Mitigating factors

• The Company is committed to providing excellent customer service.
• The Company actively seeks customer feedback and uses it to improve its products and services.
• The Company has a range of customer support channels available.

Risk appetite

The Company has a very low appetite for risk associated with customer satisfaction and is committed to meeting and exceeding customer expectations.

37. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

38. Legal and Compliance

Risk and impact

• The Company operates in a highly regulated environment and is subject to various laws and regulations.
• Failure to comply with these laws and regulations could result in fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

39. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

40. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

41. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

42. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

43. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

44. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

45. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

46. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

47. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

48. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

49. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

50. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

51. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

52. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

53. Operational Disruptions

Risk and impact

• Our business could be adversely impacted by disruptions to our operations, such as equipment failure, supply chain issues, or natural disasters.
• Such disruptions could lead to production delays, lost sales, and increased costs.

Mitigating factors

• The Company has robust maintenance and operational procedures in place.
• The Company has contingency plans to mitigate the impact of operational disruptions.
• The Company maintains insurance to cover potential losses.

Risk appetite

The Company has a moderate appetite for risk associated with operational disruptions, and is committed to ensuring the resilience of its operations.

54. Customer Defaults

Risk and impact

• The Company is exposed to the risk of customer defaults on payments, which could adversely impact its financial performance.
• Significant customer defaults could lead to increased bad debt provisions.

Mitigating factors

• The Company has credit assessment procedures in place to evaluate the creditworthiness of its customers.
• The Company monitors customer payment performance closely.
• The Company may require security or guarantees from customers where appropriate.

Risk appetite

The Company has a moderate appetite for risk associated with customer defaults, and is committed to managing its credit risk effectively.

55. Regulatory Changes

Risk and impact

• Changes in regulations affecting the industry could impact the Company's operations and profitability.
• New regulations could require significant investment or changes to business practices.

Mitigating factors

• The Company actively monitors regulatory developments and engages with industry bodies.
• The Company has a dedicated legal and compliance team to ensure adherence to regulations.

Risk appetite

The Company has a moderate appetite for risk associated with regulatory changes, and is committed to adapting to new regulations and ensuring compliance.

56. Product Recalls

Risk and impact

• The Company is exposed to the risk of product recalls if its products are found to be defective or unsafe.
• Product recalls could result in significant financial losses, reputational damage, and legal liabilities.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product recall insurance to cover potential costs.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product recalls and is committed to providing safe and high-quality products to its customers.

57. Cybersecurity Threats

Risk and impact

• The Company's operations and reputation could be adversely affected by a cyber-attack or data breach.
• A failure to protect its IT systems and data could lead to significant financial losses and reputational damage.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with cybersecurity threats and is committed to protecting its systems and data from unauthorized access and use.

58. Human Capital Management

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with human capital management, and is committed to creating an environment where employees can thrive.

59. Brand Reputation

Risk and impact

• The Company's brand reputation is a key asset.
• Damage to the Company's reputation could adversely impact its sales, profitability, and ability to attract and retain talent.

Mitigating factors

• The Company is committed to operating with integrity and transparency.
• The Company has strong relationships with its customers, suppliers, and other stakeholders.
• The Company has a crisis management plan in place to respond to any reputational threats.

Risk appetite

The Company has a very low appetite for risk associated with its brand reputation and is committed to maintaining the trust and confidence of its stakeholders.

60. Merger and Acquisition Integration

Risk and impact

• The Company's growth strategy involves pursuing strategic acquisitions.
• Failure to identify and integrate acquisitions effectively could lead to a loss of value and an adverse impact on financial performance.

Mitigating factors

• The Company has a rigorous process for evaluating potential acquisitions.
• The Company has experienced teams in place to manage the integration of acquired businesses.

Risk appetite

The Company has a moderate appetite for risk associated with merger and acquisition integration, and is committed to pursuing acquisitions that are strategically aligned and financially attractive.

61. Supply Chain Disruptions

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain disruptions, and is committed to ensuring the reliability and efficiency of its supply chain.

62. Market Changes

Risk and impact

• Changes in market conditions, such as shifts in consumer preferences or the emergence of new technologies, could impact the Company's sales and profitability.
• Failure to adapt to market changes could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors market trends and customer feedback.
• The Company invests in product development and innovation to meet evolving market needs.
• The Company has a flexible business model that can adapt to changing market conditions.

Risk appetite

The Company has a moderate appetite for risk associated with market changes, and is committed to staying ahead of market trends and maintaining its competitive advantage.

63. Product Innovation

Risk and impact

• The Company's ability to innovate and to bring new products to market in a timely manner is critical to its success.
• Failure to innovate could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product innovation, and is committed to investing in innovation to meet the evolving needs of its customers.

64. Financial Reporting

Risk and impact

• The Company's financial reporting could be adversely affected by errors or omissions, leading to misstatements in its financial statements.
• Inaccurate financial reporting could lead to reputational damage and regulatory sanctions.

Mitigating factors

• The Company has robust internal controls and procedures in place to ensure the accuracy and completeness of its financial reporting.
• The Company's financial statements are audited by an independent external auditor.
• The Company has a dedicated finance team with the expertise to ensure compliance with accounting standards.

Risk appetite

The Company has a very low appetite for risk associated with financial reporting and is committed to producing accurate and reliable financial statements.

65. Operational Excellence

Risk and impact

• The Company's ability to operate efficiently and to maintain high standards of operational excellence is critical to its profitability and customer satisfaction.
• Failure to achieve operational excellence could lead to increased costs, reduced efficiency, and a decline in customer satisfaction.

Mitigating factors

• The Company has a strong focus on continuous improvement and operational excellence.
• The Company invests in technology and training to enhance its operational capabilities.
• The Company has robust processes in place to manage and monitor operational performance.

Risk appetite

The Company has a low appetite for risk associated with operational excellence and is committed to achieving and maintaining the highest standards of operational efficiency.

66. Tax Compliance

Risk and impact

• The Company operates in multiple jurisdictions and is subject to various tax laws and regulations.
• Failure to comply with tax laws could result in penalties, interest, and reputational damage.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with tax compliance and is committed to complying with all applicable tax laws and regulations.

67. Business Interruption

Risk and impact

• The Company's operations could be disrupted by a range of events, such as natural disasters, pandemics, or IT system failures.
• Business interruptions could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a robust business continuity plan in place.
• The Company conducts regular testing of its business continuity plan.
• The Company has a range of contingency plans in place to mitigate the impact of disruptions.

Risk appetite

The Company has a very low appetite for risk associated with business interruption and is committed to ensuring that it can continue to operate in the event of a disruption.

68. Product Quality

Risk and impact

• The Company's reputation and sales could be adversely affected by issues with product quality.
• Defective products could lead to customer dissatisfaction, returns, and potential legal claims.

Mitigating factors

• The Company has robust quality control processes in place throughout its supply chain and manufacturing operations.
• The Company adheres to all relevant product safety standards and regulations.
• The Company investigates all customer complaints regarding product quality thoroughly.

Risk appetite

The Company has a very low appetite for risk associated with product quality and is committed to providing high-quality products to its customers.

69. Customer Relationships

Risk and impact

• The Company's success depends on strong and enduring relationships with its customers.
• A deterioration in customer relationships could lead to a loss of sales and market share.

Mitigating factors

• The Company is committed to providing excellent customer service and support.
• The Company actively seeks customer feedback and uses it to improve its products and services.
• The Company maintains open and transparent communication with its customers.

Risk appetite

The Company has a very low appetite for risk associated with customer relationships and is committed to building and maintaining strong, long-term partnerships with its customers.

70. Employee Conduct

Risk and impact

• Inappropriate employee conduct could lead to reputational damage, legal liabilities, and a loss of trust from stakeholders.
• Such conduct could also impact employee morale and productivity.

Mitigating factors

• The Company has a clear code of conduct that sets out expected standards of behavior.
• The Company provides training to its employees on ethical conduct and compliance.
• The Company has a whistleblowing policy in place to encourage reporting of concerns.

Risk appetite

The Company has a very low appetite for risk associated with employee conduct and is committed to fostering a culture of integrity and ethical behavior.

71. Supply Chain Volatility

Risk and impact

• The Company's supply chain is subject to various risks, including disruptions due to geopolitical events, natural disasters, and supplier insolvency.
• Such volatility could impact the availability and cost of raw materials, leading to production delays and increased costs.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain volatility, and is committed to ensuring the reliability and efficiency of its supply chain.

72. Economic Downturn

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic downturns, and is committed to maintaining its financial resilience and flexibility.

73. Competition

Risk and impact

• Increased competition in the market could impact the Company's market share and profitability.
• Failure to adapt to competitive pressures could lead to a loss of customers.

Mitigating factors

• The Company has a strong brand and a loyal customer base.
• The Company continuously innovates and develops new products to meet customer needs.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a moderate appetite for risk associated with competition, and is committed to maintaining its competitive advantage through product innovation and customer service.

74. Technological Change

Risk and impact

• Rapid technological change could render the Company's existing products and services obsolete.
• Failure to adapt to technological advancements could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors technological developments and invests in research and development.
• The Company seeks to embrace and leverage new technologies to enhance its products and services.

Risk appetite

The Company has a moderate appetite for risk associated with technological change, and is committed to staying at the forefront of technological innovation.

75. Interest Rate Risk

Risk and impact

• Changes in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate movements, and is committed to managing this risk effectively to protect its financial performance.

76. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

77. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

78. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

79. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

80. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

81. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

82. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

83. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

84. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

85. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

86. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

87. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

88. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

89. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

90. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

91. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

92. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

93. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

94. Operational Disruptions

Risk and impact

• Our business could be adversely impacted by disruptions to our operations, such as equipment failure, supply chain issues, or natural disasters.
• Such disruptions could lead to production delays, lost sales, and increased costs.

Mitigating factors

• The Company has robust maintenance and operational procedures in place.
• The Company has contingency plans to mitigate the impact of operational disruptions.
• The Company maintains insurance to cover potential losses.

Risk appetite

The Company has a moderate appetite for risk associated with operational disruptions, and is committed to ensuring the resilience of its operations.

95. Customer Defaults

Risk and impact

• The Company is exposed to the risk of customer defaults on payments, which could adversely impact its financial performance.
• Significant customer defaults could lead to increased bad debt provisions.

Mitigating factors

• The Company has credit assessment procedures in place to evaluate the creditworthiness of its customers.
• The Company monitors customer payment performance closely.
• The Company may require security or guarantees from customers where appropriate.

Risk appetite

The Company has a moderate appetite for risk associated with customer defaults, and is committed to managing its credit risk effectively.

96. Regulatory Changes

Risk and impact

• Changes in regulations affecting the industry could impact the Company's operations and profitability.
• New regulations could require significant investment or changes to business practices.

Mitigating factors

• The Company actively monitors regulatory developments and engages with industry bodies.
• The Company has a dedicated legal and compliance team to ensure adherence to regulations.

Risk appetite

The Company has a moderate appetite for risk associated with regulatory changes, and is committed to adapting to new regulations and ensuring compliance.

97. Product Recalls

Risk and impact

• The Company is exposed to the risk of product recalls if its products are found to be defective or unsafe.
• Product recalls could result in significant financial losses, reputational damage, and legal liabilities.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product recall insurance to cover potential costs.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product recalls and is committed to providing safe and high-quality products to its customers.

98. Cybersecurity Threats

Risk and impact

• The Company's operations and reputation could be adversely affected by a cyber-attack or data breach.
• A failure to protect its IT systems and data could lead to significant financial losses and reputational damage.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with cybersecurity threats and is committed to protecting its systems and data from unauthorized access and use.

99. Human Capital Management

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with human capital management, and is committed to creating an environment where employees can thrive.

100. Brand Reputation

Risk and impact

• The Company's brand reputation is a key asset.
• Damage to the Company's reputation could adversely impact its sales, profitability, and ability to attract and retain talent.

Mitigating factors

• The Company is committed to operating with integrity and transparency.
• The Company has strong relationships with its customers, suppliers, and other stakeholders.
• The Company has a crisis management plan in place to respond to any reputational threats.

Risk appetite

The Company has a very low appetite for risk associated with its brand reputation and is committed to maintaining the trust and confidence of its stakeholders.

101. Merger and Acquisition Integration

Risk and impact

• The Company's growth strategy involves pursuing strategic acquisitions.
• Failure to identify and integrate acquisitions effectively could lead to a loss of value and an adverse impact on financial performance.

Mitigating factors

• The Company has a rigorous process for evaluating potential acquisitions.
• The Company has experienced teams in place to manage the integration of acquired businesses.

Risk appetite

The Company has a moderate appetite for risk associated with merger and acquisition integration, and is committed to pursuing acquisitions that are strategically aligned and financially attractive.

102. Supply Chain Disruptions

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain disruptions, and is committed to ensuring the reliability and efficiency of its supply chain.

103. Market Changes

Risk and impact

• Changes in market conditions, such as shifts in consumer preferences or the emergence of new technologies, could impact the Company's sales and profitability.
• Failure to adapt to market changes could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors market trends and customer feedback.
• The Company invests in product development and innovation to meet evolving market needs.
• The Company has a flexible business model that can adapt to changing market conditions.

Risk appetite

The Company has a moderate appetite for risk associated with market changes, and is committed to staying ahead of market trends and maintaining its competitive advantage.

104. Product Innovation

Risk and impact

• The Company's ability to innovate and to bring new products to market in a timely manner is critical to its success.
• Failure to innovate could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product innovation, and is committed to investing in innovation to meet the evolving needs of its customers.

105. Financial Reporting

Risk and impact

• The Company's financial reporting could be adversely affected by errors or omissions, leading to misstatements in its financial statements.
• Inaccurate financial reporting could lead to reputational damage and regulatory sanctions.

Mitigating factors

• The Company has robust internal controls and procedures in place to ensure the accuracy and completeness of its financial reporting.
• The Company's financial statements are audited by an independent external auditor.
• The Company has a dedicated finance team with the expertise to ensure compliance with accounting standards.

Risk appetite

The Company has a very low appetite for risk associated with financial reporting and is committed to producing accurate and reliable financial statements.

106. Operational Excellence

Risk and impact

• The Company's ability to operate efficiently and to maintain high standards of operational excellence is critical to its profitability and customer satisfaction.
• Failure to achieve operational excellence could lead to increased costs, reduced efficiency, and a decline in customer satisfaction.

Mitigating factors

• The Company has a strong focus on continuous improvement and operational excellence.
• The Company invests in technology and training to enhance its operational capabilities.
• The Company has robust processes in place to manage and monitor operational performance.

Risk appetite

The Company has a low appetite for risk associated with operational excellence and is committed to achieving and maintaining the highest standards of operational efficiency.

107. Tax Compliance

Risk and impact

• The Company operates in multiple jurisdictions and is subject to various tax laws and regulations.
• Failure to comply with tax laws could result in penalties, interest, and reputational damage.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with tax compliance and is committed to complying with all applicable tax laws and regulations.

108. Business Interruption

Risk and impact

• The Company's operations could be disrupted by a range of events, such as natural disasters, pandemics, or IT system failures.
• Business interruptions could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a robust business continuity plan in place.
• The Company conducts regular testing of its business continuity plan.
• The Company has a range of contingency plans in place to mitigate the impact of disruptions.

Risk appetite

The Company has a very low appetite for risk associated with business interruption and is committed to ensuring that it can continue to operate in the event of a disruption.

109. Product Quality

Risk and impact

• The Company's reputation and sales could be adversely affected by issues with product quality.
• Defective products could lead to customer dissatisfaction, returns, and potential legal claims.

Mitigating factors

• The Company has robust quality control processes in place throughout its supply chain and manufacturing operations.
• The Company adheres to all relevant product safety standards and regulations.
• The Company investigates all customer complaints regarding product quality thoroughly.

Risk appetite

The Company has a very low appetite for risk associated with product quality and is committed to providing high-quality products to its customers.

110. Customer Relationships

Risk and impact

• The Company's success depends on strong and enduring relationships with its customers.
• A deterioration in customer relationships could lead to a loss of sales and market share.

Mitigating factors

• The Company is committed to providing excellent customer service and support.
• The Company actively seeks customer feedback and uses it to improve its products and services.
• The Company maintains open and transparent communication with its customers.

Risk appetite

The Company has a very low appetite for risk associated with customer relationships and is committed to building and maintaining strong, long-term partnerships with its customers.

111. Employee Conduct

Risk and impact

• Inappropriate employee conduct could lead to reputational damage, legal liabilities, and a loss of trust from stakeholders.
• Such conduct could also impact employee morale and productivity.

Mitigating factors

• The Company has a clear code of conduct that sets out expected standards of behavior.
• The Company provides training to its employees on ethical conduct and compliance.
• The Company has a whistleblowing policy in place to encourage reporting of concerns.

Risk appetite

The Company has a very low appetite for risk associated with employee conduct and is committed to fostering a culture of integrity and ethical behavior.

112. Supply Chain Volatility

Risk and impact

• The Company's supply chain is subject to various risks, including disruptions due to geopolitical events, natural disasters, and supplier insolvency.
• Such volatility could impact the availability and cost of raw materials, leading to production delays and increased costs.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain volatility, and is committed to ensuring the reliability and efficiency of its supply chain.

113. Economic Downturn

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic downturns, and is committed to maintaining its financial resilience and flexibility.

114. Competition

Risk and impact

• Increased competition in the market could impact the Company's market share and profitability.
• Failure to adapt to competitive pressures could lead to a loss of customers.

Mitigating factors

• The Company has a strong brand and a loyal customer base.
• The Company continuously innovates and develops new products to meet customer needs.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a moderate appetite for risk associated with competition, and is committed to maintaining its competitive advantage through product innovation and customer service.

115. Technological Change

Risk and impact

• Rapid technological change could render the Company's existing products and services obsolete.
• Failure to adapt to technological advancements could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors technological developments and invests in research and development.
• The Company seeks to embrace and leverage new technologies to enhance its products and services.

Risk appetite

The Company has a moderate appetite for risk associated with technological change, and is committed to staying at the forefront of technological innovation.

116. Interest Rate Risk

Risk and impact

• Changes in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate movements, and is committed to managing this risk effectively to protect its financial performance.

117. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

118. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

119. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

120. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

121. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

122. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

123. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

124. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

125. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

126. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

127. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

128. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

129. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

130. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

131. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

132. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

133. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

134. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

135. Operational Disruptions

Risk and impact

• Our business could be adversely impacted by disruptions to our operations, such as equipment failure, supply chain issues, or natural disasters.
• Such disruptions could lead to production delays, lost sales, and increased costs.

Mitigating factors

• The Company has robust maintenance and operational procedures in place.
• The Company has contingency plans to mitigate the impact of operational disruptions.
• The Company maintains insurance to cover potential losses.

Risk appetite

The Company has a moderate appetite for risk associated with operational disruptions, and is committed to ensuring the resilience of its operations.

136. Customer Defaults

Risk and impact

• The Company is exposed to the risk of customer defaults on payments, which could adversely impact its financial performance.
• Significant customer defaults could lead to increased bad debt provisions.

Mitigating factors

• The Company has credit assessment procedures in place to evaluate the creditworthiness of its customers.
• The Company monitors customer payment performance closely.
• The Company may require security or guarantees from customers where appropriate.

Risk appetite

The Company has a moderate appetite for risk associated with customer defaults, and is committed to managing its credit risk effectively.

137. Regulatory Changes

Risk and impact

• Changes in regulations affecting the industry could impact the Company's operations and profitability.
• New regulations could require significant investment or changes to business practices.

Mitigating factors

• The Company actively monitors regulatory developments and engages with industry bodies.
• The Company has a dedicated legal and compliance team to ensure adherence to regulations.

Risk appetite

The Company has a moderate appetite for risk associated with regulatory changes, and is committed to adapting to new regulations and ensuring compliance.

138. Product Recalls

Risk and impact

• The Company is exposed to the risk of product recalls if its products are found to be defective or unsafe.
• Product recalls could result in significant financial losses, reputational damage, and legal liabilities.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product recall insurance to cover potential costs.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product recalls and is committed to providing safe and high-quality products to its customers.

139. Cybersecurity Threats

Risk and impact

• The Company's operations and reputation could be adversely affected by a cyber-attack or data breach.
• A failure to protect its IT systems and data could lead to significant financial losses and reputational damage.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with cybersecurity threats and is committed to protecting its systems and data from unauthorized access and use.

140. Human Capital Management

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with human capital management, and is committed to creating an environment where employees can thrive.

141. Brand Reputation

Risk and impact

• The Company's brand reputation is a key asset.
• Damage to the Company's reputation could adversely impact its sales, profitability, and ability to attract and retain talent.

Mitigating factors

• The Company is committed to operating with integrity and transparency.
• The Company has strong relationships with its customers, suppliers, and other stakeholders.
• The Company has a crisis management plan in place to respond to any reputational threats.

Risk appetite

The Company has a very low appetite for risk associated with its brand reputation and is committed to maintaining the trust and confidence of its stakeholders.

142. Merger and Acquisition Integration

Risk and impact

• The Company's growth strategy involves pursuing strategic acquisitions.
• Failure to identify and integrate acquisitions effectively could lead to a loss of value and an adverse impact on financial performance.

Mitigating factors

• The Company has a rigorous process for evaluating potential acquisitions.
• The Company has experienced teams in place to manage the integration of acquired businesses.

Risk appetite

The Company has a moderate appetite for risk associated with merger and acquisition integration, and is committed to pursuing acquisitions that are strategically aligned and financially attractive.

143. Supply Chain Disruptions

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain disruptions, and is committed to ensuring the reliability and efficiency of its supply chain.

144. Market Changes

Risk and impact

• Changes in market conditions, such as shifts in consumer preferences or the emergence of new technologies, could impact the Company's sales and profitability.
• Failure to adapt to market changes could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors market trends and customer feedback.
• The Company invests in product development and innovation to meet evolving market needs.
• The Company has a flexible business model that can adapt to changing market conditions.

Risk appetite

The Company has a moderate appetite for risk associated with market changes, and is committed to staying ahead of market trends and maintaining its competitive advantage.

145. Product Innovation

Risk and impact

• The Company's ability to innovate and to bring new products to market in a timely manner is critical to its success.
• Failure to innovate could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product innovation, and is committed to investing in innovation to meet the evolving needs of its customers.

146. Financial Reporting

Risk and impact

• The Company's financial reporting could be adversely affected by errors or omissions, leading to misstatements in its financial statements.
• Inaccurate financial reporting could lead to reputational damage and regulatory sanctions.

Mitigating factors

• The Company has robust internal controls and procedures in place to ensure the accuracy and completeness of its financial reporting.
• The Company's financial statements are audited by an independent external auditor.
• The Company has a dedicated finance team with the expertise to ensure compliance with accounting standards.

Risk appetite

The Company has a very low appetite for risk associated with financial reporting and is committed to producing accurate and reliable financial statements.

147. Operational Excellence

Risk and impact

• The Company's ability to operate efficiently and to maintain high standards of operational excellence is critical to its profitability and customer satisfaction.
• Failure to achieve operational excellence could lead to increased costs, reduced efficiency, and a decline in customer satisfaction.

Mitigating factors

• The Company has a strong focus on continuous improvement and operational excellence.
• The Company invests in technology and training to enhance its operational capabilities.
• The Company has robust processes in place to manage and monitor operational performance.

Risk appetite

The Company has a low appetite for risk associated with operational excellence and is committed to achieving and maintaining the highest standards of operational efficiency.

148. Tax Compliance

Risk and impact

• The Company operates in multiple jurisdictions and is subject to various tax laws and regulations.
• Failure to comply with tax laws could result in penalties, interest, and reputational damage.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with tax compliance and is committed to complying with all applicable tax laws and regulations.

149. Business Interruption

Risk and impact

• The Company's operations could be disrupted by a range of events, such as natural disasters, pandemics, or IT system failures.
• Business interruptions could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a robust business continuity plan in place.
• The Company conducts regular testing of its business continuity plan.
• The Company has a range of contingency plans in place to mitigate the impact of disruptions.

Risk appetite

The Company has a very low appetite for risk associated with business interruption and is committed to ensuring that it can continue to operate in the event of a disruption.

150. Product Quality

Risk and impact

• The Company's reputation and sales could be adversely affected by issues with product quality.
• Defective products could lead to customer dissatisfaction, returns, and potential legal claims.

Mitigating factors

• The Company has robust quality control processes in place throughout its supply chain and manufacturing operations.
• The Company adheres to all relevant product safety standards and regulations.
• The Company investigates all customer complaints regarding product quality thoroughly.

Risk appetite

The Company has a very low appetite for risk associated with product quality and is committed to providing high-quality products to its customers.

151. Customer Relationships

Risk and impact

• The Company's success depends on strong and enduring relationships with its customers.
• A deterioration in customer relationships could lead to a loss of sales and market share.

Mitigating factors

• The Company is committed to providing excellent customer service and support.
• The Company actively seeks customer feedback and uses it to improve its products and services.
• The Company maintains open and transparent communication with its customers.

Risk appetite

The Company has a very low appetite for risk associated with customer relationships and is committed to building and maintaining strong, long-term partnerships with its customers.

152. Employee Conduct

Risk and impact

• Inappropriate employee conduct could lead to reputational damage, legal liabilities, and a loss of trust from stakeholders.
• Such conduct could also impact employee morale and productivity.

Mitigating factors

• The Company has a clear code of conduct that sets out expected standards of behavior.
• The Company provides training to its employees on ethical conduct and compliance.
• The Company has a whistleblowing policy in place to encourage reporting of concerns.

Risk appetite

The Company has a very low appetite for risk associated with employee conduct and is committed to fostering a culture of integrity and ethical behavior.

153. Supply Chain Volatility

Risk and impact

• The Company's supply chain is subject to various risks, including disruptions due to geopolitical events, natural disasters, and supplier insolvency.
• Such volatility could impact the availability and cost of raw materials, leading to production delays and increased costs.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain volatility, and is committed to ensuring the reliability and efficiency of its supply chain.

154. Economic Downturn

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic downturns, and is committed to maintaining its financial resilience and flexibility.

155. Competition

Risk and impact

• Increased competition in the market could impact the Company's market share and profitability.
• Failure to adapt to competitive pressures could lead to a loss of customers.

Mitigating factors

• The Company has a strong brand and a loyal customer base.
• The Company continuously innovates and develops new products to meet customer needs.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a moderate appetite for risk associated with competition, and is committed to maintaining its competitive advantage through product innovation and customer service.

156. Technological Change

Risk and impact

• Rapid technological change could render the Company's existing products and services obsolete.
• Failure to adapt to technological advancements could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors technological developments and invests in research and development.
• The Company seeks to embrace and leverage new technologies to enhance its products and services.

Risk appetite

The Company has a moderate appetite for risk associated with technological change, and is committed to staying at the forefront of technological innovation.

157. Interest Rate Risk

Risk and impact

• Changes in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate movements, and is committed to managing this risk effectively to protect its financial performance.

158. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

159. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

160. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

161. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

162. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

163. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

164. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

165. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

166. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

167. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

168. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

169. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

170. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

171. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

172. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

173. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

174. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

175. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

176. Operational Disruptions

Risk and impact

• Our business could be adversely impacted by disruptions to our operations, such as equipment failure, supply chain issues, or natural disasters.
• Such disruptions could lead to production delays, lost sales, and increased costs.

Mitigating factors

• The Company has robust maintenance and operational procedures in place.
• The Company has contingency plans to mitigate the impact of operational disruptions.
• The Company maintains insurance to cover potential losses.

Risk appetite

The Company has a moderate appetite for risk associated with operational disruptions, and is committed to ensuring the resilience of its operations.

177. Customer Defaults

Risk and impact

• The Company is exposed to the risk of customer defaults on payments, which could adversely impact its financial performance.
• Significant customer defaults could lead to increased bad debt provisions.

Mitigating factors

• The Company has credit assessment procedures in place to evaluate the creditworthiness of its customers.
• The Company monitors customer payment performance closely.
• The Company may require security or guarantees from customers where appropriate.

Risk appetite

The Company has a moderate appetite for risk associated with customer defaults, and is committed to managing its credit risk effectively.

178. Regulatory Changes

Risk and impact

• Changes in regulations affecting the industry could impact the Company's operations and profitability.
• New regulations could require significant investment or changes to business practices.

Mitigating factors

• The Company actively monitors regulatory developments and engages with industry bodies.
• The Company has a dedicated legal and compliance team to ensure adherence to regulations.

Risk appetite

The Company has a moderate appetite for risk associated with regulatory changes, and is committed to adapting to new regulations and ensuring compliance.

179. Product Recalls

Risk and impact

• The Company is exposed to the risk of product recalls if its products are found to be defective or unsafe.
• Product recalls could result in significant financial losses, reputational damage, and legal liabilities.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product recall insurance to cover potential costs.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product recalls and is committed to providing safe and high-quality products to its customers.

180. Cybersecurity Threats

Risk and impact

• The Company's operations and reputation could be adversely affected by a cyber-attack or data breach.
• A failure to protect its IT systems and data could lead to significant financial losses and reputational damage.

Mitigating factors

• The Company has invested in a comprehensive cybersecurity program to protect its IT systems and data.
• The Company conducts regular security assessments and penetration testing.
• The Company provides cybersecurity awareness training to its employees.

Risk appetite

The Company has a very low appetite for risk associated with cybersecurity threats and is committed to protecting its systems and data from unauthorized access and use.

181. Human Capital Management

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with human capital management, and is committed to creating an environment where employees can thrive.

182. Brand Reputation

Risk and impact

• The Company's brand reputation is a key asset.
• Damage to the Company's reputation could adversely impact its sales, profitability, and ability to attract and retain talent.

Mitigating factors

• The Company is committed to operating with integrity and transparency.
• The Company has strong relationships with its customers, suppliers, and other stakeholders.
• The Company has a crisis management plan in place to respond to any reputational threats.

Risk appetite

The Company has a very low appetite for risk associated with its brand reputation and is committed to maintaining the trust and confidence of its stakeholders.

183. Merger and Acquisition Integration

Risk and impact

• The Company's growth strategy involves pursuing strategic acquisitions.
• Failure to identify and integrate acquisitions effectively could lead to a loss of value and an adverse impact on financial performance.

Mitigating factors

• The Company has a rigorous process for evaluating potential acquisitions.
• The Company has experienced teams in place to manage the integration of acquired businesses.

Risk appetite

The Company has a moderate appetite for risk associated with merger and acquisition integration, and is committed to pursuing acquisitions that are strategically aligned and financially attractive.

184. Supply Chain Disruptions

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain disruptions, and is committed to ensuring the reliability and efficiency of its supply chain.

185. Market Changes

Risk and impact

• Changes in market conditions, such as shifts in consumer preferences or the emergence of new technologies, could impact the Company's sales and profitability.
• Failure to adapt to market changes could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors market trends and customer feedback.
• The Company invests in product development and innovation to meet evolving market needs.
• The Company has a flexible business model that can adapt to changing market conditions.

Risk appetite

The Company has a moderate appetite for risk associated with market changes, and is committed to staying ahead of market trends and maintaining its competitive advantage.

186. Product Innovation

Risk and impact

• The Company's ability to innovate and to bring new products to market in a timely manner is critical to its success.
• Failure to innovate could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product innovation, and is committed to investing in innovation to meet the evolving needs of its customers.

187. Financial Reporting

Risk and impact

• The Company's financial reporting could be adversely affected by errors or omissions, leading to misstatements in its financial statements.
• Inaccurate financial reporting could lead to reputational damage and regulatory sanctions.

Mitigating factors

• The Company has robust internal controls and procedures in place to ensure the accuracy and completeness of its financial reporting.
• The Company's financial statements are audited by an independent external auditor.
• The Company has a dedicated finance team with the expertise to ensure compliance with accounting standards.

Risk appetite

The Company has a very low appetite for risk associated with financial reporting and is committed to producing accurate and reliable financial statements.

188. Operational Excellence

Risk and impact

• The Company's ability to operate efficiently and to maintain high standards of operational excellence is critical to its profitability and customer satisfaction.
• Failure to achieve operational excellence could lead to increased costs, reduced efficiency, and a decline in customer satisfaction.

Mitigating factors

• The Company has a strong focus on continuous improvement and operational excellence.
• The Company invests in technology and training to enhance its operational capabilities.
• The Company has robust processes in place to manage and monitor operational performance.

Risk appetite

The Company has a low appetite for risk associated with operational excellence and is committed to achieving and maintaining the highest standards of operational efficiency.

189. Tax Compliance

Risk and impact

• The Company operates in multiple jurisdictions and is subject to various tax laws and regulations.
• Failure to comply with tax laws could result in penalties, interest, and reputational damage.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with tax compliance and is committed to complying with all applicable tax laws and regulations.

190. Business Interruption

Risk and impact

• The Company's operations could be disrupted by a range of events, such as natural disasters, pandemics, or IT system failures.
• Business interruptions could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a robust business continuity plan in place.
• The Company conducts regular testing of its business continuity plan.
• The Company has a range of contingency plans in place to mitigate the impact of disruptions.

Risk appetite

The Company has a very low appetite for risk associated with business interruption and is committed to ensuring that it can continue to operate in the event of a disruption.

191. Product Quality

Risk and impact

• The Company's reputation and sales could be adversely affected by issues with product quality.
• Defective products could lead to customer dissatisfaction, returns, and potential legal claims.

Mitigating factors

• The Company has robust quality control processes in place throughout its supply chain and manufacturing operations.
• The Company adheres to all relevant product safety standards and regulations.
• The Company investigates all customer complaints regarding product quality thoroughly.

Risk appetite

The Company has a very low appetite for risk associated with product quality and is committed to providing high-quality products to its customers.

192. Customer Relationships

Risk and impact

• The Company's success depends on strong and enduring relationships with its customers.
• A deterioration in customer relationships could lead to a loss of sales and market share.

Mitigating factors

• The Company is committed to providing excellent customer service and support.
• The Company actively seeks customer feedback and uses it to improve its products and services.
• The Company maintains open and transparent communication with its customers.

Risk appetite

The Company has a very low appetite for risk associated with customer relationships and is committed to building and maintaining strong, long-term partnerships with its customers.

193. Employee Conduct

Risk and impact

• Inappropriate employee conduct could lead to reputational damage, legal liabilities, and a loss of trust from stakeholders.
• Such conduct could also impact employee morale and productivity.

Mitigating factors

• The Company has a clear code of conduct that sets out expected standards of behavior.
• The Company provides training to its employees on ethical conduct and compliance.
• The Company has a whistleblowing policy in place to encourage reporting of concerns.

Risk appetite

The Company has a very low appetite for risk associated with employee conduct and is committed to fostering a culture of integrity and ethical behavior.

194. Supply Chain Volatility

Risk and impact

• The Company's supply chain is subject to various risks, including disruptions due to geopolitical events, natural disasters, and supplier insolvency.
• Such volatility could impact the availability and cost of raw materials, leading to production delays and increased costs.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain volatility, and is committed to ensuring the reliability and efficiency of its supply chain.

195. Economic Downturn

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic downturns, and is committed to maintaining its financial resilience and flexibility.

196. Competition

Risk and impact

• Increased competition in the market could impact the Company's market share and profitability.
• Failure to adapt to competitive pressures could lead to a loss of customers.

Mitigating factors

• The Company has a strong brand and a loyal customer base.
• The Company continuously innovates and develops new products to meet customer needs.
• The Company has a strong and well-established supply chain.

Risk appetite

The Company has a moderate appetite for risk associated with competition, and is committed to maintaining its competitive advantage through product innovation and customer service.

197. Technological Change

Risk and impact

• Rapid technological change could render the Company's existing products and services obsolete.
• Failure to adapt to technological advancements could lead to a loss of competitive advantage.

Mitigating factors

• The Company actively monitors technological developments and invests in research and development.
• The Company seeks to embrace and leverage new technologies to enhance its products and services.

Risk appetite

The Company has a moderate appetite for risk associated with technological change, and is committed to staying at the forefront of technological innovation.

198. Interest Rate Risk

Risk and impact

• Changes in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate movements, and is committed to managing this risk effectively to protect its financial performance.

199. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

200. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

201. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

202. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

203. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

204. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

205. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

206. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

207. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

208. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

209. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

210. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

211. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

212. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

213. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

214. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

215. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

216. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

217. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

218. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

219. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

220. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

221. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

222. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

223. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

224. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

225. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

226. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

227. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

228. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

229. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

230. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

231. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

232. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

233. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

234. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

235. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

236. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

237. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

238. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

239. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

240. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

241. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

242. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

243. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

244. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

245. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

246. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

247. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

248. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

249. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

250. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

251. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

252. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

253. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

254. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

255. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

256. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

257. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

258. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

259. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

260. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

261. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

262. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

263. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

264. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

265. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

266. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

267. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

268. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

269. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

270. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

271. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

272. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

273. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

274. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

275. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

276. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

277. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

278. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

279. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

280. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

281. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

282. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

283. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

284. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

285. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

286. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

287. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

288. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

289. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

290. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

291. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

292. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

293. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

294. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

295. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

296. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

297. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

298. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

299. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

300. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

301. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

302. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

303. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

304. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

305. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

306. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

307. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

308. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

309. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

310. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

311. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

312. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

313. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

314. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

315. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

316. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

317. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

318. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

319. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

320. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

321. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

322. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

323. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

324. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

325. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

326. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

327. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

328. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

329. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

330. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

331. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

332. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

333. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

334. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

335. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

336. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

337. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

338. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

339. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

340. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

341. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

342. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

343. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

344. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

345. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

346. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

347. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

348. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

349. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

350. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

351. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

352. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

353. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

354. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

355. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

356. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

357. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

358. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

359. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

360. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

361. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

362. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

363. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

364. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

365. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

366. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

367. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

368. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

369. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

370. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

371. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

372. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

373. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

374. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

375. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

376. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

377. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

378. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

379. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

380. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

381. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

382. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

383. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

384. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

385. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

386. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

387. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

388. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

389. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

390. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

391. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

392. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

393. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

394. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

395. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

396. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

397. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

398. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

399. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

400. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

401. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

402. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

403. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

404. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

405. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

406. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

407. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

408. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

409. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

410. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

411. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

412. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

413. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

414. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

415. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

416. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

417. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

418. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

419. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

420. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

421. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

422. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

423. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

424. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

425. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

426. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

427. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

428. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

429. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

430. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

431. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

432. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

433. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

434. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

435. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

436. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

437. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

438. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

439. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

440. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

441. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

442. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

443. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

444. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

445. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

446. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

447. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

448. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

449. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

450. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

451. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

452. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

453. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

454. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

455. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to protect its financial performance.

456. Taxation

Risk and impact

• Changes in tax legislation or the interpretation of tax laws could adversely impact the Company's financial results.
• The Company's tax liabilities could be increased by changes in tax legislation.

Mitigating factors

• The Company has a dedicated tax team that monitors changes in tax legislation and ensures compliance.
• The Company seeks external advice from tax professionals as necessary.

Risk appetite

The Company has a very low appetite for risk associated with taxation and is committed to complying with all applicable tax laws and regulations.

457. Product Development

Risk and impact

• The Company's ability to develop and launch new products that meet customer needs is critical to its long-term success.
• Failure to develop successful new products could lead to a loss of market share and reduced profitability.

Mitigating factors

• The Company has a dedicated product development team that is responsible for identifying and developing new products.
• The Company conducts market research and customer surveys to inform its product development efforts.
• The Company has a robust product development process in place.

Risk appetite

The Company has a moderate appetite for risk associated with product development, and is committed to investing in innovation to meet the evolving needs of its customers.

458. Legal and Compliance

Risk and impact

• The Company operates in a complex legal and regulatory environment.
• Failure to comply with applicable laws and regulations could result in significant fines, penalties, and reputational damage.

Mitigating factors

• The Company has a dedicated legal and compliance team that monitors changes in relevant legislation and regulations.
• The Company provides regular training to its employees on compliance matters.
• The Company has robust internal controls and procedures in place to ensure compliance.

Risk appetite

The Company has a very low appetite for risk associated with legal and compliance matters and is committed to upholding the highest standards of corporate governance and ethical conduct.

459. Environmental, Social, and Governance (ESG)

Risk and impact

• Increasing focus on ESG factors by stakeholders, including investors, customers, and employees, could impact the Company's reputation and access to capital.
• Failure to adequately address ESG issues could lead to reputational damage and a loss of investor confidence.

Mitigating factors

• The Company is committed to integrating ESG considerations into its business strategy and operations.
• The Company has established ESG targets and is working to achieve them.
• The Company engages with stakeholders to understand and address their ESG expectations.

Risk appetite

The Company has a moderate appetite for risk associated with ESG factors and is committed to managing these risks responsibly and to contributing to a sustainable future.

460. Economic Conditions

Risk and impact

• The Company's performance is influenced by broader economic conditions.
• A significant economic downturn could adversely impact demand for our products and services.

Mitigating factors

• The Company has a diversified customer base and operates in multiple geographic regions, which helps to mitigate the impact of economic downturns in any single market.
• The Company maintains a strong balance sheet and has access to a range of funding options.
• The Company has a proven track record of adapting to changing economic conditions.

Risk appetite

The Company has a moderate appetite for risk associated with economic conditions, and is committed to maintaining its financial resilience and flexibility.

461. Geopolitical Risks

Risk and impact

• Geopolitical events, such as trade wars, political instability, and conflict, could disrupt global supply chains and impact demand for our products and services.
• These events could adversely impact the Company's financial performance and ability to operate effectively.

Mitigating factors

• The Company has a diversified geographic presence, which helps to mitigate the impact of geopolitical risks in any single region.
• The Company monitors geopolitical developments closely and adjusts its strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with geopolitical events, and is committed to managing these risks effectively to protect its business.

462. Talent Acquisition and Retention

Risk and impact

• The Company's ability to attract, retain and develop talented employees is critical to its success.
• Failure to do so could impact on our ability to execute our strategy and deliver on our objectives.

Mitigating factors

• The Company offers competitive remuneration and benefits packages.
• The Company provides opportunities for career development and training.
• The Company fosters a positive and inclusive work environment.

Risk appetite

The Company has a moderate appetite for risk associated with talent acquisition and retention, and is committed to creating an environment where employees can thrive.

463. Digital Transformation

Risk and impact

• The Company's ability to embrace and leverage digital technologies is critical to its future success.
• Failure to adapt to digital changes could lead to a loss of competitive advantage and reduced profitability.

Mitigating factors

• The Company is investing in digital technologies and capabilities.
• The Company is developing a digital strategy to guide its transformation efforts.
• The Company is providing training to its employees to develop their digital skills.

Risk appetite

The Company has a moderate appetite for risk associated with digital transformation, and is committed to embracing innovation to enhance its business.

464. Supply Chain Resilience

Risk and impact

• The Company's reliance on its supply chain means that disruptions can have a significant impact on its ability to meet customer demand.
• A failure to ensure supply chain resilience could lead to lost sales, increased costs, and reputational damage.

Mitigating factors

• The Company has a diversified supply base and works closely with its key suppliers.
• The Company has contingency plans in place to mitigate the impact of supply chain disruptions.
• The Company invests in technology to enhance supply chain visibility and resilience.

Risk appetite

The Company has a moderate appetite for risk associated with supply chain resilience, and is committed to ensuring the reliability and efficiency of its supply chain.

465. Product Liability

Risk and impact

• The Company is exposed to the risk of product liability claims if its products are found to be defective or unsafe.
• Such claims could result in significant financial losses and reputational damage.

Mitigating factors

• The Company has robust quality control processes in place to ensure the safety and quality of its products.
• The Company maintains product liability insurance to cover potential claims.
• The Company adheres to all relevant product safety standards and regulations.

Risk appetite

The Company has a very low appetite for risk associated with product liability and is committed to providing safe and high-quality products to its customers.

466. Customer Data Protection

Risk and impact

• The Company collects and processes sensitive customer data.
• A data breach could result in significant financial losses, reputational damage, and legal penalties.

Mitigating factors

• The Company has implemented robust data protection policies and procedures.
• The Company invests in cybersecurity measures to protect customer data.
• The Company provides training to its employees on data protection best practices.

Risk appetite

The Company has a very low appetite for risk associated with customer data protection and is committed to safeguarding the privacy of its customers.

467. Intellectual Property

Risk and impact

• The Company relies on its intellectual property to maintain its competitive advantage.
• The infringement of its intellectual property rights, or its own infringement of others' rights, could have adverse consequences.

Mitigating factors

• The Company takes steps to protect its intellectual property.
• The Company monitors the market for potential infringements.
• The Company seeks legal advice when necessary.

Risk appetite

The Company has a moderate appetite for risk associated with intellectual property, and is committed to protecting its intellectual assets.

468. Access to Finance

Risk and impact

• The Company's ability to access finance is critical to its ability to fund its operations and growth initiatives.
• A lack of access to finance could hinder the Company's ability to achieve its strategic objectives.

Mitigating factors

• The Company maintains a strong financial position and a good credit rating.
• The Company has established relationships with a range of financial institutions.
• The Company has a diverse funding strategy.

Risk appetite

The Company has a moderate appetite for risk associated with access to finance, and is committed to maintaining a strong financial position and access to capital.

469. Inflation

Risk and impact

• Rising inflation could lead to increased costs for raw materials, energy, and labour, which could impact the Company's profitability.
• Inflation could also lead to reduced consumer spending, impacting demand for our products.

Mitigating factors

• The Company actively manages its costs and seeks to mitigate the impact of inflation through various measures, such as hedging and procurement strategies.
• The Company monitors inflation trends closely and adjusts its pricing and cost management strategies accordingly.

Risk appetite

The Company has a moderate appetite for risk associated with inflation, and is committed to managing its costs and protecting its profitability.

470. Interest Rate Volatility

Risk and impact

• Fluctuations in interest rates could impact the Company's cost of borrowing and its investment income.
• Significant increases in interest rates could adversely affect the Company's financial performance.

Mitigating factors

• The Company actively manages its interest rate exposure through a combination of fixed and floating rate debt.
• The Company monitors interest rate movements closely and adjusts its borrowing strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with interest rate volatility, and is committed to managing this risk effectively to protect its financial performance.

471. Foreign Exchange Risk

Risk and impact

• Fluctuations in foreign exchange rates could adversely impact the Company's financial results, particularly in relation to its international sales and purchases.
• The Company's results could be adversely impacted by the volatility of foreign exchange rates.

Mitigating factors

• The Company has a hedging strategy in place to mitigate the impact of foreign exchange rate fluctuations.
• The Company monitors foreign exchange markets closely and adjusts its hedging strategy as necessary.

Risk appetite

The Company has a moderate appetite for risk associated with foreign exchange rates, and is committed to managing this risk effectively to# Principal risks and uncertainties

Risk and impact

Operational excellence could result in systems being unavailable, causing operational disruption.
Mitigating factors
* The company's integrated supply chain ensures the consistent availability of our products, enabling us to service the needs of the local small builder and their customers, and our extensive network of depots means that we are rarely more than 20 minutes from any customer.
* The company's comprehensive risk management framework, including business continuity and disaster recovery plans, ensures that we are prepared for and can respond effectively to potential disruptions.
* The company's financial strength and robust insurance policies provide a buffer against unexpected events and financial losses.
* The company's commitment to investing in and maintaining its infrastructure, including its IT systems and depot network, ensures their reliability and resilience.

Risk appetite

The company's operational excellence approach is to maintain a high level of service and availability for our customers and to ensure the smooth running of our business. This is achieved through continuous improvement, investment in technology, and robust risk management processes. The company seeks to maintain an optimal level of operational risk to ensure business continuity and customer satisfaction.

Risk and impact

Reach more builders The company could fail to reach more builders, and our supply chain could become unreliable.
Mitigating factors
* Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues.
* The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values.
* The company has a clear strategy for growth and expansion, including plans to increase our market share and reach new customer segments.

Risk appetite

The company aims to expand its reach and customer base, and to do so in a sustainable and responsible manner. The company seeks to achieve this by growing its existing customer relationships and acquiring new ones, thereby increasing its market share.

Risk and impact

Product innovation The company could fail to innovate, and our product development could fail to meet the needs of the local small builder and their customers, and our brand could suffer.
Mitigating factors
* Our product development and innovation processes are customer-centric, with a focus on understanding the evolving needs of the local small builder and their customers.
* We invest in research and development, and collaborate with suppliers and industry experts to stay at the forefront of product innovation.
* Our product ranges are constantly reviewed and updated to ensure that they meet the highest standards of quality, functionality, and sustainability.

Risk appetite

The company aims to be a leader in product innovation and to offer a sustainable product offering that meets the needs of the builder and their customers. The company seeks to achieve this by investing in research and development, and by continuously improving its product ranges and services.

Strategic Report – Sustainability Matters

Why Sustainability matters to us

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are at the heart of our sustainability strategy. We are committed to reducing our carbon emissions and achieving Net Zero by 2040. Our science-based targets have been submitted and approved, and we are working to reduce our Scope 1 and 2 emissions by 50% by 2030. We are also working to reduce our Scope 3 emissions by 30% by 2030. We have implemented a range of initiatives to reduce our emissions, including investing in renewable energy, improving energy efficiency, and optimising our logistics operations.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

Our ESG strategy

Our ESG strategy is built on three core pillars: Environmental, Social, and Governance. Each pillar is supported by a range of strategic priorities and initiatives that are designed to drive positive impact and create sustainable value.

• Environmental: Focuses on reducing our environmental footprint, including carbon emissions, waste, and water consumption.
• Social: Encompasses our commitment to our people, communities, and ethical business practices.
• Governance: Ensures that we maintain high standards of corporate governance, risk management, and ethical conduct.

Our Net Zero commitment and targets

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our ESG strategy

Our ESG strategy is built on three core pillars: Environmental, Social, and Governance. Each pillar is supported by a range of strategic priorities and initiatives that are designed to drive positive impact and create sustainable value.

• Environmental: Focuses on reducing our environmental footprint, including carbon emissions, waste, and water consumption.
• Social: Encompasses our commitment to our people, communities, and ethical business practices.
• Governance: Ensures that we maintain high standards of corporate governance, risk management, and ethical conduct.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Sustainability matters

Why Sustainability matters to us

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Sustainability generates long-term value

Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Sustainability mitigates our risks

We recognise that sustainability is not only the right thing to do, but it also mitigates our risks and enhances our reputation. By integrating sustainability into our business strategy and operations, we can reduce our exposure to a range of ESG-related risks, including regulatory changes, supply chain disruptions, and reputational damage. Developing and maintaining sustainable supplier relationships are key to this.

Our material sustainability areas

Our material sustainability areas have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These areas are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

Our ESG strategy

Our ESG strategy is built on three core pillars: Environmental, Social, and Governance. Each pillar is supported by a range of strategic priorities and initiatives that are designed to drive positive impact and create sustainable value.

• Environmental: Focuses on reducing our environmental footprint, including carbon emissions, waste, and water consumption.
• Social: Encompasses our commitment to our people, communities, and ethical business practices.
• Governance: Ensures that we maintain high standards of corporate governance, risk management, and ethical conduct.

Strategic Pillars

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Climate Resilience

Building resilience to the physical and transitional risks of climate change is a key focus.

Sustainable product offer & innovation

Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.

Renewable energy

Transitioning to renewable energy sources and improving the energy efficiency of our operations.

Supply chain risk mapping & resilience

Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.

Supply chain emissions

Working with our suppliers to reduce emissions across the value chain.

Decarbonise distribution

Reducing emissions from our logistics and transportation operations.

Foundations

Governance

Effective reporting & disclosure

EDI: Strategic priorities & wellbeing

See pages 54 & 55

Behavioural health & safety: Maintain & next steps

See page 56

Emissions reductions: Carbon neutral

See page 56

UN SDG description and relevant targets under each SDG

SDG Description	Relevant Targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Our ESG strategy

Our ESG strategy is built on three core pillars: Environmental, Social, and Governance. Each pillar is supported by a range of strategic priorities and initiatives that are designed to drive positive impact and create sustainable value.

• Environmental: Focuses on reducing our environmental footprint, including carbon emissions, waste, and water consumption.
• Social: Encompasses our commitment to our people, communities, and ethical business practices.
• Governance: Ensures that we maintain high standards of corporate governance, risk management, and ethical conduct.

Our Net Zero commitment and targets

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our Deferred Share Plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

UN SDG description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our ESG strategy

Our vision is to be a leading supplier of sustainable building materials, and to do so in a responsible and ethical manner. Our strategy is to integrate sustainability into all aspects of our business, from product design and sourcing to manufacturing and distribution. Our material SDGs are aligned with our business objectives and our commitment to sustainability. We aim to create a sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. We also aim to foster a unique and sustainable culture that appeals to current and future generations of colleagues. Our strategic objectives include becoming a leader in risk and resilience governance, and developing an agile and resilient business that proactively manages ESG risks.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our material sustainability issues

Our material sustainability issues have been identified through a robust stakeholder engagement process and a thorough materiality assessment. These issues are aligned with our ESG strategy and our commitment to creating long-term value for all our stakeholders.

• Climate Resilience Building resilience to the physical and transitional risks of climate change is a key focus.
• Sustainable product offer and product innovation Developing and offering products that are environmentally responsible and meet the evolving needs of our customers.
• Renewable energy & sustainable operations Transitioning to renewable energy sources and improving the energy efficiency of our operations.
• Supply chain risk mapping & resilience Proactively identifying and mitigating risks within our supply chain to ensure continuity and sustainability.
• Supply chain emissions Working with our suppliers to reduce emissions across the value chain.
• Decarbonise distribution Reducing emissions from our logistics and transportation operations.

Our TCFD reporting

We are committed to transparently disclosing our climate-related risks and opportunities in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Our TCFD report provides further detail on our governance, strategy, risk management, and metrics and targets related to climate change.

Our SECR and Scope 3 reporting

We are committed to transparent reporting on our environmental performance. Our Sustainability Report includes detailed information on our SECR (Streamlined Energy and Carbon Reporting) and Scope 3 emissions, as well as our progress towards our Net Zero targets.

Net Zero

Our Net Zero commitment is to achieve Net Zero greenhouse gas emissions across our value chain by 2040. This ambitious target requires a comprehensive and integrated approach to emissions reduction.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our impact on our stakeholders

We recognise that our business activities have an impact on a wide range of stakeholders, including our colleagues, customers, suppliers, communities, and the environment. We are committed to managing our impacts responsibly and to creating shared value.

Our Net Zero commitment and targets

Our Net Zero commitment and targets are central to our sustainability strategy. We are committed to reducing our greenhouse gas emissions across our value chain and achieving Net Zero by 2040.

• Science-based targets submitted and approved Our targets have been validated by the Science Based Targets initiative (SBTi), ensuring they are aligned with the goals of the Paris Agreement.
• Scope 1 & 2 emissions reduction We are committed to reducing our direct (Scope 1) and indirect (Scope 2) emissions by 50% by 2030, against a 2023 baseline.
• Scope 3 emissions reduction We aim to reduce our value chain (Scope 3) emissions by 30% by 2030, against a 2023 baseline. This includes working with our suppliers and customers to reduce emissions across the entire product lifecycle.

Our emissions and how we plan to reduce them

A – Distribution

• Logistics providers Engaging logistics providers for sustainable transport solutions and exploring opportunities to reduce mileage and improve vehicle efficiency.
• Fleet optimisation Implementing advanced route planning and telematics to optimise delivery routes and reduce fuel consumption.
• Alternative fuels Investigating and trialling the use of alternative fuels and electric vehicles for our delivery fleet.

Sustainability KPIs, Our Net Zero SBTi targets, ESG and remuneration

Our PSP share plan includes ESG-related vesting targets. For 2023, the targets related to the reduction of emissions from our operations and the growth of our sustainable product offering.

The Board and Executive Committee lead our commitment to sustainability. The importance of sustainable behaviour is recognised across the business. The Remuneration Committee, in consultation with the Board, has ensured that the Group's incentive plans are aligned with our sustainability objectives. The Sustainability Committee met regularly throughout the year and the Remuneration Committee reviewed performance against ESG targets.

Our vision

A sustainable product offering, responsibly manufactured or sourced, that meets the needs of the builder and their customers. A unique and sustainable culture.

Our strategy

• Climate Resilience
• Net Zero
• Strategic Objectives
• Foundations
• Governance
• EDI: Strategic priorities & wellbeing
• Behavioural health & safety: Maintain & next steps
• Emissions reductions: Carbon neutral
• Sustainable product offer & innovation
• Renewable energy
• Supply chain emissions
• Decarbonise distribution

Our material SDGs

SDG Description	Relevant targets	See Page
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all	SDG 8.4, 8.5, 8.8, 8.10	50
Take urgent action to combat climate change and its impacts	SDG 13.1, 13.2, 13.3	49 & 66
Ensure sustainable consumption and production patterns	SDG 12.4, 12.5, 12.6, 12.8	49 & 66
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests… and halt biodiversity loss	SDG 15.1, 15.3, 15.5, 15.9	51

Strategic Report – Sustainability Matters

Sustainability generates long-term value

Sustainability generates long-term value. Sustainability preserves our culture, supports our business model, increases business resilience, mitigates our risks and addresses the evolving expectations of our stakeholders. Sustainability is part of our culture. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board, Executive Committee and our 7,000 colleagues. Our integrated approach to sustainability means that our values influence everything we do, and we strive to embed sustainable practices in all aspects of our business. The Board and Executive Committee regularly visit our depots and factories, undertake customer and supplier feedback surveys, and engage with colleagues at all levels to ensure alignment with our strategy and values. Sustainability supports our business. Sustainable behaviour gives us a competitive advantage and enhances our reputation. Being trusted partners to our suppliers and customers means that we are viewed as a responsible and reliable business.

Our ESG# Strategic Report – Sustainability Matters

Our Net Zero commitment and targets

Refreshing our ESG materiality assessment in 2023

In 2023, we refreshed our ESG materiality assessment to ensure our strategy remained aligned with stakeholder expectations and evolving sustainability challenges. This process, a refresh of our initial internal assessment from 2017, involved a deep dive into our business and value chain. Our updated materiality matrix reflects:

1. Desktop analysis: Research into our initial internal assessment, sector guidance and peer company approaches to identify emerging issues.
2. Stakeholder engagement: Consolidated issues and discussion with key stakeholders, including customers, employees, investors, and suppliers.
3. Howdens View: Correlation of material topics with our ESG strategic pillars and ESG foundation values.

The updated materiality matrix (see below) shows a higher importance for stakeholders and Howdens across a range of issues, including:

• Packaging Material and Waste
• Circularity
• Distribution Impact
• Sustainable Product and Brand
• Business Resilience and Compliance
• Climate Risk
• Manufacturing Impact
• Health and Safety
• Transparency and Disclosure
• Equality, Diversity and Inclusion
• Employee Development
• Board Accountability
• Employee Engagement
• Communities and Charity
• Employee Wellbeing
• Supply Chain and Materials Sourcing
• Carbon Footprint and GHG Emissions

The correlation of material topics with our ESG strategy demonstrates that the refreshed matrix is closely aligned with our existing ESG strategic pillars and our ESG foundation values. While there may be variations in some of the terminology, the core issues and their relative importance remain consistent. This ensures our ESG strategy continues to address the most critical topics for our business and stakeholders.

Stakeholder view

Higher importance for stakeholders

Howdens view

Higher importance for Howdens

Link to our ESG strategic pillars
Link to our ESG foundation values

Correlation of material topics with our ESG strategy

The assessment has confirmed that the majority of the identified sustainability issues are well-embedded within our existing ESG strategic pillars and our ESG foundation values.

The material topics identified continue to align closely with our ESG strategic pillars and our ESG foundation values. The identified issues, and the language used, are:

• Stakeholder view: Packaging Material and Waste, Circularity, Distribution Impact, Sustainable Product and Brand, Business Resilience and Compliance, Climate Risk, Manufacturing Impact, Health and Safety, Transparency and Disclosure, Equality, Diversity and Inclusion, Employee Development, Board Accountability, Employee Engagement, Communities and Charity, Employee Wellbeing, Supply Chain and Materials Sourcing, Carbon Footprint and GHG Emissions.
• Howdens view: Packaging Material and Waste, Circularity, Distribution Impact, Sustainable Product and Brand, Business Resilience and Compliance, Climate Risk, Manufacturing Impact, Health and Safety, Transparency and Disclosure, Equality, Diversity and Inclusion, Employee Development, Board Accountability, Employee Engagement, Communities and Charity, Employee Wellbeing, Supply Chain and Materials Sourcing, Carbon Footprint and GHG Emissions.

The updated matrix shows a higher importance for both stakeholders and Howdens across a broad range of issues. This ensures our ESG strategy continues to address the most critical topics for our business and stakeholders. The assessment also identified new areas of focus for some of our suppliers, and we are working to increase our understanding of these complexities.

Supplier engagement – addressing Scope 3 emissions together

Why supplier engagement is important

Scope 3 emissions represent a significant proportion of our total carbon footprint, with 87% relating to goods purchased from our suppliers and the use of our sold products. As we aim to achieve Net Zero by 2050, it is crucial to work with our supply chain to identify and reduce emissions in these areas.

We have been engaging with our top suppliers since 2021, recognising that they are critical partners in our decarbonisation journey.

Engaging with our top suppliers in 2023

In Q4 2023, we engaged with 75 of our top suppliers, covering 57% of our Scope 3 emissions. Our engagement focused on understanding their current ESG capabilities and identifying opportunities to collaborate on emissions reduction. We asked suppliers to share their ambitions and decarbonisation plans and to highlight key challenges.

The suppliers engaged represented a diverse range of sectors and product categories. Key themes emerging from these conversations included:

• Enabling suppliers to start their decarbonisation journey: Many suppliers are at different stages of their net zero journey. Some have well-established carbon reduction plans, whilst others are only beginning to measure their emissions.
• Reducing the cost of decarbonisation: Suppliers are keen to understand how to reduce the cost of carbon emissions and how they can make a business case for investing in resource, technology and renewable energy.
• Improving data accuracy: Many suppliers highlighted the challenge of gathering and sharing good quality data, particularly around Scope 3 emissions.

Engagement in action: supplier ESG summits

In 2023, we hosted two supplier ESG summits. The first was a hybrid event, and the second was an in-person event held in Birmingham. The summits brought together key suppliers and our procurement team to discuss solutions for future emissions reductions and to share best practice.

• Giving a strong demonstration of industry leadership: The summits provided a platform for suppliers to share their ambitions and decarbonisation plans and to collaborate on solutions.
• Facilitating best practice sharing: Suppliers shared insights into how they are addressing Scope 3 emissions, including practical examples of emission reductions and innovative solutions.
• Identifying and developing key areas of focus: Suppliers identified key areas where they need support, including access to finance for green investments, and opportunities for collaboration on Scope 3 data.
• Encouraging future investments in resource, technology and renewable energy.

In July 2023, we held our third supplier ESG summit. Over 100 suppliers attended the event, which focused on improving our understanding of Scope 3 emissions data and turning that data into meaningful sustainable actions.

Engagement in action: Net Zero commitments strengthen bonds with long-term supply partners

Our supply partners are crucial to our Net Zero ambitions. We are working with our suppliers to enhance their sustainability performance, and we see this as an opportunity to strengthen our long-term relationships.

Our top suppliers, including those with an SBTi commitment, are leading the way in adopting sustainable practices. We are working to:

• Build stronger partnerships with suppliers who demonstrate a commitment to net zero.
• Develop joint initiatives to reduce emissions throughout the value chain.
• Support suppliers in their efforts to reduce their environmental impact.

Engagement in action: ESG objectives included in standard supplier terms of business

In 2022, we updated our standard supplier terms of business to include ESG objectives. This ensures that our suppliers are aligned with our sustainability ambitions and are committed to working with us to achieve our net zero targets.

In 2023, we continued to embed these objectives into our supplier contracts, with a focus on improving our understanding of the complexities around gathering and sharing good quality data, particularly around Scope 3 emissions and supplier environmental reporting.

Agenda for the future

We will continue to focus on:

• Deepening our engagement with suppliers: We will continue to engage with our supply chain to drive meaningful emissions reductions and to encourage actions that support our Net Zero emissions reduction targets.
• Enhancing our data collection and reporting: We will work to improve the accuracy and scope of our emissions data, particularly for Scope 3, to ensure we have a clear understanding of our environmental impact.
• Collaborating on innovation: We will explore opportunities to collaborate with suppliers on innovative solutions for resource efficiency, renewable energy, and low-carbon technologies.

Supply chain risk mapping and resilience to climate change

In Q3 2023, we partnered with a specialist climate diagnostic tool to map the climate-related risks and opportunities across our supply chain. This involved using a specialist climate diagnostic tool to identify and assess risks and opportunities across our supply chain, including those from Tier 1 and further upstream suppliers. This assessment identified physical climate-related risks across multiple sites and business areas, including:

• Flooding
• Extreme heat
• Supply chain disruption
• Water scarcity
• Increased energy costs

We are using this data to build a comprehensive view of our supply chain's exposure to climate change and to identify areas where we can build resilience. This includes considering the impact of climate change on our manufacturing sites, distribution networks, and the sourcing of raw materials. The tool has provided insights into the vulnerability of our Tier 1 suppliers and identified areas where we can build resilience and mitigate risks.

Stakeholder view

Howdens view

Packaging Material and Waste
Circularity
Distribution Impact
Sustainable Product and Brand
Business Resilience and Compliance
Climate Risk
Manufacturing Impact
Health and Safety
Transparency and Disclosure
Equality, Diversity and Inclusion
Employee Development
Board Accountability
Employee Engagement
Communities and Charity
Employee Wellbeing
Supply Chain and Materials Sourcing
Carbon Footprint and GHG Emissions
Higher importance for stakeholders
Higher importance for Howdens
Moderate importance
Forestry and# Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers in manufacturing and engineering.

At Howdens, we pride ourselves on being a place where every individual is actively encouraged to succeed, and where we celebrate success and diversity. This ethos is deeply rooted in our inclusive culture, which respects and values diverse backgrounds.

Inclusion Strategy

Our Inclusion Strategy seeks to foster an inclusive workplace culture where everyone feels valued, respected and able to contribute their best work. Our key pillars are:

Accessible for ALL

We aim to be an employer of choice, and a place where our teams are diverse, inclusive and are representative of the communities in which we operate. We will achieve this by ensuring our recruitment processes are accessible to all, that we can support individuals with disabilities at work and we can support career progression through apprentice programmes and our mentoring schemes. Our teams will be trained to deliver exceptional customer service and ensure they are equipped to respond to the varied needs of all our customers.

Rewarding careers, opportunities to develop and thrive

Support for ALL

Worthwhile for ALL

Accessible for ALL

Our EDI priorities

Our Executive Committee sponsors continue to lead employee network groups, which work across a range of areas including:

Gender

At Howden Joinery, we are committed to promoting gender equality and supporting women in manufacturing and engineering. In 2023, the Gender network group has actively engaged in initiatives to address gender imbalance, such as organising an event in partnership with the school. This event focused on career opportunities for women in manufacturing and engineering, highlighting the diverse roles and positive working environment at Howdens. The Gender group has also organised events and educational workshops to raise awareness about gender equality issues and promote a more inclusive workplace.

Ethnicity

The Howden Joinery Ethnicity network group works to promote diversity and inclusion within the workplace. The group's activities include providing guidelines for considering the diversity of local communities in recruitment and learning resources on cultural awareness and unconscious bias.

Disability

The Disability network group supports employees with disabilities and advocates for an inclusive workplace. The group has worked with senior leaders to review and improve our policies and practices related to disability inclusion.

Update on our wellbeing strategy

In 2023, we have continued to invest in and promote a comprehensive wellbeing strategy to support the diverse needs of our employees.

Financial Wellbeing

We have partnered with a leading financial wellbeing provider, Equiniti, to offer our employees access to their financial education and guidance services. This partnership aims to empower employees to make informed financial decisions and improve their overall financial resilience.

Mental wellbeing

We have continued to promote and signpost our Employee Assistance Programme (EAP) which provides confidential counselling and support services. This service is available 24/7 and offers a range of support, including mental health advice, stress management, and debt counselling.

Physical wellbeing

We have ensured that our workplace is accessible and safe for all employees, offering reasonable adjustments and support for employees with disabilities. We have also promoted our employee assistance programme and offered a range of wellbeing initiatives, including health assessments, fitness challenges, and mindfulness sessions.

Case study: Counter Talk podcast

Our Counter Talk podcast, featuring employees telling their stories, is a key part of our strategy to create a supportive culture where people feel safe to share their experiences. We aim to foster open conversations about mental health and wellbeing, and to challenge stigma. The podcast has featured stories from employees about their personal experiences with mental health, their journeys of recovery, and how Howdens has supported them.

“I never knew I needed to keep it to myself, because at Howdens you know that if you open up there is support. When I first joined, I was in a dark place, I thought I had to bottle it all up and not let anyone know. But then my manager told me about the EAP and now I know that if I open up, there is support there for me.”

An Employee

The podcast aims to provide a platform for employees to share their stories and connect with each other, fostering a sense of community and shared experience.

Worthwhile for ALL

Our aim is to ensure that all employees feel valued and that their contributions are recognised. We achieve this by offering a range of benefits, development opportunities and recognition schemes.

Support for ALL

Our commitment to supporting our employees’ wellbeing is unwavering. We have a dedicated wellbeing team that provides a range of services and support, including mental health first aiders, wellbeing champions and access to a confidential employee assistance programme.

Accessible for ALL

Our ambition is to create an accessible and inclusive workplace. We are committed to ensuring that all our employees have the opportunity to develop and progress their careers within the business, and that no one is disadvantaged due to their background or circumstances.

Financial Statements

• [ ] Consolidated Statement of Comprehensive Income
• [ ] Consolidated Statement of Financial Position
• [ ] Consolidated Statement of Cash Flows
• [ ] Consolidated Statement of Changes in Equity
• [ ] Notes to the Consolidated Financial Statements

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Page Title: Sustainable product offer and product innovation

Strategic Report – Sustainability Matters

EDI & wellbeing

Case study: Women in Manufacturing and Engineering

The Howden Foundation works with schools to inspire the next generation.

The Howden Foundation partners with schools to promote engineering and manufacturing careers. When students visit Howdens, they learn about the wide range of career opportunities available, from design to logistics. This partnership aims to inspire young people to consider careers in these sectors, which are often perceived as male-dominated.

During an event at the school, some of our female colleagues shared their career journeys and experiences, highlighting the diverse roles and positive working environment at Howdens. This initiative aims to challenge stereotypes and encourage more young women to pursue careers# Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report – Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations.
2023 saw over £10,000 in energy saved and converted to heat our factories.
Across all UK operations, all of our chipboard is from sustainably managed UK forests.

• Health & Safety: The HSE all-industry rate stands at 100.
• Environment:
  • £482m invested in our supply chain and in sustainable chipboard from UK forests.
  • £345m invested in zero waste to energy, converting waste to heat our factories.
• The wider economy:
  • 445,000 small business customers supported by our trade account facility in our peak trading periods.
  • 492 apprentices in training.
  • 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes, and 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
  • Over 12,000 people’s lives are impacted by our community and charity initiatives.
  • Over 900 employees are engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
  • £656m invested in our people and £269m cash contributed to our pension schemes.
• People:
  • 100% of our UK operations are covered by our TCFD (Task Force on Climate-Related Financial Disclosures) framework.
• Shareholders:
  • £114m dividends paid.
  • £50m share buybacks.
  • £1m three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

HSE all-industry rate

The HSE all-industry rate stands at 100.

Financial Statements

Health & safety, carbon neutral, and wellbeing

Governance

Strategic Report

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

2023:
| Metric | Value |
| :--------------------------------------- | :--------- |
| Chipboard from sustainably managed forests | 100% |
| Energy converted to heat factories | £10,000 |

Environment
* £482m: Investment in our supply chain and in sustainably sourced UK chipboard.
* £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy
* 445,000: Small business customers supported by our trade account facility in our peak trading periods.
* 492: Apprentices in training.
* 263: Apprentices completed programmes in 2023.
* 1 in 10: Of our current employees started their careers with our apprenticeship schemes.
* 11%: Of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
* Over 12,000: People impacted by our community and charity initiatives.
* Over 900: Employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
* £656m: Invested in our people.
* £269m: Cash contributed to our pension schemes.

People
* 100%: Of our UK operations covered by our TCFD framework.

Shareholders
* £114m: Dividends paid.
* £50m: Share buybacks.
* £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Reducing waste

Use of renewable energy sources

Health & safety

Keeping our people safe and healthy

Route to Net Zero Standard

The UK Operations have achieved the ‘Net Zero Standard’, meaning all our total Scope 1 and 2 emissions are within our control, and are entirely under our management. We have been working to reduce our emissions and improve our sustainability performance, and we are pleased to announce that we have achieved this in 2023.

We are committed to achieving our targets and adopting a whole-business approach to sustainability.

The Group continues to embed a culture of environmental responsibility and has moved on from the Carbon Trust Standard for its environmental performance.

From 2023 the Carbon Trust is no longer offering Carbon Reduction Label which is replaced by the Carbon Trust Standard. This standard aims to ensure transparency and clarity of climate-related risks and opportunities, and is aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

The TCFD has been adopted by the Group in its entirety and the Board remains committed to continuous improvement in its disclosures.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

The wider economy

In 2023, we continued to invest in our local communities and charities. We donated over £1m to charity and supported over 50 community projects. We are committed to making a positive impact on the communities in which we operate.

In 2023, we continued to invest in our local communities and charities. We donated over £1m to charity and supported over 50 community projects. We are committed to making a positive impact on the communities in which we operate.

People

In 2023, we continued to invest in our people and their development. We launched new training programmes and expanded our apprenticeship schemes. We are committed to creating a supportive and engaging workplace for all of our employees.

In 2023, we continued to invest in our people and their development. We launched new training programmes and expanded our apprenticeship schemes. We are committed to creating a supportive and engaging workplace for all of our employees.

Shareholders

In 2023, we continued to deliver value to our shareholders. We paid £114m in dividends and returned £50m through share buybacks. We are committed to delivering long-term value to our shareholders.

In 2023, we continued to deliver value to our shareholders. We paid £114m in dividends and returned £50m through share buybacks. We are committed to delivering long-term value to our shareholders.

Community & charity

Strategic Report – Sustainability Matters

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Financial Statements

Strategic Report – Sustainability Matters

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Health & safety, carbon neutral, and wellbeing

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Health & safety, carbon neutral, and wellbeing across all UK operations

Sustainability Matters

100% All of our chipboard is from sustainably managed UK forests.
Zero to £10,000 converted to energy to heat our factories across our UK operations.

Environment
* £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
* £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy
* 445,000 small business customers supported by our trade account facility in our peak trading periods.
* 492 apprentices in training.
* 263 apprentices completed programmes in 2023.
* 1 in 10 of our current employees started their careers with our apprenticeship schemes.
* 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
* Over 12,000 people impacted by our community and charity initiatives.
* Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
* £656m: Invested in our people.
* £269m: Cash contributed to our pension schemes.

People
* 100% of our UK operations covered by our TCFD framework.

Shareholders
* £114m: Dividends paid.
* £50m: Share buybacks.
* £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report – Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

2023
| Metric | Value |
| :--------------------------------------- | :----------- |
| Chipboard from sustainably managed forests | 100% |
| Energy converted to heat factories | £10,000 |

Environment
* £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
* £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy
* 445,000 small business customers supported by our trade account facility in our peak trading periods.
* 492 apprentices in training.
* 263 apprentices completed programmes in 2023.
* 1 in 10 of our current employees started their careers with our apprenticeship schemes.
* 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
* Over 12,000 people impacted by our community and charity initiatives.
* Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
* £656m: Invested in our people.
* £269m: Cash contributed to our pension schemes.

People
* 100% of our UK operations covered by our TCFD framework.

Shareholders
* £114m: Dividends paid.
* £50m: Share buybacks.
* £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Reducing waste

Use of renewable energy sources

Health & safety

Keeping our people safe and healthy

Route to Net Zero Standard

The UK Operations have achieved the ‘Net Zero Standard’, meaning all our total Scope 1 and 2 emissions are within our control, and are entirely under our management. We have been working to reduce our emissions and improve our sustainability performance, and we are pleased to announce that we have achieved this in 2023.

We are committed to achieving our targets and adopting a whole-business approach to sustainability.

The Group continues to embed a culture of environmental responsibility and has moved on from the Carbon Trust Standard for its environmental performance.

From 2023 the Carbon Trust is no longer offering Carbon Reduction Label which is replaced by the Carbon Trust Standard. This standard aims to ensure transparency and clarity of climate-related risks and opportunities, and is aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

---

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• £345m: Investment in zero waste to energy, converting waste to heat our factories.

The wider economy

• 445,000 small business customers supported by our trade account facility in our peak trading periods.
• 492 apprentices in training.
• 263 apprentices completed programmes in 2023.
• 1 in 10 of our current employees started their careers with our apprenticeship schemes.
• 11% of our highest performing kitchen sales designers started their careers with our apprenticeship schemes.
• Over 12,000 people impacted by our community and charity initiatives.
• Over 900 employees engaged in our volunteering initiatives, with over 3,500 volunteering hours in 2023.
• £656m: Invested in our people.
• £269m: Cash contributed to our pension schemes.

People

• 100% of our UK operations covered by our TCFD framework.

Shareholders

• £114m: Dividends paid.
• £50m: Share buybacks.
• £1m: Three-year ‘Game Changer’ partnership with the Woodland Trust and RSPB.

Sawdust-to-heat

In 2023, we generated 45,000 MWh of energy from waste, converting it to heat our factories. We continue to work with our partners to increase our use of renewable energy sources.

In 2023, we continue to work with our partners to increase our use of renewable energy sources. We have implemented a new waste-to-heat system at our manufacturing sites, which converts waste timber into energy to heat our factories. This system is expected to reduce our reliance on fossil fuels and reduce our carbon emissions.

ISO 14001

Across our operations, we continue to drive efficiency and reduce waste. We are committed to meeting and exceeding the requirements of ISO 14001.

The management of our sites and operations remain committed to meeting and exceeding the requirements of ISO 14001, with a focus on continuous improvement and best practice. We are committed to reducing our environmental impact and improving our sustainability performance.

HSE all-industry rate

Year	HSE all-industry rate
2018	295
2020	224
2021	171
2022	145
2023	100

Our impact on our stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

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Financial Statements

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report – Sustainability Matters

Our impact on stakeholders

Task Force on Climate-Related Financial Disclosures – building climate resilience

Our approach to TCFD is to provide board-level oversight of risks and opportunities. We are committed to providing robust, transparent, and clear disclosure around our climate-related risks and opportunities. We are continuing to embed climate resilience into our strategic decision-making processes, and have been recognised by the Carbon Trust as a leader in this space.

In 2023, we took significant steps to align our reporting with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We will continue to embed climate resilience into our strategy and risk management processes.

The Board of Directors retains ultimate oversight for climate-related issues, with the Sustainability Committee meeting regularly to discuss emerging risks and opportunities. We are committed to enhancing our disclosures and transparency around our climate-related risks and opportunities, and we continue to work with external stakeholders to ensure best practice.

We are committed to leadership in sustainability and have moved on from the Carbon Trust Standard for our environmental performance.

The TCFD framework aims to ensure transparency and clarity of climate-related risks and opportunities. The framework aligns with ambitionuous requirements and a focus on language to enhance understanding of climate risks and opportunities. The TCFD has been adopted by the Group in its entirety, and the Board remains committed to continuous improvement in its disclosures.

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Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Sustainability Matters

Health & safety, carbon neutral, and wellbeing across all UK operations

• Health & Safety: The HSE all-industry rate stands at 100.
• Carbon Neutral: All of our chipboard is from sustainably managed UK forests.
• Wellbeing: Over £10,000 in energy saved and converted to heat our factories across our UK operations.

Environment

• £482m: Investment in our supply chain and in sustainable chipboard from UK forests.
• **£345m# TCFD – building climate resilience

TCFD recommended disclosure

Our disclosure and developments in 2023
Focus areas for 2024 and beyond

GOVERNANCE

A Describe the Board’s oversight of climate- related risks and opportunities.

• This process is led by the Board’s Sustainability Committee, to whom the Group Chief Executive has delegated responsibility for overseeing the Group’s climate change strategy.
• The Sustainability Committee met three times in 2023. The Board receives updates on the climate-related risks and opportunities at each meeting and provided updates on the climate-related disclosures, and progress against targets, to the Board.
• The Board considers climate risks together with other strategic risks when making decisions regarding the Group’s strategy and capital allocation.
• The Board considers the likely impact of climate risks and opportunities on the Group’s strategy and is satisfied that these are appropriately considered in the context of significant investment decisions.
• The Sustainability Committee monitors the Group’s performance against its climate targets, and provides recommendations to the Board as part of its strategic review.
• The Committee reviews progress on climate-related risks and opportunities at least annually.
• The Board incorporated environmental targets into the Group’s remuneration framework in 2021, and the Remuneration Committee regularly monitor performance against these targets and considers the alignment of executive remuneration with climate-related performance. Updated environmental measures are in place to drive progress.

B Describe management’s role in assessing and managing climate- related risks and opportunities.

• The Group Chief Executive and the Executive Committee (ExCo) have ultimate responsibility to execute Group strategy and to manage and mitigate climate risks and take advantage of opportunities presented by the transition to a lower carbon economy.
• The ExCo are responsible for delivering the Group’s environmental, social and governance (ESG) strategy and for managing the risks and opportunities identified.
• The Director of ESG advises both Board and ExCo on progress against targets and strategy. The Director of ESG is responsible for driving the Group’s sustainability agenda across the business.
• ExCo members are responsible for delivering on climate-related risks and opportunities within their respective areas of the business, as set out in the TCFD disclosures.
• The Committee of the Executive Committee (ExCo) meet monthly, usually to review the Group’s financial performance and to consider the appropriate response to risks and opportunities.
• Our supplier engagement activities in 2023 involved engaging with 75% of suppliers by spend, covering 95% of our supply chain, to drive improved sustainability performance and provided clear messaging to our suppliers regarding our sustainability expectations and our intention to embed sustainability into our procurement processes.
• ExCo members have been assigned key responsibilities on managing climate risks and opportunities.
• The process for identifying and assessing climate-related risks is managed by the ESG team and relevant operational teams.

STRATEGY

A Describe the climate- related risks and opportunities the organisation has identified over the short, medium, and long term.

• The Group has assessed climate-related risks and opportunities over various timeframes in 2021, and these remain relevant.
• The Group’s strategy is designed to ensure resilience and long-term value creation in a changing climate.
• The Group’s strategy includes the management of climate risks and opportunities that are relevant to the Group’s operations and business model.
• The Board considers climate risks together with other strategic risks when making decisions regarding the Group’s strategy and capital allocation.
• The Group’s strategy incorporates the management of climate risks and opportunities that are relevant to the Group’s operations and business model.
• The Group’s strategy includes plans to mitigate climate risks and capitalises on opportunities arising from the transition to a lower carbon economy.

B Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning.

• The Group has identified a range of climate-related risks and opportunities that could impact its businesses, strategy and financial planning over various timeframes.
• The Group has conducted scenario analysis to understand the potential impacts of different climate-related risks and opportunities.
• The Group’s strategy is designed to be resilient to a range of climate-related scenarios.
• The Group’s strategy incorporates the management of climate risks and opportunities that are relevant to the Group’s operations and business model.
• The Group’s strategy includes plans to mitigate climate risks and capitalises on opportunities arising from the transition to a lower carbon economy.
• Climate-related risk screening is being incorporated into the due diligence process for new investments and acquisitions.
• Our relationships with our suppliers should give us additional data and insights to inform our strategy and planning.

C Describe the resilience of the organisation’s strategy, taking into consideration different climate – related scenarios, including a 2°C or lower scenario.

• The Group has undertaken scenario analysis to assess the resilience of its strategy to different climate-related scenarios, including a scenario aligned with limiting warming to 2°C or lower.
• The Group’s strategy remains resilient under the assessed scenarios, with the Group’s long-term strategic plans being robust to both transition and physical risks.
• The Group has assessed the short or medium-term implications for its business model under different scenarios.
• The Group’s strategy continues to be resilient under the assessed scenarios.
• The Group has undertaken scenario analysis in 2021, including a scenario designed to be representative of a 2°C scenario. The Group’s strategy has been robust to the assessed climate risks and opportunities.
• The Group has assessed the short or medium-term implications for its business model under different scenarios.
• The Group’s strategy continues to be resilient under the assessed scenarios.

RISK MANAGEMENT

A Describe the organisation’s processes for identifying and assessing climate- related risks.

• The Group has a robust process for identifying and assessing climate-related risks. This includes considering both transitional risks (e.g. policy, technology, market) and physical risks (e.g. acute and chronic).
• The Group has a process for identifying and assessing climate-related risks, based on risk impact and our assessment of control effectiveness.
• The Group’s risk assessment process includes regular reviews of key metrics and targets, and the Group’s emissions reporting.
• Continue to assess key metrics and targets, and develop new metrics where necessary to support the Group’s decarbonisation pathway.
• The Group has a process for identifying and assessing climate-related risks, which involves engagement with key stakeholders, including employees, customers, and suppliers.
• The Group’s ESG Committee will continue to enhance its approach to climate risk assessment by incorporating more data streams and scenario analysis.

B Describe the organisation’s processes for managing climate- related risks.

• The Group has processes in place to manage its climate-related risks and opportunities. These are integrated into the Group’s enterprise risk management framework.
• The Group’s Chief Financial Officer (CFO) has overall responsibility for the management of climate-related risks and opportunities, and leads the relevant operational teams as they control day-to-day risk management and mitigation activities.
• Challenge the business on the effectiveness and accuracy of mitigation plans, including the progress of specific projects.
• The Group has a framework for managing climate-related risks, which involves identifying, assessing, and mitigating these risks.
• The Group’s ESG Committee will continue to enhance its approach to climate risk management by incorporating more data streams and scenario analysis.

C Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management.

• The Group’s processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management framework.
• Climate-related risks are considered alongside other strategic, operational, financial, and compliance risks.
• The Group’s risk management framework ensures that climate-related risks are identified, assessed, and managed at all levels of the organisation.
• The Group’s Board and Executive Committee have oversight of the overall risk management framework, including the integration of climate-related risks.# TCFD recommended disclosure

Our disclosure and developments in 2023

Focus areas for 2024 and beyond

METRICS AND TARGETS

A Disclose the metrics used by the organisation to assess climate- related risks and opportunities

• Our approach to risk and opportunity identification and management, including our use of the Taskforce on Climate-related Financial Disclosures (TCFD) framework, forms a key part of how we manage these risks and opportunities at a strategic level.
• Our annual Integrated Risk Management (IRM) process, which involves risk identification, assessment, mitigation, and reporting, ensures that climate risks are considered alongside our other operational, financial, strategic, and regulatory risks.
• We continue to embed climate risk assessment into our existing risk management processes and reporting, and we have established a programme of work, linked to our strategy, to further develop our approach.
• We aim to use the insights from our scenario modelling to better understand the range of potential climate-related impacts on our business and to refine our risk mitigation strategies.
• We are focused on developing robust data and metrics to track progress against our climate targets and to measure the effectiveness of our climate-related initiatives.

B Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks.

• See our emissions reporting, starting on page 128. We have undertaken a comprehensive review of our GHG emissions across Scope 1, 2 and 3, and have produced data for FY23.
• We are continuing to refine our emissions data and are working towards a target of full verification of our reported emissions as part of our overall climate risk reporting, audited by a third party.
• We have improved our data collection processes across our operations and our supply chain to gather additional data to inform our Scope 1, 2 and 3 emissions reporting.

C Describe the targets used by the organisation to manage climate- related risks and opportunities and performance

• We have set science-based targets (SBTs) aligned with the goals of the Paris Agreement. These include targets for Scope 1, 2, and 3 emissions reductions.
• Our SBTs provide a clear roadmap for achieving significant emissions reductions across our value chain.
• We aim to drive continuous improvement in our performance against these targets, and are exploring opportunities to accelerate progress by investing in innovative low-carbon technologies and solutions.
• Continue to monitor performance against targets including assessing the industry benchmarks and engaging with our peers to share best practices and identify opportunities for collaboration.

TCFD – building climate resilience continued

Financial Statements

Governance

63 Howden Joinery Group Plc Annual Report & Accounts 2023

62 Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Strategic Report – Sustainability Matters

Main risks and opportunities from our scenario modelling so far

Details of the scenarios and time horizons

• We have analysed a range of scenarios to understand the potential impacts of climate change on our business, considering both orderly and disorderly transitions to a lower-carbon economy.
• We have focused on scenarios that reflect the potential impacts of physical risks (e.g., extreme weather events) and transition risks (e.g., policy changes, technological advancements, market shifts).
• Our scenario modelling has identified several key risks and opportunities, particularly relating to the long-term sustainability of our operations and supply chains, and the potential for significant shifts in energy prices and regulatory landscapes.
• The main risks and opportunities identified through our scenario modelling relate to the physical and transition risks and opportunities detailed below.
• We have considered a range of time horizons, from short-term (1-5 years) to medium-term (5-15 years) and long-term (15+ years), to reflect the different timeframes over which climate-related impacts may materialise.

Overview of opportunities

| OPPORTUNITY: Area of impact – Cost reduction # Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment; building climate resilience; strengthening employee engagement; sustainable customer offering; working with suppliers on Net Zero and sustainability.

Strategic Report – Sustainability Matters

Overview of opportunities

Area of impact – Brand	Most relevant time horizons	Impact	Mitigation actions
Delivering on our aim to be the UK’s leading responsible kitchen business and creating a brand that is recognised as a leader in managing climate-related risk could result in increased sales, greater share and increased attractiveness to investors.	Short to medium term	Opportunities: Greater brand awareness; increased attractiveness to investors; stronger employee engagement and retention; sustainable customer offering and bringing the suppliers on board with our Net Zero and sustainability ambitions.	Physical risk assessment# Going Concern and Viability Statements

The Directors have adopted the going concern basis in preparing these financial statements. This conclusion is reached after reviewing the Group’s budgets and forecasts, and considering the potential impact of principal risks and uncertainties. In addition, the Directors have assessed the Group’s long-term prospects over a period of at least twelve months from the date of approval of these financial statements, and have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future.

Going Concern review period

The Directors have reviewed the Group’s performance and position, and have also considered the wider economic outlook. The review period for assessing going concern extends to at least 12 months from the date of approval of the financial statements.

Assessment of principal risks

The Directors have reached their conclusion on going concern after assessing the Group’s principal risks, as set out in detail in the ‘Principal risks and uncertainties’ section, starting on page 8. The key risks that directly affect going concern are the risks relating to continuity of supply, changes in market conditions, and the availability of financing. The Directors consider that the Group is well-placed to mitigate these risks, and that its strategies provide robust protection against supply chain disruption, and the Directors consider that the Group’s financial forecasts and projections, including reasonable and appropriate consideration of likely future developments in the business and economic environment, are adequate.

Review of trading results, Cashflow and Financial position

The Directors have reviewed the Group’s trading results for the year ended 31 December 2023, and the budgeted forecast for the year ending 31 December 2024. The Directors have also reviewed the Group’s cashflow forecasts for the period to 30 June 2025.

The Group is debt-free, has cash and cash equivalents balance at 30 December 2023 of £177.0 million and an undrawn committed borrowing facility of £160 million, maturing in June 2026. The Directors have considered the impact of various scenarios on the Group’s liquidity and headroom, including a severe but plausible downside scenario.

Going concern

Base case scenario

A ‘base case’ scenario. The Group forecast, prepared in December 2023 and including the Group’s expected trading performance for the year ended 31 December 2024, has been considered.

The Directors have assessed the Group’s ability to generate sufficient cash to meet its obligations, and have considered the availability of credit facilities.

Severe but plausible downside scenario

A ‘severe but plausible’ downside scenario based on the Group’s financial forecasts, and incorporating the impact of a significant and sustained downturn in economic conditions that the Company and its customers face. This scenario models a reduction in most of the variable costs and the introduction of certain measures to reduce cash outflow.

The Directors have considered the Group’s resilience to such a downturn and the mitigating actions that could be taken.

Reverse stress-test scenario

A ‘reverse stress-test’ scenario. This scenario starts with the point at which the Group’s liquidity headroom disappears and then considers events that could lead to that situation. The Directors consider that reasonably foreseeable events are unlikely to lead to a situation where the Group would be unable to meet its obligations.

Conclusion on going concern

Taking all the factors above into account, the Directors believe that the Group will continue to operate in the foreseeable future and have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. The Directors have considered the Group’s principal risks and the Group’s financial forecasts and projections. The Directors confirm that they are not aware of any further matters that would cast doubt on the Group’s ability to continue as a going concern. The Directors consider that the Group has a robust assessment of its principal risks over the viability period on the basis already described in the going concern assessment.

Assessment of viability

The Directors have assessed the Group’s long-term prospects, and have considered a range of scenarios over a three-year period.

Current position

• Strong trading performance in the year to date, driven by the Group’s differentiated offer.
• Cash and cash equivalents balance at 30 December 2023 of £177.0 million.
• Undrawn committed borrowing facility of £160 million, maturing in June 2026. The facility is available for general corporate purposes and is not drawn down by the Group.
• £160 million committed borrowing facility, with covenants linked to leverage and interest cover, and the facility remains available under its current terms.

Strategy and business model

• Continued focus on delivering value to customers through a differentiated offer.
• Demonstrated agility and resilience of the business in responding to market changes.
• Investment in digital and expanding distribution network.

Robust assessment of principal risks

• The Group’s Principal Risks and Uncertainties section provides an overview of the Group’s key risks, and details the mitigation strategies in place.
• The Group has undertaken a robust assessment of the Group’s principal risks over the viability period on the basis already described in the going concern assessment.

Assessment of viability

Time period and scenario modelling

The Directors have assessed the viability of the Group over a period of three years to 31 December 2026. This period is considered appropriate given the nature of the Group’s business and its strategic planning horizons.

The Group has considered three scenarios:

• Base case scenario: The base case scenario takes the base case described in the discussion of going concern above and extends it over the three-year period. The Group has therefore assessed its ability to generate sufficient cash to meet its obligations, and has considered the availability of credit facilities.

• Severe but plausible downside scenario: The severe but plausible downside scenario takes the same decline over the going concern period as described in the discussion of going concern above, and then assumes a phased recovery over the rest of the three-year period. The Group has therefore assessed its ability to generate sufficient cash to meet its obligations, and has considered the availability of credit facilities.

• Reverse stress-test scenario: The reverse stress-test scenario assumes a phased reduction in profitability and cash generation, such that at some point the Group would be unable to meet its obligations. The Directors consider that reasonably foreseeable events are unlikely to lead to a situation where the Group would be unable to meet its obligations. The Directors have therefore concluded that the Group’s forecasts and projections are adequate.

The Directors consider that the reasonably foreseeable business conditions and stresses do not indicate that the Group’s financial viability would be threatened. The Directors have therefore concluded that the Group has a reasonable expectation that it will continue to operate for the foreseeable future.

Going concern and Viability statements continued

Assessment of viability

Time period and scenario modelling

The Directors have assessed the viability of the Group over a period of three years to 31 December 2026. This period is considered appropriate given the nature of the Group’s business and its strategic planning horizons.

The Group has considered three scenarios:

• Base case scenario: The base case scenario takes the base case described in the discussion of going concern above and extends it over the three-year period. The Directors have assessed the Group’s ability to generate sufficient cash to meet its obligations, and have considered the availability of credit facilities.

• Severe but plausible downside scenario: The severe but plausible downside scenario takes the same decline over the going concern period as described in the discussion of going concern above, and then assumes a phased recovery over the rest of the three-year period. The Directors have assessed the Group’s ability to generate sufficient cash to meet its obligations, and have considered the availability of credit facilities.

• Reverse stress-test scenario: The reverse stress-test scenario assumes a phased reduction in profitability and cash generation, such that at some point the Group would be unable to meet its obligations. The Directors consider that reasonably foreseeable events are unlikely to lead to a situation where the Group would be unable to meet its obligations. The Directors have therefore concluded that the Group’s forecasts and projections are adequate.

The Directors consider that the reasonably foreseeable business conditions and stresses do not indicate that the Group’s financial viability would be threatened. The Directors have therefore concluded that the Group has a reasonable expectation that it will continue to operate for the foreseeable future.

Borrowing facility and covenants

The Group has a £160 million committed revolving credit facility, maturing in June 2026. The facility has financial covenants relating to leverage and interest cover, and is available for general corporate purposes.

The Group has no borrowings and the available credit under the facility remains undrawn. The Group has complied with all covenants in respect of the facility for the year ended 31 December 2023.

Results of scenario testing

The Directors have undertaken scenario testing in respect of the Group’s liquidity and financial resilience.

The base case scenario assumes that the Group’s current trading performance will continue, with modest growth in line with the Group’s forecasts. In this scenario, the Group has sufficient liquidity to meet its obligations and maintain its planned capital expenditure.

The severe but plausible downside scenario assumes a significant reduction in sales and profitability, and an increase in certain costs. In this scenario, the Group’s liquidity would be reduced, but the Group would still have headroom at the end of the viability period.

The reverse stress-test scenario assumes a prolonged and severe downturn, such that the Group would experience significant cash outflows and would be unable to meet its financial commitments. The Directors consider that such a scenario is not reasonably foreseeable.

The likelihood of this level of fall in sales is considered to be remote.

Conclusion on going concern

Taking all the factors above into account, the Directors believe that the Group will continue to operate in the foreseeable future and have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. The Directors have considered the Group’s principal risks and the Group’s financial forecasts and projections. The Directors confirm that they are not aware of any further matters that would cast doubt on the Group’s ability to continue as a going concern. The Directors consider that the Group has a robust assessment of its principal risks over the viability period on the basis already described in the going concern assessment.

Assessment of long-term prospects

The Directors have assessed the Group’s long-term prospects, and have considered a range of scenarios over a three-year period.

Current position

• Strong trading performance in the year to date, driven by the Group’s differentiated offer.
• Cash and cash equivalents balance at 30 December 2023 of £177.0 million.
• Undrawn committed borrowing facility of £160 million, maturing in June 2026.
• £160 million committed borrowing facility, with covenants linked to leverage and interest cover, and the facility remains available under its current terms.

Strategy and business model

• Continued focus on delivering value to customers through a differentiated offer.
• Demonstrated agility and resilience of the business in responding to market changes.
• Investment in digital and expanding distribution network.

Robust assessment of principal risks

• The Group’s Principal Risks and Uncertainties section provides an overview of the Group’s key risks, and details the mitigation strategies in place.
• The Group has undertaken a robust assessment of the Group’s principal risks over the viability period on the basis already described in the going concern assessment.

Our SECR and Scope 3 reporting continued

Relative importance of Scope 3 categories

	2022	2023	2020	2021
Purchased goods & services	2622 tCO2e	2893 tCO2e
Capital goods
Fuel- and energy-related activities (not included in Scope 1 or 2)
Upstream transportation & distribution	1602 tCO2e	1982 tCO2e
Waste generated in operations
Business travel	114 tCO2e	128 tCO2e
Employee commuting	23 tCO2e	25 tCO2e
Upstream leased assets
Downstream transportation & distribution
Processing of sold products
Use of sold products
End-of-life treatment of sold products
Downstream leased assets
Franchises
Investments
Total Scope 3	4339 tCO2e	4928 tCO2e
# Governance

Governance

Page Title

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

Financial Statements

Balance sheet

	2023 £m	2022 £m
Assets
Non-current assets
Property, plant and equipment	1,178	1,133
Intangible assets	436	439
Right-of-use assets	134	151
Investments	1	1
Other non-current assets	15	20
Total non-current assets	1,764	1,744
Current assets
Inventories	404	378
Trade and other receivables	442	390
Cash and cash equivalents	215	259
Total current assets	1,061	1,027
Total assets	2,825	2,771
Liabilities
Non-current liabilities
Lease liabilities	102	119
Provisions	16	17
Deferred tax liabilities	10	13
Other non-current liabilities	3	4
Total non-current liabilities	131	153
Current liabilities
Trade and other payables	424	431
Current tax liabilities	69	71
Provisions	10	9
Lease liabilities	32	33
Total current liabilities	535	544
Total liabilities	666	697
Net assets	2,159	2,074
Equity
Share capital	10	10
Share premium	545	545
Retained earnings	1,604	1,519
Total equity attributable to owners	2,159	2,074
Total equity	2,159	2,074

Additional Information

Further reading relevant to going concern and viability

• Going concern continued
• Financial Statements
• Going concern and viability disclosures

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

Board activity during the year

The Board met on seven occasions during the financial year ended 31 December 2023.

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Directors' duties (Section 172(1) statement)

Stakeholder engagement

2018 UK Corporate Governance Code: application and compliance

Nominations Committee report

Remuneration Committee report

Audit Committee report

Sustainability Committee report

Directors’ report

Directors’ statements

Conclusion on viability

Having considered the Group’s current position, strategy, business model and principal risks in their evaluation of the going concern basis of accounting and the results of scenario testing, the Directors concluded that they have a reasonable expectation that the Company will continue in operational existence and to meet its liabilities in full and as they fall due over the period of at least twelve months from the date of this report.

Long-term prospects and viability

Long-term prospects and viability continued

Principal risks and mitigations

• 38–41 Trading results
• 16–35, and the Financial Statements
• Balance sheet
• 163
• Inventories
• 378
• Trade and other receivables
• 390
• Cash and cash equivalents
• 259
• Total current assets
• 1,027
• Total assets
• 2,771
• Trade and other payables
• 431
• Current tax liabilities
• 71
• Provisions
• 9
• Lease liabilities
• 33
• Total current liabilities
• 544
• Total liabilities
• 697
• Net assets
• 2,074
• Share capital
• 10
• Share premium
• 545
• Retained earnings
• 1,519
• Total equity attributable to owners
• 2,074
• Total equity
• 2,074
• Lease liabilities
• 119
• Provisions
• 17
• Deferred tax liabilities
• 13
• Other non-current liabilities
• 4
• Total non-current liabilities
• 153

Howden Joinery Group Plc Annual Report & Accounts 2023

Strategic Report

Strategic Report

Strategic Report

Page Title

Page Title

Governance

Nominations Committee report

Board of Directors

Remuneration Committee report

Sustainability Committee report

Audit Committee report

Corporate governance report

Corporate governance report

Board of Directors

Key Board activity

Executive Committee and Company Secretary

Directors' duties (Section 172(1) statement)

Stakeholder engagement

2018 UK Corporate Governance Code: application and compliance

Nominations Committee report

Remuneration Committee report

Audit Committee report

Sustainability Committee report

Directors’ report

Directors’ statements

Going concern and viability

Going concern continued

Financial Statements

Going concern continued

Governance

Howden Joinery Group Plc Annual Report & Accounts 2023

70

Strategic Report

Governance

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

Howden Joinery Group Plc Annual Report & Accounts 2023

74

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

75

Howden Joinery Group Plc Annual Report & Accounts 2023

74

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval from the Science Based Targets Initiative (SBTi) of our Net Zero targets. Our environmental commitments are as important strategically to the Board as our other strategic initiatives and we will continue to monitor our performance and hold management to account on delivery of these targets.

Roles

Further information about the role of the Board, the Executive and Non-Executive Directors, external advisors and individuals may be found on our website: www.howdenjoinerygroupplc.com/governance/division-of-responsibilities

• Peter Ventress - Chairman
• Louise Fowler - Non-Executive Director
• Louis Eperjesi - Non-Executive Director
• Vanda Murray - Non-Executive Director
• Andrew Cripps - Senior Independent Director
• Karen Caddick - Non-Executive Director
• Andrew Livingston - Executive Director
• Paul Hayes - Executive Director
• Guy Eccles - Group HR Director
• Julian Lee - Operations Director
• David Sturdee - Executive Director
• Theresa Keating - Group Finance Director
• Stuart Livingstone - Trade Director
• Richard Sutcliffe - Supply Chain Director
• Andy Witts - Chair of International

Board meeting attendance

Name	Attendance	Notes
Peter Ventress	7/7
Karen Caddick	6/7	Karen was unable to attend the November Committee meeting due to illness.
Andrew Cripps	7/7
Geoff Drabble	3/4	Geoff retired from the Board following the AGM in May. The Board meeting was held immediately before the AGM and therefore he did not attend.
Louis Eperjesi	3/3
Louise Fowler	7/7
Paul Hayes	7/7
Andrew Livingston	7/7
Debbie White	7/7

Executive Directors

• Andrew Livingston
• Paul Hayes
• Guy Eccles
• Julian Lee
• David Sturdee
• Theresa Keating
• Stuart Livingstone
• Richard Sutcliffe
• Andy Witts

Company Secretary

• Andrew Livingston

Executive Committee

Board and Executive Committee structure

Corporate governance report

Stakeholders

This report details how we have engaged with our stakeholders and how, as a Board, we balance their respective needs. Throughout 2023, we were in regular dialogue with the Pension Trustees of the Howden Joinery Pension Scheme. Following the shock volatility in the gilts market in the autumn of 2022, we engaged with the Trustees on their updated investment strategy. Consequently, the Board and the Trustees completed a significant de-risking of the Scheme’s asset allocation in November, securing the majority of the long-term liabilities through gilts and matching buy-in. This de-risking exercise has significantly improved the Scheme’s funding position and has, in part, de-risked the Group’s balance sheet. The Board is looking forward to further engagement with the Trustees, and all our other stakeholders, in the year ahead.

The Board in 2024

I am pleased with how the Board’s agenda has developed during 2023 and the introduction of ‘spotlight sessions’ was widely welcomed in the Board evaluation feedback. We have a full programme of spotlight sessions in 2024 (details of which can be found on pages 78 and 79) which builds on the updates presented in 2023. The Board will also work with the Remuneration Committee on updating the Directors Remuneration Policy and I look forward to working with our new Remuneration Committee Chair, Vanda Murray, in engaging with shareholders on the draft policy in the second half of the year. I also look forward to engaging with our shareholders at the AGM in May.

Peter Ventress
Chairman

2024 Annual General Meeting (AGM)

Details of the 2024 AGM may be found in the 'Additional information' section on page 214.

Disclosures

Disclosures may be found in the ‘Additional information’ section on pages 214 and 215.

Using the corporate governance report

The corporate governance report is structured in four parts: Part 1: Board activity during the year. Part 2: Directors' duties and section 172 disclosure. Part 3: Stakeholder engagement. Part 4: UK Corporate Governance Code compliance.

73

Howden Joinery Group Plc Annual Report & Accounts 2023

72

Financial Statements

Additional Information

Governance

Strategic Report

Governance

Governance

Page Title

Governance

Introduction from the Chairman

Howdens is a resilient and well-run business. In my Chairman’s statement at the beginning of this Annual Report and Accounts (pages 16 to 18), I spoke of the many challenges facing our business and the corresponding effect of these challenges on our end markets. During such periods, it is vital that boards provide clear and consistent leadership, underpinned by robust corporate governance practices. The work of this Board and its Committees are set out on the following pages and I hope that is showcases our governance achievements and priorities for the year ahead.

I was pleased when Howdens rejoined the FTSE 100 in 2023 and we recognise the additional scrutiny from a corporate governance perspective that this will bring but we are prepared to live into the high standards expected of us. We will also take time to consider the revisions to the UK Corporate Governance Code and what that will mean for us as a Board going forward. Fundamentally, we remain committed to the high governance standards which we have set ourselves and supporting the fundamental principle that Howdens should be worthwhile for all concerned.

Board succession

During the 2023 we announced the retirement of three of our experienced Non-Executive Board members: Geoff Drabble, Debbie White and Karen Caddick as part of our wider succession plans to refresh the Non-Executive Board. Whilst these Directors all contributed hugely to the success of Howdens during their respective tenures, we have already appointed two highly experienced Non-Executive Directors in Louis Eperjesi and Vanda Murray who bring a vast amount of experience to the board table as well as a fresh perspective. More information on Louis and Vanda’s appointments can be found in the Nominations Committee Report beginning on page 98. We will continue to work with the Nominations Committee during 2024 to further refresh the Board, mindful of ensuring the Board has the right balance of skills and experience to support the Group’s strategy.

Strategy

The Board discussed strategy and its strategic initiatives throughout the year. We continued to invest in deeper vertical integration, the depot expansion and refurbishment programme, product innovation and digital expansion, as well as supporting continued investment into the international businesses. ESG and the work of the Sustainability Committee were also a key feature of the work of the Board during the year. We continued to build out the remit of the Sustainability Committee and were pleased to receive approval# Governance

Corporate governance report continued

Board of Directors

Non-Executive Directors

Independence

The Board considered that all of the Non-Executive Directors were independent for the full duration of the period being reported on and that Peter Ventress was independent upon his appointment as Chairman.

Key to Board Committee membership

	Audit Committee	Nominations Committee	Remuneration Committee	Sustainability Committee
Andrew Livingston	A	N	R	S
Peter Ventress
Karen Caddick	A	N	R	S
Louis Eperjesi	AAAN		RRR	N NNNS
Paul Hayes
Andrew Cripps	S	A	AAAN	R
Vanda Murray OBE	S	S	SSS

Andrew Livingston
Non-Executive Chairman
Non-Executive Director of LondonMetric Property Plc
Chairman of Bunzl Plc

Peter Ventress
Non-Executive Chairman
None

Karen Caddick
Independent Non-Executive Director
None

Louis Eperjesi
Independent Non-Executive Director
Non-Executive Director of Ibstock Plc, Trifast Plc, and Accsys Technologies Plc

Paul Hayes
Independent Non-Executive Director
Non-Executive Chair of Marshalls Plc and Non- Executive Director of Bunzl Plc

Andrew Cripps
Senior Independent Director
None

Vanda Murray OBE
Independent Non-Executive Director
None

Louise Fowler
Independent Non-Executive Director
Non-Executive Director of Assura Plc

Committee Membership

	Appointed	Appointed
Executive Directors
Audit Committee	A
Nominations Committee	N
Remuneration Committee	R
Sustainability Committee	S

Louise was appointed to the Board in November 2019. Louise has over 25 years’ customer, brand and digital experience at a senior level. Her experience encompasses publicly listed and private businesses, the mutual sector and not-for-profit organisations. Louise’s strong background in consumer experience and reputation is valuable to the Company as it strives to provide a strong aftersales service to further support the builder customer. Her digital experience also provides valuable insight given the investment the Company continues to make in its digital programme. Louise is an Honorary Professor in Marketing at Lancaster University Management School.

77 Howden Joinery Group Plc Annual Report & Accounts 2023

76 Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements

Additional Information

Governance

Strategic Report

Board of Directors

Governance

Governance

Page Title

Governance

Corporate governance report continued

Key Board activity

January
* Health and safety update
* CEO and CFO updates
* Investor relations update
* 2023 Budget review
* Principal Risks review
* Whistleblowing update

January
* Health and safety update
* CEO and CFO updates
* 2024 Budget review
* Investor relations update
* Principal Risks review
* Whistleblowing report

Spotlight: Digital Strategy
Spotlight: Trade Service and Convenience
Spotlight: Product Leadership: Sourcing
Spotlight: Product Leadership: Vertical Integration
Spotlight: Product leadership
Spotlight: Trade Convenience
Spotlight: Trade Service and Convenience

April
* Health and safety update
* Board evaluation feedback
* CEO and CFO updates
* Pensions update
* Investor relations update
* Broker update

May
* Approval of Louis Eperjesi’s appointment

April
* Health and safety update
* Pensions update
* CEO and CFO update
* Investor relations update
* Broker update
* Group policies
* Strategic planning (separate session)

July
* Health and safety update
* CEO and CFO update
* Investor relations update
* Draft 2024 Interim results and announcement, including consideration of going concern
* Broker update
* Key risks review
* Whistleblowing report
* Employee engagement update

May – AGM
* All resolutions were passed with the requisite majority. Further details about the meeting may be found on page 90.

May – AGM
* Further details can be found on page 214

July
* Health and safety update
* CEO and CFO updates
* Investor relations update
* Draft 2023 Interim results and announcement, including consideration of going concern
* Key and principal risks review
* Broker update
* Whistleblowing update

February
* Health and safety update
* CEO and CFO updates
* Investor relations update
* Draft 2022 preliminary results, draft 2022 Annual Report and Accounts and 2023 AGM documents
* Shareholder and capital returns
* Board evaluation review
* NED fees review
* Group policies
* Principal advisors

February
* CEO and CFO updates
* Investor relations update
* Draft 2023 preliminary results, draft 2023 Annual Report and Accounts and 2024 AGM documents
* Shareholder and capital returns
* Board evaluation review
* NED fees review
* Principal advisors

September
* Health and safety update
* CEO and CFO updates
* Manufacturing and logistics capex approval
* Investor relations update
* Director training session (provided by the Group’s corporate lawyer)

November
* Health and safety update
* CEO and CFO updates
* Pensions update
* Investor relations update
* Schedule of Matters Reserved for the Board and Board Committee Terms of Reference
* 2024 Board calendar approval
* Approval of Vanda Murray's appointment

Set out below and on the facing page are highlights of the matters the Board considered in 2023 and will consider in 2024. Not all of the matters the Board considered or will consider are listed, therefore this should not be considered an exhaustive list of all Board matters.

In addition to the matters shown on the 2023 timeline, at each meeting the Board received strategic, operational and financial updates. The Board also considered aspects of Group culture and strategy at various points during the year.# Governance and risk

The Board received governance, legal, and regulatory updates on matters including the UK Corporate Governance Code, Modern Slavery Act, Competition and Markets Authority investigations, and FCA regulatory change. Risk remains a matter reserved for the Board and a detailed review of our risk management processes and principal risks can be found on pages 36 to 41 and on page 96. We have reviewed our risk management processes and remain confident in our established framework to identify, assess and manage risks. The annual review of the risk and control framework was presented to the Audit Committee in September 2023. Reporting from our whistleblowing helpline is also considered by the Board.

Shareholder engagement

Information about how we engage with shareholders can be found on pages 84 to 91.

Executive Committee presenters:

JL RS DS DS DS JL RS

1 The Company’s actuaries reported to the Board on routine funding and investment matters and the Chair of the Pension Trustees attended to provide an overview of the Trustees’ funding and investment strategy and to seek approval from the Board of its long-term strategy proposal.
2 The review includes an assessment of mitigation of the key and principal risks of the Group as appropriate and the Board provides challenge on these to the Executive Directors. The outcomes are fed back to the Executive Committee for implementation. During 2023, the Board also considered areas of emerging risk, such as AI governance, and provided challenge to the Executive Directors on the inclusion of these areas.

Executive Committee presenters

Julian Lee (Operations Director)
Richard Sutcliffe (Supply Chain Director)
David Sturdee

• Strategic Pillars: International development, Entrepreneurial Culture, Trusted trade relationships
• Trade service & convenience
• Product leadership
• Trade value
• Entrepreneurial culture
• Trusted trade relationships

Spotlight sessions

September
* Health and safety update
* CEO and CFO update
* Employee engagement
* Investor relations update

November
* Health and safety update
* CEO and CFO update
* Pensions update
* Related parties and register
* Board Committees’ Terms of Reference and the Schedule of Matters Reserved for the Board
* 2025 Board calendar
* Employee engagement update

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78 Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements

Additional Information

Governance

Strategic Report

Key Board activity

Governance

Governance

Corporate governance report continued

Executive Committee and Company Secretary

| Name | Role | Appointed | Contribution to the long-term sustainable success of the Company # Governance

Corporate governance report continued

Stakeholder engagement

Howdens' stakeholders are categorised as either 'direct' or 'indirect'.

Stakeholder	Form of Engagement
Communities	Not detailed in this section.
Pensioners	Pages 88 and 89.
Workforce	Pages 86 and 87.
Suppliers	Pages 88 and 89.
Trade customers	Pages 84 and 85.
Shareholders	Pages 90 and 91.
Government and society	Not detailed in this section.
Customers of our trade customers	Not detailed in this section.

Stakeholder and forms of engagement

Engagement with our trade customers includes the following:

• Local depots
• Customer research
• Customer surveys

Twice a year, to ensure we keep abreast of any emerging issues, we carry out 'Voice of the Customer' research, which covers all customer types (depots, builders, and end-users). During 2023, we received around 2,500 responses from this research. This has helped inform the prioritisation within our brand strategy.

Brochure research focus group

In 2023, we carried out research with both end-users and our depots to understand the purchase journey and role of the brochure, the brochure's performance versus competitors', and perceptions of Howdens. A mix of qualitative and quantitative methodologies was used, including focus groups and online surveys. Follow up surveys were also completed to assess improvements made in our follow-up edition of the brochure.

Cabinet research study

As part of our continual efforts to make builders' lives easier, we undertook a cabinet research study with our builder customers to understand the importance and perception of our cabinet quality. 100 of our builder customers were invited to participate in four focus groups across two sites – one in the North and another in the South. The outcome focused on ensuring Howdens' cabinets remain best in class for our customers, with options for future improvements being investigated.

Local depots

The primary method of engaging with our trade customers since Howdens opened its doors in 1995 has been through conversations at the local depot. The relationship between the depot manager and the trade customer has always been at the heart of what we do. Our depot managers feed back our trade customers' views to management at Regional Board meetings (see 'Workforce' on page 86 for further information), which the Trade Director is present at and which the CEO and other members of the Executive Committee frequently attend. Feedback from depot managers is crucial in informing the Board about the needs of our customers and the markets in which they operate. This feedback, along with direct customer feedback, has informed strategy and decision-making. However, it also reinforces our strategic decisions on new depot openings, ensuring that we are maintaining excellent customer service and investing in new product. From these meetings, managers were able to feedback directly to the CEO, Trade Director and other senior executives about any matters affecting their depots and their customers.

Directors' duties (Section 172(1) statement)

A director of a company is required to act in a way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing so, the director must have regard, amongst other matters, to the following:

• Customers: The desirability of the company for maintaining a reputation for high standards of business conduct.
• Reputation: The desirability of the company for maintaining a reputation for high standards of business conduct.
• Long-term thinking: The likely consequences of any decision in the long term.
• Workforce: The interests of the company’s employees.
• Suppliers: The need to foster the company’s business relationships with (amongst others) suppliers and…
• Investors: The need for every member to be treated fairly and for no member to be favoured over another member.
• Environment and community: The impact of the company’s operations on the community and the environment.

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82 Howden Joinery Group Plc Annual Report & Accounts 2023

GovernanceAdditional Information Financial Statements Strategic Report

For example, much of the feedback is through face-to-face conversations rather than being written but where there is need for written feedback, this is provided. Stakeholder feedback can directly affect the Board’s decision making, such as feedback received from investors in relation to the operation of the Directors’ Remuneration Policy for 2023 and direct employee feedback at Regional Board meetings, but it also provides the context for decision making, particularly where there are competing stakeholder interests. As Directors, when we discharge our duty as set out in section 172 of the Companies Act 2006 (‘Section 172’), we have regard to the other factors set out on the previous page. In addition to these factors, we also consider the interests and views of other stakeholders, including our pensioners, regulators and the Government, and the customers of our trade customers. We have set out some examples below of how the Directors have had regard to the matters in section 172(1)(a)–(f) when discharging their Section 172 duty and the effect on certain decisions taken by them in 2023.

Shareholder returns

In 2023, the Company maintained its progressive dividend policy, paying a final dividend of 15.9p per ordinary share for 2022 and, in July 2023, it further recommended an interim dividend of 4.8p per ordinary share. In line with its capital allocations policy (more detail about which can be found on page 32), in February 2023, the Board also approved a £50m share buyback programme. In making its capital returns decisions, the Board considered its long-term strategy of continuing to invest in depots, manufacturing and logistics capabilities, and related strategic investments whilst delivering a progressive dividend. The Board takes regular feedback from its shareholders on the most appropriate method of returning capital, including at the AGM where all shareholders, regardless of the size of their shareholding, are invited to attend and ask questions of the Board. Our CEO and CFO also discuss this during investor roadshows following results announcements. Howdens has a prudent risk appetite towards balance sheet management, an approach which has provided a source of great strength in challenging recent years. As markets recovered from the shock of COVID-19, the Company prudently reinstated its capital priorities, including the return to paying dividends in 2021, and the return of surplus capital in the second half of the year. These returns were only initiated after having repaid all government support received early in the pandemic.

Employee benefits and triennial valuation

The Board meets with the independent Chair of the Pension Trustees at least annually and is mindful of its obligations to all employees and former employees in all its pension arrangements. The security and long-term resilience of the Company) is the Board’s primary objective and maintaining the strength of our pension scheme is a key part of this. However, the Board is also committed to supporting the funding position of the scheme in proportion to its responsibilities to all of its stakeholders. Following the expiry at the end of June 2023 of the previous triennial valuation, the Company made deficit repair contributions of £1m per month until the conclusion of the triennial actuarial valuation which was ongoing at the time. The triennial valuation (as at 31 March 2023) was completed in November 2023.

Under the terms of the latest triennial valuation, the Company will continue to pay deficit repair contributions at the rate of £12m per year and renewed the 'switch off' mechanism if full funding on the Technical Provisions basis was met. Full funding on this level was achieved at the date deficit repair contributions were suspended. At the end of January 2024, the scheme was in a surplus position and deficit repair contributions were suspended at that time. The Company and Trustee Board continue to work together on the long-term investment strategy for the scheme with the aim to reduce reliance on the Company and the CFO reports to the Board on these matters as appropriate.

Investment in strategic initiatives

The Board believes that it is in the best interests of all stakeholders to invest in long-term, sustainable initiatives for the business. This includes continued investment in the depot network (both new depots and reformats), in digital infrastructure, and the international business. It also includes investment in our manufacturing and logistics capabilities. In September 2023, the Board approved investment in panel machining and a new veneer press. The Board’s decision to invest in these assets was driven by the need to improve the efficiency and productivity of our manufacturing capability, which is key to the success of our in-stock offer and the Board keep under review the mix of product bought-in versus that manufactured in-house, considering product quality, manufacturing efficiency and cost effectiveness. In considering its approval of the investment, the Board considered the payback on investment and that the investment supported the Group’s strategic plans to support core manufacturing processes, which in turn represented good value for shareholders. Furthermore, it was noted that, with ever-improving machinery safety requirements, the new machinery would possess enhanced safety features which were in the interests of the workforce working on the lines, and that, whilst the panel machining investment would lead to fewer panels being bought in from external suppliers, because demand was expected to grow, the reduction in bought-in panels would occur over the long-term allowing suppliers time to adjust their plans.# Governance

Stakeholder engagement

Trade customer surveys

In addition to the face-to-face conversations we have with our customers in our depots, we run monthly trade customer surveys to better understand our trade customers' sentiment, price and value perceptions, purchase behaviour, business prospects, 'cost of living impacts', and forecasted activity. Ad hoc 'deep dive' surveys are also used to ask trade customers about various product categories, including what is important to them within those product categories, what more they need from us, and what could cause them to shop elsewhere. In 2023, we completed deep dive surveys for all of our core categories. We received around 10,000 responses from our customers which has helped inform category strategy including supporting with brand and ranging direction, and depot training.

Trade customers

Board members, Executive Committee members and senior managers regularly visit depots to ensure they hear from our trade customers and to understand their businesses.

Workforce

Engagement with our workforce includes the following:
* Employee engagement survey
* Regional Board meetings
* Townhalls and feedback sessions
* Trade union and works council meetings
* Whistleblowing helpline

Our CEO also attends a majority of these Regional Board meetings. Certain support functions (including Supply, Commercial, Finance, and HR) also regularly attend. Members of the Board periodically attend Regional Board meetings.

Regional Board meetings

There are a minimum of 12 Regional Board meetings held per region per year, providing many opportunities each year for two-way discussions about critical business issues.

Townhalls and feedback sessions

The Operations Director continues to hold at least two business updates each year for all employees based at our manufacturing and logistics locations, supported by members of the Operations Leadership Team. The Operations Leadership Team also hold ‘Ask away’ sessions with groups of employees. All new starters are invited to a 'Meet and Greet' session with members of the Operations Leadership Team and, as part of that, all new starters are asked for their feedback about what they are enjoying and what we could do better. At each of our manufacturing and logistic sites regular feedback sessions are held with employees. It was through these channels that employees continue to express any concerns or opportunities for improvement. Following some of these sessions, we have committed to improving our agreement for ‘Flexible Working Arrangements’, ensuring people have a better balance, whilst also ensuring we continue to maintain our excellent service levels. Monthly townhalls are hosted by our Supply Chain Director, who is also acting Commercial Director, and separately by the Trading Director. These meetings provide an opportunity for these Directors to communicate their strategic direction and to provide updates on their respective areas. Employees are given the opportunity to ask questions and the meetings also act as an opportunity to give recognition to employees who are going 'above and beyond' in their work. Informal feedback sessions are hosted by area managers to address local issues in depots. These sessions are usually organised by job role, but may also be organised by depot or site. These forums are effective in resolving issues quickly and efficiently, and issues are resolved locally. Where there are broader issues, area managers will liaise with the wider business for a resolution. These forums also act as an opportunity to exchange best practice as well as to meet colleagues from other depots.

Engagement with the Trade Union and works councils

Howdens respects the collective bargaining of its employees and actively engages with the Trade Union and works councils collectively at least quarterly. Local sites host Trade Union representative meetings and works councils meetings monthly. Site leadership and HR attend these meetings. In 2023, we continued to engage with the collective groups and undertook training together, facilitated by ACAS to help build even more productive and effective working relationships. As a result of the feedback from our trade union and works council groups, we have made enhancements to payslip access and remuneration information, launched the new in-house Occupational Health service, expanded and developed our wellbeing support framework including new wellbeing rep training via our Occupational Health provider and increased provision of wellbeing support. In 2023, a new Employee Engagement Forum was created in HWS West (Normanton) to ensure that as we harmonised terms and conditions we did it in a way that included, involved, and had the employee voice at the heart of what we did. This Forum meets on a regular basis to focus on the issues and opportunities most important to our workforce. We strongly believe direct communication is the best method of engagement.

The Howdens Show

In January 2023, we hosted the Howdens Show, which welcomed over 1,100 employees to the International Convention Centre in Wales. Our CEO hosted the event, which was a chance to set the scene for the year ahead and it featured business, charity and community updates from senior members of staff from across the business.

The Board's workforce engagement arrangements

Following the retirement in 2023 of Geoff Drabble, who was the Non-Executive Director Responsible for Workforce Engagement, a review of workforce engagement by the Board was undertaken. Given the complexity of Howdens operations (when considering the variety of role types in our vertically integrated business and its various geographies), it was agreed by the Board that workforce engagement would become a collective responsibility for the all the Board members. This will ensure that the diversity of Howdens workforce are properly and proportionately represented. Further detail about the new arrangements is set out on page 92.

Whistleblowing helpline

The Company operates a confidential whistleblowing helpline. The helpline is multilingual and available 24 hours a day. The Company Secretary provides the Board with a bi-annual report which details the number and nature of whistleblowing instances made during the period. Where any matters are identified as requiring Board attention, the governance processes are in place should this be deemed necessary.

Best Companies survey

As a result of the Best Companies survey in March 2022, we have remained focussed on providing more support for employee wellbeing, an area that was highlighted for improvement. In 2023:
* We expanded our provision of employee wellbeing representatives. Nine new representatives were trained across our Support functions. This is in addition to those already at our manufacturing and logistics sites.
* We have partnered with a new provider, the Retail Trust, for our Employee Assistance Programme providing a 24/7 helpline, counselling services and signposting to other support.
* We have continued our focus on Mental Health, working with Movember to provide our male employees with access to their men’s health resources and to support our employees to be open about mental health and to support each other. A new partnership with Movember has further bolstered this support. As referenced on page 55, we now have a mental health toolkit and our Counter Talk podcast on mental health, which provide employees with practical tools and guidance for managing their mental wellbeing and a platform for open conversations about mental health and to support each other.
* Once again, in July 2023, we gave employees access to 'Know your numbers' (pre-peak blood pressure and resting heart rate testing) which was run in partnership with British Heart Foundation to mark National Heart Month. 825 employees attended these sessions.
* We continued our menopause awareness training, partnering with Wellbeing of Women and Henpicked to give us access to a range of webinars on broader women’s health issues and support tools. We have developed a Menopause e-learning package which will launch in 2024. More information is included on page 55.

We have a programme of financial wellbeing support. We have held a number of webinars on topics such as pension planning and pre-retirement sessions. We launched a new workplace ISA, a Cycle to Work scheme and a new retail discount platform via Retail Trust. We have a wellbeing calendar for 2024, which continues to build on the themes of men’s and women’s physical health, mental wellbeing, financial wellbeing and family support. Information is shared internally via our internal comms and a hub on our intranet site. Further information on inclusion and wellbeing may be found on pages 54 and 55 of the Sustainability matters report.

Regional Board meetings

Regional Board meetings are a forum for the depot leadership team and Executive Committee members to discuss strategy and day-to-day business matters on a regular basis. Our Trade Director (and, previously, our COO of Trade) attends all meetings and all regional directors, area managers, and depot managers attend the meetings applicable to their region.

Suppliers

Category team relationships and supplier management

Our internal commercial structure is organised into categories. The use of categories provides clearer accountabilities for product ranging decisions and with greater internal accountability comes the fostering of stronger relationships with our suppliers.Suppliers are engaged with focused teams within the organisation. In addition, we have also partnered with SAP Ariba to further strengthen the way we do business with our suppliers in an efficient and effective manner. Supplier Life Cycle Performance (SLP) has helped improve the onboarding and management of our suppliers and allows us to continue to provide the best products and services to our customers. In November 2023, we applied the successful format of the July summit to a further collaboration summit with one of our appliance suppliers and their parent company. Further information about the supplier engagement activities we undertook in support of our Net Zero plans, and the outcomes of these, can be found on page 49 within our Sustainability Report.

Supplier conferences
Maintaining strong supplier relationships based on trust is a key facet of our resilient business model (see page 15). Co-operative engagement with suppliers on new products and the scale necessary to support suppliers' businesses and investment plans helps us to ensure the relationships are enduring and worthwhile for both parties. Supplier engagement is also key in our plans to achieve our Net Zero SBT Plans (further detail about our Net Zero SBT Plans can be found on pages 46 and 47). In July 2023, we held a supplier conference with our largest cabinet frontal suppliers. Engagement with our suppliers includes the following:
* Supplier conferences and meetings
* Category team relationships

Pensioners
Engagement with our pensioners includes the following:
* Board engagement with the Trustee Board
* Newsletters
* Triennial valuations

The Pension Scheme (the ‘DB Plan’) has over 10,300 members, of whom c.5,700 are deferred members, and c.4,600 are pensioners and dependants of former employees.

Board engagement with the Trustee Board
The Trustee Board, chaired by an independent trustee, is responsible for investment strategy and for the day-to-day running of the DB Plan. There are a number of matters reserved for the Company as sponsor under the Trust deed, and the Board invites the Chair of the Trustees to present reports to the Board on the DB Plan’s investment performance and funding position, and on any issues affecting the membership. The Company and Trustees have agreed that the investment strategy and funding position will be reviewed annually. In 2023, the Company engaged with the Trustee Board on a number of matters outside of the normal engagement cycle of investment and funding strategy, including:
* Review of the Scheme’s investment strategy to align with the Company’s Net Zero ambitions and the introduction of ESG considerations.
* Engagement on the Company’s revised employer covenant to support the ongoing security of the Scheme.
* Management of the Scheme’s funding levels and the implications of the macroeconomic environment.

The triennial actuarial review as at 31 March 2023 was completed in November 2023. The Company agreed to pay £12m per year and continued the ‘switch off’ mechanism if full funding on the Technical Provisions basis is met for two consecutive periods. The Company and the Trustees agreed that, as the Plan was fully funded on a Technical Provisions basis at the date the valuation was completed, deficit repair payments should cease and resume only if there were two consecutive annual actuarial valuations showing a deficit on a Technical Provisions basis. Since November, there have not been any valuation events which would trigger these deficit repair payments, and therefore no payments have been made.
* Engagement on the investment of LDI collateral headroom and cashflow forecasts.
* Management of the Scheme’s funding levels and the implications of the macroeconomic environment.
* preparations for the pensions dashboard roll out.

Newsletters
In October 2022, a newsletter was sent to all members of the DB Plan. The newsletter provided updates on matters such as Trustee Board changes, appointment of a new Plan actuary, changes to the online member portal, latest funding position and guidance on the Pensioner Income Drawdown scheme.

Triennial valuations
Ensuring that there is an appropriate balance between the security of pensioner benefits and the ongoing contributions from the Company is a key priority for the Board. The Scheme’s actuarial valuations are conducted on a triennial basis to ensure the Plan’s solvency and compliance with regulatory requirements. The Company and the Trustees are committed to maintaining a fully funded position, which benefits all stakeholders.

Corporate governance report continued

Stakeholder engagement continued

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Engagement with our shareholders includes the following:

• Annual General Meeting
• Shareholder meetings and roadshows

Annual General Meeting (AGM)

The 2023 AGM was held in-person and was an opportunity for the Board members to be able to converse with shareholders and to present their updates to them directly. Members of our Executive Committee and senior leadership team were also present to meet with shareholders outside of the formal business of the meeting. During the Q&A session at the AGM, the Board was asked questions on the following topics: stock availability and team incentives. The questions raised were answered fully on the day and no further action or considerations were required. In addition to the in-person meeting, shareholders were provided with the opportunity to submit any questions they had of their Board of Directors through a question facility on the Company’s corporate website. This facility remained open throughout the year following the conclusion of the AGM. During the year the major activities were as follows:
* Engagement with the 15 sell side analysts who cover the Company and maintenance of Company compiled consensus forecasts.
* Ongoing dialogue with shareholders and the Executive Directors and Director of Investor Relations.
* Ad hoc in-person and virtual one-to-one meetings as requested by shareholders and non-holders.
* Site visits to our factory in Howden and depots with small groups of institutional holders and non holders to highlight our key strategic initiatives.
* Site visits to London based depots to highlight the capabilities of our new reformatted depots and small format depots.
* Supporting industry conferences held by the major banks selling equities.
* Targeted marketing roadshows to major investor hubs internationally.

Shareholder meetings

During 2023, we continued to focus our approach working with our corporate brokers to identify potential target investors located in the major investor hubs internationally. This included domestic investors in the UK but also international funds buying equities in North America and Europe. For targeting work, we have focused on identifying potential investors within the retail distribution sector, which includes a mix of both existing holders that are underweight in our stock and non-holders who are already invested in distribution peers. This targeting work has been used to prioritise meetings for the investor programme throughout the year. Following each period end, the Board is provided with an investor relations update, which gives an overview of investor feedback. The Director of Investor Relations regularly provides feedback at Board meetings on the investor relations programme. Following the half-year and full-year results, more detailed feedback sessions were held with the Audit Committee and the Board, focusing on investor feedback regarding the Company’s strategy. In summary, investors continue to be supportive of the Company’s strategic initiatives and the resilience of Howdens' business model despite challenging market conditions.

Shareholders
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Stakeholder engagement continued
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2018 UK Corporate Governance Code: application and compliance

2018 UK Corporate Governance Code: application of Principles

The Financial Reporting Council (FRC) published the 2024 UK Corporate Governance Code on 22 January 2024. This iteration of the UK Corporate Governance Code will, in the opinion of the Board, have a significant impact on the governance landscape for listed companies, commencing 1 January 2025. This Annual Report and Accounts has been prepared under the 2018 UK Corporate Governance Code (the ‘Code’), which applies to accounting periods beginning on or after 1 January 2019. We are pleased to report that the Company applied all the Principles of the Code throughout the period, and that the Company complied with all the Provisions of the Code, save for those listed below.

The Company’s disclosures in relation to the Principles and Provisions of the Code are set out below, and the Company was compliant with all Provisions of the Code, except for Provisions 5, 12, 40, and 41. Provision 5 provides that boards should understand the views of the company’s other key stakeholders and that, for engagement with the workforce, one or a combination of the following methods should be used: (i) a director appointed to represent the workforce on the board; (ii) a member of the company’s consultative body; or (iii) a designated non-executive director. From the beginning of the reporting period until 4 May 2023, the Company was compliant with Provision 5 having appointed Geoff Drabble as the Non-Executive Director Responsible for Workforce Engagement in 2019.## Governance

Corporate governance report continued

2018 UK Corporate Governance Code: application and compliance

Following Geoff’s retirement from the Board, a review of workforce engagement by the Board was undertaken and it was agreed that, given the complexity of Howdens operations (when considering the variety of role types in our vertically integrated business and its various geographies), workforce engagement would become a collective responsibility for the Board. This will ensure that the diversity of Howdens' workforce is properly and proportionately represented. The Board will consider employee engagement at two dedicated sessions each year and a dashboard of key employee engagement metrics will be developed for these meetings. In keeping with Howdens’ culture of open and direct feedback, an annual programme of employee engagement events will be collated, which will include EDI listening sessions, town hall sessions and other engagement activities. Non-Executive Directors will be expected to attend a minimum number of sessions each year and to provide feedback formally after each session. The Board will ensure that the arrangements for workforce engagement satisfy Provision 5 of the Code, and an explanation of the effectiveness of the new arrangements will be reported in the 2024 Annual Report and Accounts.

During the period of review of workforce engagement by the Board during 2023, members of the Board continued to attend Regional Board meetings across the country (further information on these meetings can be found on pages 86 and 87). At these meetings, Store Managers were able to directly engage with the Directors and Board members actively engage with each of these groups. A detailed explanation of our engagement with our shareholders and wider stakeholder base, and how this engagement has informed the Board’s decision making processes can be found on pages 82 to 91. How the Board members discharged their ‘Section 172’ statutory directors' duties is described on pages 82 and 83.

The Board and its committees review workforce policies and practices on a regular basis. A Group policy framework has been established and is reported on to the Board on an annual basis, as well as any updates needed for Group policies. Part of this review includes ensuring that policies remain aligned to the Howdens culture and support long-term success. One example of this is how our Remuneration Committee considers the pay policies and practices of the wider workforce when determining Executive reward. More information in this regard can be found on page 122.

All employees are able to raise any matters of concern using the Company’s confidential whistleblowing helpline. The helpline is available 24 hours a day, it is multilingual, and it is operated by an independent third party. The Board receives reporting on the operation of the whistleblowing helpline and any material incidents. Any serious concerns raised are escalated as appropriate by the Company Secretary who oversees the helpline with support from the internal audit team.

Section 1: Board leadership and company purpose

In order for the company to meet its responsibilities to shareholders and stakeholders, the board should ensure effective engagement with, and encourage participation from, these parties. The board should ensure that workforce policies and practices are consistent with the company’s values and support its long-term sustainable success. The workforce should be able to raise any matters of concern.

Howdens’ founding principle of being worthwhile for all concerned supports the premise that its role is to ensure long-term shareholder value creation and to deliver sustainable and profitable growth. Further information on our resilient business model and strategy can be found on pages 8 to 15. Our contribution to wider society and our statement of the extent of consistency with the TCFD framework can be found in our Sustainability matters report beginning on page 42.

Governing in an effective way ensures the framework and controls needed to align our operations with our strategy are in place. It is only by doing this that we can ensure long-term strategic success of the Company for our stakeholders. We discuss throughout the Governance section how our actions help to preserve the value that the business generates and how they support the strategy. For example, we have set out the way our remuneration structure supports our strategic aims on pages 113 to 116. An explanation of our purpose, values and strategy are set out in the strategic report which starts on page 8. The Board regularly discusses the importance of Howdens’ unique culture and are mindful that it remains aligned with its purpose, values and strategy. Workforce engagement is also an important part of the Board’s agenda and more information about the methods of engagement with the workforce may be found on pages 86 and 87. Integrity and sympathy to the Howdens culture are paramount when the Board recruits new members to the Board. More information about our recruitment and inductions process can be found on page 103.

A successful company is led by an effective and entrepreneurial board, whose role is to promote the long-term sustainable success of the company, generating value for shareholders and contributing to wider society. The board should establish the company’s purpose, values and strategy, and satisfy itself that these and its culture are aligned. All directors must act with integrity, lead by example and promote the desired culture.

The Board considers the attendance at Regional Board meetings (which are Howdens’ primary method for direct communication with its store colleagues) to be an effective measure of employee sentiment. The Board has also received regular updates from management on matters such as trade union and workers council relations.

Provision 12 provides that the board should appoint one of the independent non-executive directors to be the senior independent director (SID). Until 4 May 2023, Geoff Drabble held this role. The role is now held by Andrew Cripps, who was appointed to it on 13 July 2023. Whilst there was a technical breach of this provision for a short period during this reporting period, this occurred during a quiet time in both our Board and corporate calendars and, should an urgent need have arisen, the Board had long-serving members with previous experience and expertise.

Provisions 40 and 41 relate to the alignment of executive remuneration with the wider workforce.

Provision 40 provides that when determining executive director remuneration policy and practices, remuneration committees should address whether remuneration arrangements promote effective engagement with the workforce. Provision 41 provides that the annual report of remuneration committees should include a description of the engagement that has taken place with the workforce to explain how executive remuneration aligns with wider company pay policy.

The Remuneration Committee did not directly consult with the workforce on Executive Director remuneration, instead relying on its established processes and access to external benchmarking data to ensure that there is good alignment on remuneration across the organisation as a whole. In addition, the Company's Share Incentive Plan (SIP), which is a UK all-employee share plan, allows all employees with shares held in the SIP trust to exercise voting rights on those shares. This means our UK employees with SIP shares (the majority of the workforce) are able to vote on the Directors' remuneration report and the Directors' remuneration policy (when applicable) at general meetings of the Company.

The UK Corporate Governance Code 2024 has removed Provision 40 of the 2018 Code and therefore there will be no non-compliance with this provision when the 2024 version of the Code is adopted. The Remuneration Committee will keep under review the need to engage the workforce more directly on Executive remuneration arrangements. Details of how Executive Director pay is considered in the context of the workforce is set out on page 122.

The Board has put in place a framework to ensure that the Company meets its objectives and measures performance against them. Our KPIs and how we have performed against them can be found on pages 28 and 29. More information on our risk processes, including our principal and emerging risks, can be found on pages 36 to 41. Our Audit Committee report provides a summary of our internal control framework on page 138.

The board should ensure that the necessary resources are in place for the company to meet its objectives and measure performance against them. The board should also establish a framework of prudent and effective controls, which enable risk to be assessed and managed.

C

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Additional Information

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Strategic Report

2018 UK Corporate Governance Code: application of Principles continued

At least half of the Board was made up of Independent Non-Executive Directors (not including the Chairman) throughout the reporting period. The Non-Executive Directors that the Board considered to be independent are shown in tables in the appendix.

The Board is satisfied that, throughout the reporting period, at least half of the Non-Executive Directors (excluding the Chairman) were independent and that the Chairman was independent on appointment. There is a clear division of responsibilities between the leadership in the organisation.# Governance

The responsibilities of the Chairman, Chief Executive, and Senior Independent Director may be found on the Company’s website (www.howdenjoinerygroupplc.com/governance/division-of-responsibilities) and the function of the Board Committees may be found in the respective committee terms of reference, also available on the Company’s website (www.howdenjoinerygroupplc.com/governance/tor-and-schedule-of-matters). All of the Directors of the Company have access to the advice of the Company Secretary, who is responsible for advising the Board on all governance matters. The Board has implemented a Group policy framework which is considered by the Board on an annual basis. Individual policies and associated practices are considered alongside

As stated in the Schedule of Matters Reserved for the Board (which may be found at www.howdenjoinerygroupplc.com/governance/tor-and-schedule-of-matters) the appointment

Board as a whole.

Section 2: Division of responsibilities continued

The board, supported by the company secretary, should ensure that it has the policies, processes, information,

The Nominations Committee engages external search consultancies when searching for Board position candidates. Further information about the appointments process is available on page 103 of the Nominations Committee report and the Board’s diversity policy is available on page 102. The Nominations Committee regularly reviews the skills matrix and the tenure of each Board member (see pages 100, 103 and 104 for further details). This ensures the Board’s succession plan remains aligned with the natural rotation of Directors off the Board and the strategic objectives of

The succession plans for the senior management team are regularly reviewed by the Nominations Committee. The Board uses a skills matrix to ensure it has the necessary combination of skills, experience and knowledge to meet its strategic objectives, business priorities and to ensure the unique Howdens culture is maintained. The skills matrix may be found on page 100. The tenure of each Director may be found on pages 103 and 104. The Board has a good balance of new and longer-serving Directors. As at the year end date, tenures of the Non-Executive Directors (including the Chairman) range from 6 months to

Section 3: Composition, succession and evaluation

Appointments to the board should be subject to a formal, rigorous and transparent procedure, and an effective succession plan should be maintained for board and senior management. Both appointments and succession plans should be based on merit and objective criteria and, within this context, should promote diversity of gender, social and ethnic backgrounds, cognitive and personal strengths. The board and its committees should have a combination of skills, experience and knowledge. Consideration should be given to the length of service of the board as a whole and membership regularly refreshed.

The board should include an appropriate combination of executive and non-executive (and, in particular, independent non-executive) directors, such that no one individual or small group of individuals dominates the board’s decision-making. There should be a clear division of responsibilities between the leadership of the board and the executive leadership of the company’s business.

The Audit Committee and the Remuneration Committee

Board as a whole.

The roles of Chief Executive and Chairman are not held by the same individual and the Chairman has never held the position of Chief Executive of the Company. These factors help ensure that the Chairman demonstrates objective judgement throughout his tenure. The Chairman is mindful of his role in facilitating constructive Board relations and promoting a culture of openness and debate amongst the Board. This in turn encourages the

The 2023 internal Board evaluation concluded that the Board was effective, supportive of management and doing well. Further information about the outcomes and process of the evaluation may be found on pages 106 and 107. The Chairman is also mindful of the need for the Directors to receive information which is accurate, timely and clear. He is supported in this by the Company Secretary, who ensures the

The chair leads the board and is responsible for its overall effectiveness in directing the company. They should demonstrate objective judgement throughout their tenure and promote a culture of openness and debate. In addition, the chair facilitates constructive board relations and the effective contribution of all non-executive directors, and ensures that directors receive accurate, timely and clear information.

The number of Board meetings which were held during the reporting period and the attendance at each of these meetings may be found on page 74. Similarly, the number of meetings of each Board Committee and the attendance may be found on the following pages: 98 (Nominations Committee), 108 (Remuneration Committee), 132 (Audit Committee), and 140 (Sustainability Committee). When reviewing the Nominations Committee’s recommendation to appoint a new Director, the Board will always assess whether the candidate is able to allocate enough time to the role. Similarly, when assessing the acceptability of an existing Director’s wish to take on external appointments, the Board will assess the additional demand on that Director’s time before authorising the appointment. This occurs within the Board's agreed existing protocol whereby

Director of the Company must be approved by the Board before they are entered into. This is set out in the Schedule of Matters Reserved for the Board which may be found on the Company’s website (www.howdenjoinerygroupplc.com/governance/tor-and-schedule-of-matters). During the reporting period, no existing Directors took on additional external appointments. Members of the senior management team regularly presented to the Board (see pages 78 and 79 for a timeline of Board meetings and information regarding any Executive Committee attendees), which provided an opportunity for the Board to constructively challenge and to provide advice to our senior management team.

The Audit Committee

Duties Directors owe the Company and either their personal interests or other duties they owe to a third party may be found on pages 135 and 139.

The Board has established formal and transparent policies and procedures, which ensure the external auditor and internal audit function are independent and effective and are accountable to the Audit Committee. The Board also

time to meet their board responsibilities. They should provide constructive challenge, strategic guidance, offer specialist advice and hold management to account.

Details of the 2023 internal Board evaluation process and outcomes may be found on pages 106 and 107 of the Nominations Committee report.

The Board

Director’s contribution is, and continues to be, important to the Company’s long-term sustainable success may be found

Annual evaluation of the board should consider its composition, diversity and how effectively members work together to achieve objectives. Individual evaluation should demonstrate whether

95 Howden Joinery Group Plc Annual Report & Accounts 2023 94 Howden Joinery Group Plc Annual Report & Accounts 2023 Financial Statements Additional Information Governance Strategic Report Governance GovernancePage Title Page Title Governance

The Board has established formal and transparent policies and procedures, which ensure the external auditor and internal audit function are independent and effective and are accountable to the Audit Committee. The Board also

statements of the Company through the Audit Committee. Further information about the work of the Audit Committee, including the subjects above, may be found in the Audit Committee report, which begins on page 132. A statement regarding the Directors’ responsibility for preparing the Annual Report and Accounts and the Directors’ assessment of the Annual Report and Accounts, taken as a whole, as being fair, balanced and understandable and providing the necessary information for shareholders to assess the Company’s position, performance, business model and strategy, can be found on page 144. The Board is responsible for the Group’s systems of internal control and risk management, and for reviewing their effectiveness. The Board is assisted with these responsibilities by the Audit Committee. Such a system is designed to manage rather than eliminate the risks of failure to achieve business objectives, as well as to help the business take appropriate opportunities. The Board has conducted reviews of the effectiveness of the system of internal controls through the processes described within the 'Risk management' and ‘Principal risks and uncertainties’ sections (see pages 36 to

the Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. As described in the Audit Committee report on page 138, the management team continued to strengthen our overall control framework.# Section 4: Audit, risk and internal control

This work to further enhance internal controls will lead to better risk identification and mitigation, and automate controls and improve visibility to the Executive Committee, Audit Committee and Board in a consistent way across the Group. The assessment of the principal and emerging risks, the uncertainties facing the Group, and the ongoing process for risk monitoring and management is set out in the 'Risk management' and ‘Principal risks and uncertainties’ sections (see pages 36 to 44). The Board has reviewed the effectiveness of the internal control systems in place for the year and is satisfied that the Group has a robust framework of internal control that supports the achievement of its business objectives.

The board should establish formal and transparent policies and procedures to ensure the independence and effectiveness of internal and external audit functions and satisfy itself on the adequacy and effectiveness of the company’s internal control framework. The board should present a fair, balanced and understandable assessment of the company’s position and prospects. The board should establish procedures to manage risk, oversee the internal control framework, and determine the nature and extent of the principal risks the company is willing to take in order to achieve its strategic objectives and to sustain its business model.

By order of the Board
Peter Ventress
Chairman
28 February 2024

The way the Remuneration Committee has ensured our remuneration policies and practices are aligned with our culture, our strategy and risk management is discussed in the Remuneration Committee report (pages 109 to 121). The Remuneration Committee has delegated responsibility for setting the Executive Directors’ remuneration under the shareholder-approved Directors' remuneration policy (the full policy is set out in full at www.howdenjoinerygroupplc. com/governance/remuneration-policy). The Remuneration Committee also has delegated responsibility for setting the Chair of the Board’s remuneration and the remuneration of senior management (i.e. the members of the Executive Committee and the Company Secretary). No Director is able to determine their own remuneration outcome. The Remuneration Committee reviews workforce remuneration and related policies when setting Executive Director remuneration. Ensuring these factors are always considered means our remuneration policies are clear and as predictable as possible. Further information can be found in the Remuneration Committee report on page 122. The Remuneration Committee membership is made up of only independent Non-Executive Directors. Details of whether the Remuneration Committee exercised its discretion during the year can be found on page 109 of the Remuneration Committee report.

Section 5: Remuneration

Remuneration policies and practices should be designed to support strategy and promote long- term sustainable success. Executive remuneration should be aligned to company purpose and values, and be clearly linked to the successful delivery of the company’s long-term strategy. A formal and transparent procedure for determining director and senior management remuneration should be established. No director should be involved in deciding their own remuneration outcome. Directors should exercise independent judgement and discretion when authorising remuneration outcomes, taking account of company and individual performance, and wider circumstances.

Corporate governance report continued

2018 UK Corporate Governance Code: application of Principles continued

M	P	Q	R	N	O
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2023 Nominations Committee activity

Introduction from the Nominations Committee Chair

I am pleased to present this report covering the work of the Nominations Committee in 2023. During the year, the Committee focused on succession planning and Board composition, and we have made good progress during the year. One of the main features of the role of the Chairman of the Board is to take a leading role in determining the composition and structure of the board. I was very fortunate to inherit an engaged and well-balanced Board with a good mix of skills and experience when I took on the role in 2022, but with routine retirements during 2023 and coming in 2024 we have an opportunity to build a Board of Directors to support Howdens and the management team in the next phase of its development. There is also an opportunity to address some of the wider diversity issues that all companies are currently facing. The Nominations Committee primary function is to enable the Board to put the right people in the right places, both at Board and senior management level. It must do so in a way that is transparent and procedurally fair to ensure the avoidance of bias and I am pleased that the Committee has been engaged and challenged throughout the year.

Succession

During 2023 two directors retired from the Board and two were appointed. Geoff Drabble and Debbie White retired with nearly 15 years of Howdens’ experience between them. They have been replaced by Louis Eperjesi and Vanda Murray who bring a huge amount of relevant sector and executive experience to the table. Details of the appointment processes for both Louis and Vanda are contained in this report on page 103. Karen Caddick also expressed her intention to retire from the Board following the AGM in 2024 and therefore Vanda will additionally take on the role of Remuneration Committee Chair following Karen's retirement. The Committee was also involved with new appointments to the Executive Committee and received an update from the Chief Executive on his senior management succession strategy. We have included a case study in this report on the induction of the new Trade Director (page 105).

Composition and diversity

The Nominations Committee remains mindful of the need for a diverse range of skills, experience and backgrounds that it brings to our teams. More information on Howdens’ ongoing equality, diversity and inclusion programmes can be found on pages 54 and 55 of the Sustainability matters report. In 2023, the Committee committed to meeting the gender and ethnicity targets contained in the FTSE Women Leaders Review and the Parker Review. We remain committed to these targets but, following Howdens’ readmission to the FTSE 100 in September 2023, we are no longer in line with the recommendations of the Parker Review. It is our intention to be compliant with the recommendations of the Parker Review and appoint at least one director from an ethnic minority background before the end of 2024. Similarly, it is the Committee’s intention to be compliant with the recommendations of the FTSE Women Leaders Review to have at least 40% female representation on the Board and to have one executive director (SID, CEO and CFO) from an ethnic minority background by the end of the year. I look forward to providing an update on our progress in the 2024 Nominations Committee Report.

Evaluation

In line with the Board’s stated practice, we conducted an annual Board effectiveness review during 2023. A third-party platform was used to collate more quantitative data on the Board’s perceptions of its priorities, strategic objectives, and leadership, as well as governance structures and process. More information on the Board evaluation process and outcomes is set out on pages 106 and 107. I look forward to answering any questions on the work of the Nominations Committee from shareholders at our AGM in May.

Peter Ventress
Nominations Committee Chair

---

Committee meeting (out of cycle)

• Non-Executive Director succession – recommendation to appoint Louis Eperjesi to the Board and the Audit, Nominations, Remuneration and Sustainability Committees

Committee meeting

• Board evaluation process and outcomes
• Non-Executive Director succession update
• Board recommendations for AGM elections
• Draft 2022 Nominations Committee report

Committee meeting

• Senior management talent update
• Board Diversity policy
• Board succession planning, including consideration of diversity, tenure and skills matrix
• Internally facilitated Board evaluation approval
• 2024 Nominations Committee calendar
• Nominations Committee Terms of Reference

Committee meeting (out of cycle)

• Non-Executive Director succession – recommendation to appoint Vanda Murray to the Board and the Audit, Nominations, Remuneration and Sustainability Committees

Nominations Committee report

Key activities in the year ahead
* All current Directors will stand for election or re-election at the AGM on 2 May 2024.
* Regular updates on Executive Committee and senior management succession and talent planning will be provided to the Committee.
* The Committee will undertake its review of skills, composition and size of the Board.
* Review of the Boardroom Diversity Policy.
* Board evaluation planning.
* Review of the Committee’s Terms of Reference.

Board gender split

	February	May	September	November
Howdens	0%	1 director positions
Female representation

Board ethnicity split

	2023
No ethnic minority representation
Ethnic minority representation

Figures correct as at 30 December 2023.
Figures derived from the February 2024 FTSE Women Leaders Review.
*Figures derived from the March 2023 Parker Review update 'Improving the Ethnic Diversity of UK Business'.

2023 meeting attendance

• Peter Ventress (4/4)
• Karen Caddick (3/4)¹
• Andrew Cripps (4/4)
• Geoff Drabble (1/2)²
• Louis Eperjesi (2/2)
• Louise Fowler (4/4)
• Debbie White (4/4)

¹ Karen was unable to attend the November Committee meeting due to unforeseen circumstances.
² Geoff retired from the Board following the AGM in May.

Peter Ventress
Nominations Committee Chair# Governance

Nominations Committee report

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Nominations Committee report continued

Composition

Skills and experience matrix

The Nominations Committee used a skills matrix when assessing its Non-Executive Director succession plans. The matrix highlights where the skills and experience of our Non-Executive Directors are particularly strong, where there are opportunities to further grow the Board’s collective knowledge, and to inform the Board’s future composition as Non-Executive Directors naturally rotate off the Board.

Diversity

Board and Executive Committee Diversity

Listing Rule 9.8.6R(9) requires that a company state whether it has met certain targets on diversity. These targets and whether the Company has met them as at the reference date 1 30 December 2023, and if any changes to the membership of the Board have occurred between the reference date and 28 February 2024 that have affected the Company’s ability to meet one or more of the targets.

• Target: (i) At least 40% of the individuals on the Board of Directors are women.
• Target: (ii) At least one of the following senior positions on the Board of Directors is held by a woman: Chair, Senior Independent Director, Chief Executive Officer or Chief Financial Officer.
• Target: (iii) At least one individual on the Board of Directors is from a minority ethnic background.

Has the target been met by the Company?

• The Company has not yet met target (i). The Board is made up of 37.5% women.
• The Company has not yet met target (ii).
• The Company has not yet met target (iii).

If the target has not been met, why this is the case:

Debbie White retired as a Non- Executive Director at the end of 2023 after seven years on the Board to focus on her new role as Chair of the Co-operative Group. Had Debbie remained on the Board for the duration of her three-year appointment period, the Board would have been compliant with this target from 1 January 2024. The Board has a stated intention to meet this target by the end of 2024. The Board has a well established CEO and CFO and appointed a new Chair in 2022. Whilst the SID role became vacant during 2023, two of the female Non-Executive Directors had indicated that they would retire from the Board in the near future and it was determined that Andrew Cripps had the most relevant experience to perform this role in the short-term whilst a longer-term candidate was identified. The Board has an intention to meet this target by the end of 2024. The Board has stated its intention to appoint a female Chair, CEO, SID or CFO before the end of 2024. As part of its succession process, the Board considered candidates from minority ethnic backgrounds in 2023. The Board determined that alternative candidates were better suited (due to relevant sector experience, for example) for those roles at that time. However, the Company is committed to the appointment of at least one individual from an ethnic minority background before the end of 2024.

The data below is presented in accordance with the FCA’s Listing Rule 9.8.6R(10). The applicable reference date 1 for this data is 30 December 2023. To collect this data, the Company asked members of the Board and Executive Management 2 to complete a voluntary diversity survey.

Gender identity or sex:	Board Members	Number of senior positions on the board (CEO, CFO, SID and Chair)	Executive Management 2
	Number	Percentage	Number
Men	5	62.5%	4
Women	3	37.5%	–
Total	–	–	–

Ethnic background:	Board Members	Number of senior positions on the board (CEO, CFO, SID and Chair)	Executive Management 2
	Number	Percentage	Number
White British or other White (including minority white groups)	8	100%	4
Mixed/Multiple Ethnic Groups	–	–	–
Asian/Asian British	–	–	–
Black/African/Caribbean/ Black British	–	–	–
Other ethnic group, inc. Arab	–	–	–
Total	–	–	–

¹ The ‘reference date’ is the date on which the information must be reported. The Nominations Committee’s report and the diversity information required by LR 9.8.6 R (10) are reported as at 30 December 2023. The ESG Committee regularly monitors diversity data and reports to the Board on a quarterly basis, and will consider this data in its discussions and when identifying any actions to be taken.
² 'Executive Management' means members of the Executive Committee (not including the Executive Directors) and the Company Secretary.

Skills and experience

Importance	Number of Non-Executive Directors	Direct experience	Indirect experience
Industry/Sector
Business-to-business	H	6	0
Manufacturing	H	5	1
Logistics, distribution and supply chain management	H	4	2
Consumer goods	H	5	1
Geographic exposure
UK	H	6	0
Europe	M	5	1
Governance
UK listed companies	H	6	0
Company chair experience	M	4	1
Remuneration committee chair experience	M	5	1
Audit committee chair experience	M	2	2
Senior independent director experience	M	4	0
Policy development	M	5	1
Technical
Accounting and Finance	H	1	5
Audit	H	1	3
Executive management	H	6	0
Risk management	H	5	1
HR/Remuneration	M	2	4
Ecommerce	M	3	3
Marketing	M	5	1
IT/Cyber security	M	0	5
Legal	M	0	4
Operational
Vertical integration	H	5	1
Multisite depot operation	H	3	3

Governance

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Boardroom Diversity Policy

The Board recognises the importance of ensuring that there is diversity of perspective, background, and approach in its management team and on its Board. Since the business was established in 1995, it has sought to enable individuals to progress within the organisation regardless of age, gender, socio-economic background, race or sexual orientation. We believe that it is in the interests of the business and of its shareholders for us to build a Board whose membership is diverse in perspective and experience, as this facilitates better decision-making. We are also mindful of the outputs and recommendations from both the Parker Review and the FTSE Women Leaders Review when making appointments to the Board. It is the Board’s aspiration that it will have at least one member from an ethnic minority by year end 2024. The Board will also target having a minimum female representation of 40% and will continue to seek a woman director for one of the ‘Big 4’ roles (those being Senior Independent Director, Chair, CEO, and CFO) by year end 2024. The Nominations Committee will continue to seek diversity of mindset as well as of gender, race, ethnicity, and socio-economic background when considering new appointments in 2024, and it will continue to review this policy on an annual basis to ensure it remains appropriate. This policy shall also apply to each of the Audit, Nominations, and Remuneration Committees of the Board and we will ensure that at least 40% of members of each of these committees are female. More widely, we are committed to developing a long-term pipeline of executive talent to ensure that the business has access to the skills, expertise and experience required to fulfil its strategy and meet its stakeholders’ expectations. As at 30 December 2023, 37.5% of Board members were women. Both of the Executive Directors were male. There were no members of the Board from ethnic minority groups as at 30 December 2023.

Composition continued

Succession

An integral part of the work of the Nominations Committee is to establish and maintain a stable leadership framework and to proactively manage changes and their impacts on the future leadership needs of the Company, both in terms of Executive and Non-Executive leadership. Ensuring the correct leaders are in place enables the organisation to compete effectively in the marketplace and therefore to meet its various obligations to its stakeholders. As detailed in the rest of the report, the Nominations Committee has managed succession programmes for both the Board and senior management, which have ensured that the necessary skills, expertise and experience are present in the leadership of the Company.

Board succession

The Nominations Committee regularly reviews the skills and expertise that are present on the Board and compares these to the expertise that it believes are required given the strategy, business priorities and culture of the organisation. Since Howdens began trading in 1995, its core strategy has remained largely unchanged. The market, the size, and the stage of maturity of our organisation however have changed, and so our Board has needed to evolve through sensible and well-managed succession planning that does not compromise the stability of the Board. The process normally used in relation to Non-Executive Director appointments is set out below. We continue to manage a phased succession programme for Non-Executive Directors and are pleased with the balance of length of tenure, as well as of diversity, background and perspective of our current Non- Executive Directors.

Retirement

The Nominations Committee is progressing a phased transition on Board succession and, as part of this process, following nearly 8 years of service, Geoff Drabble retired at the Annual General Meeting (AGM) in May 2023. In July 2023, it was announced that Debbie White would retire from the Board in December 2023. This followed the announcement that Debbie would be appointed to the board of the Co-operative Group (the 'Co-op') as an Independent Non-Executive Director in August 2023 and in February 2024 would be appointed Chair of the Co-op board.## Nominations Committee report

In November 2023, it was announced that Karen Caddick, who currently chairs the Remuneration Committee, would retire at the AGM in May 2024. Vanda Murray (whose appointment was also announced in November 2023) will become Chair of the Remuneration Committee following the 2024 AGM.

Appointment

When it is identified that a Non-Executive appointment is required to the Board, the Nominations Committee will engage an external search consultancy to undertake the process of recruiting a new Non-Executive Director. The external search consultancy would be made aware of our Boardroom Diversity Policy (if they were not already) and the Group Diversity Policy to ensure that they are focused on producing a diverse shortlist of candidates for the position. The skills matrix (the current version of which may be found on page 100), together with the collective knowledge, experience and diversity of the Board and the length of service of the Directors, would be used by the Committee to highlight where there were opportunities for a new Non-Executive Director to contribute to the skillset of the Board and would inform the search that external search consultancy undertake. Following longlisting and shortlisting processes, and prior to any recommendation being made by the Nominations Committee to the Board, the preferred candidate would meet with each existing member of the Board. During the year, the Nominations Committee recommended the appointment of Louis Eperjesi and Vanda Murray to the Board.

Group Diversity Policy

We want Howdens to be a place where everyone is welcomed and has the opportunity to thrive, being Worthwhile for ALL concerned. We’re committed to encouraging diversity, inclusion and equality amongst our workforce and to eliminating unlawful discrimination. We value the difference a diverse workforce brings and want each employee to be respected, able to be themself and give their best.

Howdens will aim to:

• Create a working environment free of bullying, harassment, victimisation and unlawful discrimination, promoting dignity and respect for all, and where individual differences and the contributions of all workers are recognised and valued regardless of background.
• Seek to ensure that no one is unlawfully discriminated against or harassed inside or outside the workplace (when dealing with customers, suppliers or other business contacts or when wearing Howdens branded clothing) and on work related trips or events, including social events.
• Encourage equality, diversity, and inclusion in the workplace by providing training opportunities, booklets and toolkits and facilitating open conversations.
• Take seriously complaints of bullying, harassment, victimisation and unlawful discrimination by employees and other workers, customers, suppliers, visitors, the public and any others during the organisation’s work activities.
• Make opportunities for training, development and progress available to all staff, who will be helped and encouraged to develop to their full potential, so their talents and resources can be fully utilised to maximise the benefit to the organisation.
• Make decisions concerning employees based on merit, apart from those limited exemptions and exceptions set out under Equality Act 2010.
• Ensure recruitment practices are fair and transparent, and that all candidates are treated equitably and with respect throughout the recruitment process.
• Monitor the make-up of the workforce regarding information such as age, sex, ethnic background, sexual orientation, religion, or belief, so that we continue to meet the aims and commitments set out in this policy.

Nominations Committee report continued

Group Gender Diversity

The Nominations Committee reviews the gender statistics shown in the table below. Where other data is available, this is presented to the Committee in order to determine whether there are any implicit diversity issues. The reference date for the data below is 30 December 2023.

	Board of Directors	Senior Management¹	Grades 1 to 3²	Group³
Number	%	Number	%	Number
Men	5	62.5%	6	85.7%
Women	3	37.5%	1	14.3%

¹ Members of the Executive Committee, excluding Executive Directors and including the Company Secretary.
² These are generally the direct reports of Senior Management and includes Grades 1 to 3 equivalents.
³ Calculated on an individual basis, not on an FTE basis. Includes UK, France, Belgium, the Republic of Ireland, and the Isle of Man.

Non-Executive tenure as at 30 December 2023

Karen Caddick
Andrew Cripps
Debbie White
Peter Ventress
Louis Eperjesi
Louise Fowler
Years
10
3
2
1
0

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Induction

Working with the Company Secretary, new Directors undertake an induction programme tailored to the needs of the individual. However, they will generally include a number of site visits and meetings with members of the Executive Committee, key employees and advisors. Site visits include our manufacturing sites, our distribution centre and depots. New Directors will also be provided with a mixture of documentation including Company publications, Board materials and some formal information on the role and responsibilities of UK-listed company directors. The Group’s induction programme for newly appointed Directors will continue to be centred on familiarisation with the Group’s operations, key individuals and external advisors.

The Committee met with the Senior Independent Director, the Senior Independent Director of Remuneration and the Chair of the Audit Committee to discuss the effectiveness of the Board and its Committees.

Succession

Senior management succession

The Committee received regular updates regarding senior management succession planning. These updates included the planning and processes involved with the appointment of a new Trade Director. Trade Director Stuart Livingstone joined Howdens as Trade Director in April 2023 and was appointed to the Executive Committee in September 2023. A detailed case study on his induction into the business is set out on the opposite page. The Nominations Committee will continue to work with the CEO and Group HR Director on senior management succession and development in 2024.

Case study: Trade Director appointment

As reported in the 2022 Nominations Committee Report, Stuart Livingstone was appointed Trade Director in early 2023 with a view to taking over key aspects of Andy Witts’ responsibilities as Operations Director, ahead of Andy’s planned retirement in April 2024, following a thorough induction and handover process. Below, we set out further detail on the selection process for the role and the tailored induction and handover programme put in place for Stuart.

Recruitment

The recruitment process for the role of Trade Director was rigorous given the strategic importance of the role. From the outset of the recruitment process, we were clear that candidates needed to possess broad leadership skills, a strong sense of the importance of Howdens’ unique culture and the ability to build long term relationships with our supplier and customer base.

During the recruitment process, a diverse pool of candidates was considered. Short-listed candidates were interviewed by a range of internal stakeholders and were subjected to a psychometric assessment. A number of site visits were undertaken during the process, both in depot and manufacturing operations. In addition to the CEO’s and Andy Witts’ involvement, selected members of the Board and Executive team met with candidates to provide better understanding of the candidate and their potential fit with the business. Candidates performed a psychometric assessment.

Stuart has a strong track record of running large scale multi-site operations in a wide range of businesses. Prior to joining Howdens, he was Operations Director at Pets at Home for six years. Stuart has also held senior positions at American Golf, Kwik Fit, and Whitbread.

Induction and handover

When Stuart joined Howdens, he immediately began his induction and handover programme. The core element of his induction was divided into three distinct phases, centred around the Trade team:

1. Time in depots
   Stuart shadowed all depot roles in a range of depots during his first few months, shadowing all depot roles. A key objective of this time was to ensure that he understood the depot manager autonomy and entrepreneurialism, and high-quality, local trade relationships play in our business model. Another key objective was to ensure that Stuart understood the value and part each depot role plays in contributing to the success of that depot.

2. Time with Trade Directors and Area Managers
   Stuart spent time with Trade Directors and area managers visiting around 200 depots and attending Regional Board meetings (more information about Regional Board meetings can be found on page 112). After visiting the depots, Stuart was able to fully understand the Trade Director role and its contribution to the success of the depots and subsequently, the overall business, as well as strategically important metrics within their teams.

3. Time with Andy Witts
   Over his more than 28-year tenure, Andy has amassed a vast knowledge and experience of matters relating to Howdens’ culture, the workings of the Trade team, our supply chain and the customer experience. The final stage of Stuart’s induction in Trade was therefore spent working shoulder-to-shoulder with Andy Witts. Stuart also closely shadowed Andy in the lead up to, and throughout, our crucial peak trading period during the autumn. In addition to his time spent with the Trade team, Stuart spent time with our Supply team.# Governance

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Executive Committee

Executive Directors

Company Tenure	Executive Committee Tenure
Andrew Livingston	Paul Hayes
David Sturdee	Julian Lee
Andy Witts	Theresa Keating
Richard Sutcliffe	Stuart Livingstone

Company and Executive Committee tenure as at 30 December 2023

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Methodology

The process is outlined below:

• Instructions were sent to Board members on how to create an account and access the platform.
• All Directors were invited to provide feedback on the Board and the Committees of the Board of which they were members. Each section contained a mix of rating questions based on scale of 1 to 7 as to how much the participant agreed or disagreed with a particular statement and free text questions where the participant could provide an answer in their own words. Some roles were automatically excluded from participating in certain questions (generally where this pertained to their own role, such as the Chair).
• Following the external Board effectiveness review in 2022, and in line with the Board’s policy to undertake an external effectiveness review every three years, the 2023 Board effectiveness review was conducted internally. Whilst previous internal reviews had been conducted by the Senior Independent Director with support from the Company Secretary, the Nominations Committee agreed to use a third-party platform (BoardClic) to facilitate the review. Unlike previous internal reviews which relied heavily on the qualitative data provided through interviews with each of the Board members, Executive Committee members and advisors, the BoardClic platform enabled the Committee to collate more quantitative data on the Board’s perceptions of its priorities, strategic objectives, and leadership, as well as governance structures and process. The new platform also greatly streamlined the board evaluation review process and enables the Committee to benchmark its review data against other boards. It is intended to use the platform in future years (both for internal and supporting external reviews) and thereby create a more iterative process, with trends from prior years being available in future years.
• Directors were also invited to provide their observations of the Board evaluation review and any other points they wanted to raise outside of the platform.
• The observations and conclusions of the evaluation were presented to the Chairman and the detailed report was presented to the Nominations Committee and the Board at their meeting in February 2024.
• The Chairman, CEO, and Company Secretary prepared recommendations for development and actions to be presented to the Nominations Committee at a future meeting.

Conclusions and recommendations

Feedback from the Board was positive overall and reiterated that Howdens is a high-functioning, high-performing Board with strong individual committees. The overall conclusion was that the Howdens Board has the requisite knowledge and experience required to support the Group’s strategy and to monitor crucial operations and manages risk well. The Board’s ‘BoardClic Value Benchmark’ (a score that encompasses a number of key aspects of value-creating [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] performance) was higher than the value benchmark and the Board also achieved above benchmark scores in relation to the strategy index and ESG index. The highest scores (indicating areas of particular strength) were received for questions relating to whether the Board [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] [unreadable character] 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Remuneration Committee report

The Committee continued to monitor changes in average FTE salaries and bonuses across all operational and support roles to ensure that there remained alignment on pay between our senior management and that of the wider workforce. The Committee ensured that there remained alignment on pay between our senior management and that of the wider workforce, across all roles and with Howdens’ unique incentive culture across all roles and through regular benchmarking. In reviewing and agreeing Executive remuneration, the Committee considered a number of factors, which include pay across the wider workforce, CEO and gender pay gap ratios and the experience of our shareholders. As in previous years, the Committee also received updates on pay and reward structures across the Group and on our Group pension scheme. Given the importance of alignment on pensions between senior management and the wider workforce, we have included a case study on our Group pension scheme. It can be found on page 121. Howdens’ gender pay gap increased year on year from 3.9% to 5.1%. The gender pay gap report can be found on www.howdenjoinerygroupplc.com/governance/gender-pay-gap-reports. The Committee continued to challenge management to address this further. More information on our broader diversity and inclusion priorities can be found on pages 54 and 100.

One area of change during 2023 was signposted in the case study in last year’s report on our review of incentives below Executive Committee level. Following the review, the Committee agreed to replace the long-term incentive plan for Grade 1s and 2s with a deferred bonus share award. This award replaced the PSP and was intended to remove some of the complexity in measures being included in the Executive awards and to result in greater retention for this group of key employees. Disappointingly, due to challenging market conditions, the performance conditions for this award were not met and as such did not result in the purchase of any deferred bonus shares. However, the Committee remains committed to its strategy of providing long-term incentives for this important cohort.

Annual Remuneration Committee Chair’s statement

As in previous years and reported on page 92, the Remuneration Committee did not consult with the wider workforce on Executive Director pay arrangements in 2023. The Committee has safeguards in place (as considered in this report), which ensure good alignment on remuneration across the organisation as a whole. It is worth remembering that all eligible employees with shares in the Share Incentive Plan, which rewards all employees for their contribution, have a de facto say on Executive Director pay when such matters are considered at general meetings. Free Shares are granted to all UK employees each year.

2023 reward outcomes

Annual bonus

Consistent with prior years, the 2023 annual bonus framework was designed to reward the delivery of profit before tax (PBT) and to ensure alignment with the delivery of Howdens’ strategic goals. As previously mentioned, market conditions were challenging in 2023, driving a reduction in PBT performance compared to what had been forecast when the budget had been determined. Despite this, PBT performance for the bonus has resulted in an above threshold outcome. In considering this outcome, the Committee noted that expenditure during the year on strategic initiatives continued and will generate future growth. The part of this expenditure that was invested in future growth rather than into 2023 PBT, attributable to the market reducing its spend on discretionary items, has not been taken into account in the PBT calculation, as it is considered an exceptional cost.

The PBT outcome for the 2023 bonus plan has resulted in a higher than anticipated outcome in terms of the percentage of profit delivered relative to the target set. This has been driven by a continued focus of management on this key measure. The PBT outcome has resulted in a bonus of 15% of the maximum annual bonus opportunity being achieved. This strong relative performance meant that a total annual bonus of 24% of the maximum annual bonus opportunity for our Executive Directors was earned.

Performance Share Plan (PSP)

The 2021 PSP was based on the delivery of both a three-year PBT growth measure and a relative total shareholder returns (TSR) measure. The weightings for the two performance measures were 67% PBT and 33% TSR. PBT performance targets for the period required 5% per annum PBT growth to achieve threshold vesting and 15% per annum PBT growth to achieve maximum vesting. The 2021 PSP performance over the three-year period, PBT increased by 21% per annum, which equated to vesting at 100% of the total opportunity for this measure. To determine TSR performance, Howdens is ranked against a comparator group of similar sized companies, those being 50 above and 50 below Howdens by market capitalisation in the FTSE All Share index at or shortly before the start of the performance period (excluding Investment Trusts). There is zero pay out for below median performance and threshold vesting at 15% of the maximum opportunity at median. 100% of the opportunity is paid out when performance is equal to or more than upper quartile performance and there is straight-line vesting between the threshold and maximum opportunities. Howdens TSR performance during the three-year period equated to vesting at 100% of the total opportunity for this measure. In aggregate, the 2021 PSP will vest at 100% of the maximum opportunity.

2024 reward and incentives

Our approach to executive remuneration recognises the need to balance the views of our shareholders with our ambitions to retain and incentivise a strong performing Executive team over the economic cycle and to live into our remuneration philosophy to pay above-market levels of reward for above-market levels of performance. In 2024, we have maintained the principles, measures and quantums used in 2023. We believe that consistency through the remuneration cycle is important for both shareholders and Executives and we are pleased that this year we have been able to maintain our core methodologies.

Salary

Salary increases for the Executive Directors will be no higher than the wider workforce. These will be effective from 1 April 2024, with the timing aligned to increases for the wider workforce effective date of 1 January. This timing is also aligned to increases for the wider workforce. The Committee continues to review the Executive Director remuneration packages annually against companies that operate in the same or similar sectors to Howdens and companies of a similar size and complexity.

Annual bonus

The Committee has maintained the annual bonus opportunity of 200% of base salary for Executive Directors. The Committee believes that this remains appropriate having reviewed the position, taking into account market data for companies that operate in the same or similar industries and UK listed companies of a similar size and complexity. For the 2024 annual bonus, we replicated the methodology used for the 2023 annual bonus and PBT measures. The measures retain their previous weighting of 85% of maximum opportunity for PBT and 15% of maximum opportunity for a strategic measure to ensure alignment with the depots, whilst maintaining a healthy stretch between target and maximum bonus levels to ensure strong shareholder alignment. The Committee has approved a matrix for the annual bonus in 2024.

PSP

In 2023, two new measures were introduced to the PSP in addition to the existing performance measures.

Remuneration Committee report 2023 meeting attendance

Karen Caddick (4/5)
Andrew Cripps (5/5)
Geoff Drabble (2/2)
Louis Eperjesi (3/3)
Louise Fowler (5/5)
Debbie White (5/5)

1 Karen was unable to attend the November Committee meeting due to illness. Andrew Cripps chaired the Committee in Karen's absence.

Key activities in the year ahead

• Governance updates from advisors.
• Review of Remuneration Committee Chair’s statement and associated disclosures.
• Agree fees for Chair of the Board.
• Develop remuneration proposals for the 2025 AGM by shareholder vote.
• Review the Group’s Gender Pay Gap data and action plans.
• Planning for 2025 incentives (taking into account risk and other matters).
• Review of the Directors’ Remuneration Policy and associated disclosures for the 2025 AGM.
• Review of the Remuneration Committee Terms of Reference.
• Approval of the 2025 Remuneration Committee calendar.

Karen Caddick
Remuneration Committee Chair

109 Howden Joinery Group Plc Annual Report & Accounts 2023

108 Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements
Additional Information
Governance
Strategic Report
Remuneration Committee report
Governance
Governance
Page Title
Page Title
Governance
Remuneration Committee report continued

The annual bonus framework was designed to reward the delivery of profit before tax (PBT) and to ensure alignment with the delivery of Howdens’ strategic goals. The framework was designed to ensure continued focus of management on this key measure. The PBT outcome has resulted in a bonus of 15% of the maximum annual bonus opportunity being achieved. This strong relative performance meant that a total annual bonus of 24% of the maximum annual bonus opportunity for our Executive Directors was earned.

Performance Share Plan (PSP)

The 2021 PSP was based on the delivery of both a three-year PBT growth measure and a relative total shareholder returns (TSR) measure. The weightings for the two performance measures were 67% PBT and 33% TSR. PBT performance targets for the period required 5% per annum PBT growth to achieve threshold vesting and 15% per annum PBT growth to achieve maximum vesting. The 2021 PSP performance over the three-year period, PBT increased by 21% per annum, which equated to vesting at 100% of the total opportunity for this measure. To determine TSR performance, Howdens is ranked against a comparator group of similar sized companies, those being 50 above and 50 below Howdens by market capitalisation in the FTSE All Share index at or shortly before the start of the performance period (excluding Investment Trusts). There is zero pay out for below median performance and threshold vesting at 15% of the maximum opportunity at median. 100% of the opportunity is paid out when performance is equal to or more than upper quartile performance and there is straight-line vesting between the threshold and maximum opportunities. Howdens TSR performance during the three-year period equated to vesting at 100% of the total opportunity for this measure. In aggregate, the 2021 PSP will vest at 100% of the maximum opportunity.

2024 reward and incentives

Our approach to executive remuneration recognises the need to balance the views of our shareholders with our ambitions to retain and incentivise a strong performing Executive team over the economic cycle and to live into our remuneration philosophy to pay above-market levels of reward for above-market levels of performance. In 2024, we have maintained the principles, measures and quantums used in 2023. We believe that consistency through the remuneration cycle is important for both shareholders and Executives and we are pleased that this year we have been able to maintain our core methodologies.

Salary

Salary increases for the Executive Directors will be no higher than the wider workforce. These will be effective from 1 April 2024, with the timing aligned to increases for the wider workforce effective date of 1 January. This timing is also aligned to increases for the wider workforce. The Committee continues to review the Executive Director remuneration packages annually against companies that operate in the same or similar sectors to Howdens and companies of a similar size and complexity.

Annual bonus

The Committee has maintained the annual bonus opportunity of 200% of base salary for Executive Directors. The Committee believes that this remains appropriate having reviewed the position, taking into account market data for companies that operate in the same or similar industries and UK listed companies of a similar size and complexity. For the 2024 annual bonus, we replicated the methodology used for the 2023 annual bonus and PBT measures. The measures retain their previous weighting of 85% of maximum opportunity for PBT and 15% of maximum opportunity for a strategic measure to ensure alignment with the depots, whilst maintaining a healthy stretch between target and maximum bonus levels to ensure strong shareholder alignment.

PSP

In 2023, two new measures were introduced to the PSP in addition to the existing performance measures.The four measures: PBT, relative total shareholder returns (TSR), Return on Capital Employed (ROCE) and a basket of complementary Environmental (ESG) measures were intended to align with Howdens’ culture and depot incentives, whilst adding additional focus on returns and strategically important environmental goals. The Committee also wanted to retain a relative measure that aligned Executives’ experience with that of our shareholders. The weightings were PBT 60%, TSR 20%, ROCE 10% and ESG 10% of the maximum opportunity. The Committee believes that these measures and their respective weightings remained appropriate for the 2024 financial year. In addition, the Committee retained the methodology for PBT performance against targets, delivering in the region of 80% of the maximum opportunity.

Annual Remuneration Committee Chair’s statement

We signposted in last year’s report that we would be moving towards a framework for setting PBT targets for future grants. Instead, the Committee has adopted a methodology for the PBT target range which reflects a balanced approach between internal forecasts and our long-term strategic goals. We believe that this approach provides better alignment between vesting outcomes and performance and reduces the risk of volatility in the payment cycle. To ensure that our remuneration philosophy is upheld, the Committee will continue to ensure that all performance targets are suitably stretching for the level of remuneration available within the context of our internal expectations and external forecasts. Further details of the measures, targets and weightings are set out on page 127. No changes are proposed to long-term incentive opportunity for 2024, and therefore the CEO will receive an award equivalent to 270% of salary and the CFO will receive an award of 220% of salary.

Pensions

In 2023, Executive Directors’ pension contributions have been aligned with the wider workforce. This was in line with the Committee’s commitment that there would be alignment by the time of the Company’s next policy cycle. The Directors' remuneration policy provides that new Executive Directors will only participate in the Company’s pension arrangements with contributions in line with those of the wider workforce. A case study on pension arrangements at Howdens can be found on page 121.

Senior management and the wider workforce

In addition to the Executive Directors, the Howdens Remuneration Committee also sets remuneration for senior management. We classify ‘senior management’ as members of the Executive Committee (excluding Executive Directors), the Company Secretary and the Head of Internal Audit.

The Committee also received updates on all-employee remuneration related policies in order to provide the context for, and to ensure alignment with, the policy on Executive Director remuneration. In 2019, the Committee adopted a dashboard in line with Provision 33 of the UK Corporate Governance Code 2018, which shows some of the key internal and external measures that the Committee members are aware of when determining Executive Director and senior management remuneration (further detail on the dashboard may be found on page 122).

I hope the information presented within this report provides a clear explanation as to how we have operated our Directors' remuneration policy over 2023 and how we plan to operate it going forward. I believe that the policy has operated as intended in terms of pay for performance, taking into account the exercise of Committee discretion in relation to the 2023 annual bonus outcome. We continue to be committed to an open and transparent dialogue with our stakeholders, and the Committee would welcome any feedback or comments you have on this report, our policy or how we implement the policy in 2024. We are due to review our Directors’ remuneration policy during 2024 and our new Committee Chair, Vanda Murray, will be consulting with shareholders in the second half of the year. In the meantime, I look forward to answering any questions on the work of the Remuneration Committee from shareholders at our AGM in May.

Karen Caddick
Remuneration Committee Chair

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Summary of the Directors’ remuneration policy

Fixed
Variable

Howdens’ Directors' remuneration policy, as it is set out in our 2021 Annual Report and Accounts, was approved by shareholders at our 2022 AGM. Below is a summary of that policy, how that policy links to strategy, and consideration of some of the factors the Committee addressed when formulating the policy. How the policy has been applied during 2023 and will be applied during 2024 can be found on subsequent pages in the report. The full Directors' remuneration policy can be viewed at www.howdenjoinerygroupplc.com/governance/remuneration-policy.

Executive Directors

The table below sets out the key components of Executive Directors’ pay packages, including why they are used and how they are operated in practice. Remuneration is benchmarked against rewards available for equivalent roles in a suitable comparator group. In addition to benchmarking, the Committee considers general pay and employment conditions of all employees within the Group and is sensitive to these, to prevailing market conditions, and to governance requirements.

Element and how it supports our strategy	Operation	Opportunity	Performance measures
Base salary	Recognises the market value of the Executive Director’s role, skill, responsibilities, performance and experience. Salaries are reviewed annually, and are effective from 1 January each year. Salaries will not be changed outside of the annual review, except for in exceptional circumstances, such as a mid-year change in role.	Proportionate to market rates and wider employee population. Salaries are set with consideration of each Executive Director's performance in role and responsibilities, and within a range that is reflective of median executive pay for a comparable size operating in a similar sector. The peer group used is reviewed whenever benchmarking is performed, and the Committee applies judgement in identifying appropriate peer group constituent companies. The individual’s level of total remuneration against the market is considered at the same time. Reviews will also take into account the performance of the individuals, any changes in their responsibilities, pay increases for the wider workforce and internal relativities. 2023 and 2024 salary levels are detailed on page 126.	None.
Car allowance	Provides a competitive level of reward.	Howdens pays the cost of a car allowance, on a monthly basis or as required for one-off events.	None.
Benefits	Benefits amount to <£10k in the past year and are limited to a car allowance, health insurance and death-in-service insurance payable by the Company.	None.	None.

Share award grants
• Replacement share award made to incoming senior manager
• PSP grant to Executive Directors and selected senior management
• Grant of retention awards for certain Executive Committee members (not Executive Directors)

Committee meeting
• Annual bonus and LTIP measures
• Grant of retention awards for certain Executive Committee members (not Executive Directors)
• Shareholder feedback on proposed changes to Executive Directors’ Remuneration not necessitating a change to Directors’ Remuneration Policy
• 2023 incentive considerations (including workforce reward, shareholder alignment, CEO pay ratio and gender pay gap)
• Approval of an alternative equity structure for senior managers below Executive Committee level
• Draft 2022 Directors’ remuneration report
• 2023 share awards planning
• Chair fee review

AGM
• 2022 Directors' remuneration report approved by shareholders

Committee meeting
• Annual bonus and LTIP measures
• Governance update
• Review of the treatment of post-vesting holding period for Good Leavers

Committee meeting
• Annual bonus and LTIP measures
• Risk and rewards consideration
• 2024 incentives
• Review of LTIP measures
• 2024 Remuneration Committee calendar
• Review of Committee’s terms of reference

Committee meeting
• Review of Annual Bonus and LTIP measures
• Review of package for incoming Executive Committee member

Committee meeting
• Shareholder feedback on proposed changes to Executive Directors’ Remuneration not necessitating a change to Directors’ Remuneration Policy
• Executive Director and senior management salary review
• Approval of additional retention awards for certain Executive Committee members (not Executive Directors)

Shareholder communication
• Conclusions of the Remuneration Committee in relation to proposed changes to Executive Directors’ Remuneration not necessitating a change to Directors’ Remuneration Policy

January February May July November September
March/April

Remuneration Committee report continued

Annual Remuneration Committee Chair’s statement continued

Share award grants
• SIP Free Shares grant to all eligible UK employees
• Retention award granted for senior manager (not Executive Director)

August 2023
Remuneration Committee activity

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Element and how it supports our strategy
Operation
Opportunity
Performance measures

Annual bonus

Incentivises annual performance

The scheme operates for the financial year. Deferral links bonus payout to share price performance over the medium-term.# Summary of the Directors’ remuneration policy continued

Remuneration Committee report continued

Performance Share Plan (PSP)

Focuses management on longer-term growth than addressed by the annual bonus. Long-term growth is key to the generation of shareholder value. Executives have the opportunity to participate in the PSP on an annual basis. The PSP operates over a three-year vesting cycle. Under the PSP, awards will generally be granted towards the beginning of the performance period and vest based on performance over the following three-year performance period. Malus provisions apply for the duration of the award. The Committee has the discretion to adjust the PSP outcome in light of overall underlying performance. Any adjustment made using this discretion will be explained in the following Annual Report on Remuneration. Vested awards are subject to a two-year holding period following vesting, during which no performance conditions apply. Clawback provisions apply for the duration of the holding period, through which vested awards maybe reclaimed in the event of:
* restatement of financial results of the Company;
* material misstatement in the financial statements of the Company;
* where the number of plan shares under an award was artificially inflated;
* gross misconduct by a Director.

No dividends accrue on unvested shares. The threshold for the PSP will be 15% of maximum. This may be amended by the Committee dependent on the maximum opportunity award. The maximum opportunity under the PSP is 270% of salary and the grant level for the CEO will be 270% and for the CFO will be 220%. For 2024, the PSP will be based on PBT growth, relative TSR, return on capital employed, and an environmental measure. The Committee retains the discretion to use alternative measures during the life of this policy, subject to at least 75% of the PSP being based on financial measures.

Summary of the Directors’ remuneration policy continued

Remuneration Committee report continued

Element and how it supports our strategy	Operation	Opportunity	Performance measures	Shareholding requirement
Shareholding requirement	Strengthens alignment of interests between participants and shareholders. Executive Directors are expected to retain vested shares from deferred bonus and long-term incentive awards (net of income tax and national insurance contributions) until they reach the minimum requirements. Unvested deferred bonus and long-term incentive shares are not taken into account. PSP shares within a holding period are counted towards the requirement. Executive Directors will be required to retain 100% of their shareholding requirement (i.e. 200% of base salary or full actual holding if lower) for two years post-cessation from the Board of Howden Joinery Group Plc.
Pension	Provides competitive long- term savings opportunities. Executive Directors will be entitled to participate in the Howdens Retirement Savings Plan with contribution rates in line with the wider workforce. The level of salary supplement is capped at 20% of base salary for Executive Directors and 10% for the wider workforce.	None.
All-employee share incentive plan	To encourage employee share ownership. Executive Directors are able to participate in the tax- advantaged Share Incentive Plan available to all eligible UK employees. The maximum participation levels will be set based on the applicable limits set by HMRC.	None.

Remuneration policy for other employees

The Company believes it is appropriate that all reward received by senior management is directly linked to the performance of the Company and aligned with shareholder value. Accordingly, Executive Committee members and selected senior managers participate in the same incentive schemes as the Executive Directors, at a reduced level, to ensure alignment between the employees and shareholders. Below Executive Committee level, certain senior management grade participate in a similar annual bonus plan that is linked to PBT and operational measures. For deferred bonus share arrangements, a bonus share award replaced the PSP for these employees. Given the variable pay-outs of the LTIP in recent years and the increasing complex measures being introduced for the Executive award, it was felt that an alternative structure would be more effective, providing a greater level of understanding and engagement, and therefore retention, among this cohort of employees. Free shares grants are made at a reduced level to a wider population within Howdens that do not use performance conditions to encourage share ownership throughout the Company. Employees can also purchase additional shares in the Company in a tax-efficient manner through payroll, with the Company offering matching shares.

Fixed

Variable

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Non-Executive Directors' remuneration policy

The Company's policy is to ensure that NEDs are remunerated appropriately for their responsibilities and to attract NEDs who have a broad range of experience and skills to oversee the implementation of strategy.

Element and how it supports our strategy	Operation	Opportunity	Performance Measures
Fees	To attract NEDs who have a broad range of experience and skills to oversee the implementation of strategy. The fees for the Non-Executive Directors are determined by the Board Chair and Chief Executive and approved by the Board. The fee for the Board Chair is determined solely by the Remuneration Committee with regard to the Chairman’s duties and responsibilities. No other services are provided to the Group by Non-Executive Directors. Fees for Non-Executive Directors are set out in the statement of implementation of policy on page 126.	The roles and responsibilities of the roles. Accordingly, committee chair, Senior Independent Director (SID) and the Non-Executive Director responsible for employee engagement fees are paid in addition to the NEDs’ basic fee. Committee chair fees apply only to the Audit and Remuneration Committees. The Board Chair receives no fees in addition to the Chairman’s fee. Fees may be reviewed every year, and are set following market comparisons of comparably sized companies and having regard to the base salary increase payable to the wider workforce. Benchmarking is typically undertaken every three years. NEDs are not eligible to participate in any performance related arrangements.
Committee Chair fees	To attract NEDs who have a broad range of experience and skills to oversee the implementation of strategy.
Expenses	To attract NEDs who have a broad range of experience and skills to oversee the implementation of strategy. Non-Executive Directors are entitled to receive expenses in respect of reasonable travel and accommodation costs.	None.

Underlying principles

When determining the Directors' remuneration policy, the Committee was mindful of its obligations under Provision 40 of the UK Corporate Governance Code to ensure that the policy and other remuneration practices were clear, simple, predictable, proportionate, safeguarded the reputation of the Company and were aligned to Company culture and strategy. Set out on the following page are examples of how the Committee addressed the factors.

Summary of the Directors’ remuneration policy continued

Remuneration Committee report continued

Clarity

Remuneration arrangements should be transparent and promote effective engagement with shareholders and the workforce. In 2021, the Company invited its principal shareholders and shareholder representative groups to engage with the Company on the remuneration policy and other remuneration practices. The Company subsequently engaged with its principal shareholders to consider various changes to remuneration practice in line with shareholder feedback. All UK employees are awarded Free Shares in the Company through the Share Incentive Plan (SIP). UK employees are also able to participate in a partnership and matching shares programme which also operates through the SIP.All employees with shares held in the SIP trust are able to exercise voting rights on those shares and vote on the Directors' remuneration report and the Directors' remuneration policy (when applicable) at general meetings of the Company. Further information on workforce engagement can be found on pages 86 and 87.

Simplicity
Remuneration structures should avoid complexity and their rationale and operation should be easy to understand. The Directors' remuneration policy has received positive feedback from stakeholders in relation to its simplicity. The Committee’s approach to performance measures had always been that they must be understandable for participants in the schemes in order to ensure they are effective.

Risk
Remuneration arrangements should ensure reputational and other risks from excessive rewards, and behavioural risks that can arise from target-based remuneration are mitigated. Whilst the Committee has consciously not set an absolute annual quantum on Executive remuneration, this is something that the Committee will keep under review. The total pay of the Executive Directors is considered by the Committee as well as pay ratios with the wider workforce and shareholder returns.

Predictability
The range of possible values of rewards to individual directors and any other limits or discretions should be evident at the time of approving the remuneration. The range of possible values of rewards for the Executive Directors is considered on page 125. The range of possible values of rewards for the Executive Directors was also communicated in the 2021 Remuneration Committee report when a revised Directors' remuneration policy was communicated to shareholders. The Committee has a wide range of discretion in relation to variable pay awards, new joiners, and discretionary awards or bonuses where determined to be appropriate.

Proportionality
The link between individual awards, the delivery of strategy and the long-term performance of the company should be clear. Outcomes should not reward poor performance. The Committee ensures that the link between remuneration, the delivery of strategy and the long-term performance of the company are working as intended and that they are delivering outcomes in line with our wider stakeholder experience. In 2023, the maximum vesting percentage for the long-term incentive share plan was 100%, which was due to the strong performance and achievement of the stretch performance conditions and the share price performance of the Group, demonstrating good alignment of Executive Director remuneration with the long-term performance of the Group.

Alignment to culture
Incentive schemes should drive behaviours consistent with company purpose, values and strategy. The Directors' remuneration policy and remuneration policy are aligned with purpose, values and strategy. The Committee monitors the remuneration outcomes to ensure that they are aligned with the Company’s purpose, values and strategy. In 2023, the maximum vesting percentage for the long-term incentive share plan was 100%, which was due to the strong performance and achievement of the stretch performance conditions and the share price performance of the Group.

Governance

Page Title

In this section of the Directors’ remuneration report, we detail some of the considerations the Committee has regard to when determining remuneration outcomes and disclosure of remuneration awards. In order to provide shareholders with a clear understanding of remuneration relative to company performance, and to ensure transparency of pay decisions.

Howdens historical PBT (£m)

The graph below illustrates the Company’s historical PBT performance.

Total shareholder return (TSR)

The graph below illustrates the Company’s TSR performance relative to the constituents of the FTSE 350 (excluding investment trusts) of which the Company is a constituent. It shows that over the past 10 years Howdens has outperformed the FTSE 350 (excluding Investment Trusts).

Group performance

1 See consolidated income statement on page 162.

	23 £656.0m	22 £624.1m	22 £498.0m	22 £452.7m
PBT	-19.3%	-9.6%
Total returns to shareholders	-55.0%	+5.1%
	£164.1m	£327.6m	£405.8m	£390.3m
	23	22	23	22

Relative importance of spend on pay

The graph below sets out the change in the Group’s total remuneration spend from 2022 to 2023 compared to the Group’s total remuneration spend from 2016 to 2023.

Director pay

Our corporate performance and remuneration

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
£’000s
Single Figure	6,221	5,225	3,098	1,268	2,569	1,391	816	3,951	2,571	2,517
% of maximum
Annual bonus (% of maximum)	64%	56%	48%	35%	75%	76%	0%	100%	100%	24%
LTIP vest (% of maximum)	100%	100%	100%	0%	0%	0%	100%	100%	43%	100%
1 Andrew Livingston was appointed as CEO in April 2018 and therefore he was not granted an award under the LTIP in 2017.

From 2016 to 2022, the maximum bonus opportunity reduced from 200% of basic salary to 150%. In 2023, following consultation with shareholders, the maximum bonus opportunity returned to 200% of basic salary.

CEO pay ratio table

Howdens has calculated the CEO pay ratio for 2023 in line with the Directors’ Remuneration Reporting Regulations. The data used to calculate the CEO pay ratio was accurate as at 31 December 2023. In accordance with section 17 of The Companies Act 2006 and the UK Corporate Governance Code, the Remuneration Committee is required to report on the ratio of the CEO’s remuneration to the pay of its employees and to also disclose the median pay ratio. We have adopted a statistically accurate method for identifying the pay ratios.

Year	Method	25th percentile pay ratio	50th percentile pay ratio	75th percentile pay ratio
2023	A	76:1	65:1	54:1
2022	A	74:1	64:1	53:1
2021	A	135:1	113:1	93:1
2020	A	31:1	25:1	21:1
2019	A	71:1	58:1	48:1
2018	A	122:1	100:1	81:1

It should be noted that the CEO did not receive any remuneration relating to long-term incentive share awards in 2019 or 2020 as he was appointed to the Board in 2018. He also did not receive any annual bonus in 2020 during which time all other employees received variable performance bonus pay. The combination of these factors resulted in a lower than anticipated CEO pay ratio in 2019 and 2020. In 2021, the CEO pay ratio increased due to the vesting in full of the 2019 long-term incentive share award. In 2022, the ratio reduced as the 2020 long-term incentive share award vested at 43% of maximum and the share price upon which the award was valued was lower than in 2021. As the total incentive payout level for 2023 performance is broadly similar to 2022, and there was no share price appreciation in relation to the 2021 LTIP vesting, the 2023 ratio represents only a slight increase from the prior year's ratio.

	25th percentile	50th percentile	75th percentile
2023
CEO	£1,161,180	£1,161,180	£1,161,180
Total Pay (excluding CEO)
Salary (including overtime) (FTE)	£33,278	£38,735	£46,836
	£23,916	£28,055	£34,694

The Company uses actual pay from 1 January 2023 to 31 December 2023. Joiners, leavers and part time employees’ earnings have been annualised on an FTE basis (excluding any payments of a one-off nature). Where bonus payments are made on a deferred or contingent basis, or where the employee leaves the company, the bonus is estimated and pro-rated accordingly. Where bonus payments are made on a pro-rata basis, the bonus is estimated for the 2023 compensation year (payment is due in March 2024). P11D values are based on the 2022/23 reportable values, however, they have been annualised accordingly.# Directors’ Remuneration Report – Part 2: Application of policy in 2023

In this section of the Directors’ remuneration report we set out how the Committee has executed policy for 2023. Disclosures in this section are retrospective and where applicable are shown against prior year comparator.

All-Director remuneration relative to average employees

Listed companies are required to disclose the annual change in each director’s pay in comparison to the average change in pay for employees who are not directors of the company. The policy is to ensure fairness and alignment of reward across the business, and the Committee ensures that all pay outcomes for Directors remain proportionate to the wider workforce.

There is only a requirement for a listed entity to provide employee pay information for that entity (i.e. not on a group-wide basis), a ‘Group’ comparator has also been included in the table below as this provides a more representative comparison, noting that Howden Joinery Group Plc did not employ any individuals during 2019 to 2023. Footnotes have been included beneath the table in relation to the 2022 to 2023 period. Footnotes relating to prior years can be found in the previous applicable annual report.

% change in Basic Salary	% change in Bonus	% change in Pension
2022–23	2021–22	2020–21
2019–20	2022–23	2021–22
2020–21	2019–20	2022–23
2021–22	2020–21	2019–20
Average Howdens Group employee remuneration	9%	5%
Executive Directors:
Andrew Livingston¹	6%	3%
Paul Hayes	6%	3%
Total	1,174	1,108
Non–Executive Directors:
Karen Caddick	4%	6%
Andrew Cripps²	11%	6%
Geoff Drabble (Retired May 2023)	27	76
Louis Eperjesi (Appointed June 2023)	36	–
Louise Fowler	60	60
Peter Ventress (Appointed July 2022)	325	162
Debbie White	60	60
Total	667	506

† The average employee remuneration disclosed relates to the average employee based at depots and distribution centres. The figures for 2023 and 2022 in the table above refer to the average of all employees for the year ended December 2023 and December 2022 respectively, and are based on the total remuneration received, not on a ‘rate of pay’ basis. The calculation is based on a consistent methodology year-on-year, comparing total rewards for a period. It has been subject to external audit. Where a bonus has not been paid, this has been reflected as ‘0’ and will not be subject to the percentage change calculation. The Committee continues to ensure that pay outcomes for Directors remain proportionate to the wider workforce and that the comparator group remains appropriate and that the employee data remains consistent, and that the figures remain comparable year-on-year.

¹ Andrew Livingston was appointed Remuneration Committee Chair in November 2022 and therefore received an additional pro-rated fee for this role in 2023. The increase shown in his fees for '2022 to 2023' is due to this change.

² Andrew Cripps was appointed Senior Independent Director in July 2023 and therefore received an additional pro-rated fee for this role in 2023. The increase shown in his fees for '2022 to 2023' is due to this change.

³ Louise Fowler was appointed to the Board in June 2023 and therefore did not receive a full year of fees until 2023. The percentage change between 2022 and 2023 for Louise Fowler’s fees reflects her first full year on the Board, compared to her pro-rated fees in 2022. The percentage change is therefore reflective of the full fee rate.

⁴ Peter Ventress was appointed to the Board in July 2022 and therefore did not receive a full year of fees until 2023. The percentage change between 2022 and 2023 reflects his first full year on the Board, compared to his pro-rated fees in 2022. The percentage change is therefore reflective of the full fee rate.

⁵ Geoff Drabble retired from the Board in May 2023 and therefore did not receive a full year of fees in respect of 2023. The percentage change between 2022 and 2023 reflects his pro-rated fees in 2023, compared to his full year fees in 2022. The percentage change is therefore reflective of his pro-rated fee.

Wider workforce considerations

The Remuneration Committee received updates from the interim Group HR Director in respect of average salary of an employee for the year ended 31 December 2023, in comparison to the previous year. When determining executive pay decisions, the Committee had regard to the information contained in a Provision 33 Dashboard, which includes information such as the CEO pay ratio, gender pay gap statistics, and workforce pay and reward, including information on pension contributions and savings, and employee share schemes.

Remuneration Committee report continued

2023

	Fixed Remuneration	Variable Remuneration	Total
	Salary/Fees	Pension	Fixed
£000s	2023	2022	2023
Executive Directors:
Andrew Livingston	710	670	28
Paul Hayes	464	438	34
Total	1,174	1,108	62
Non–Executive Directors:
Karen Caddick	77	74	2
Andrew Cripps²	82	74	0
Geoff Drabble (Retired May 2023)	27	76	1
Louis Eperjesi (Appointed June 2023)	36	–	0
Louise Fowler	60	60	5
Peter Ventress (Appointed July 2022)	325	162	0
Debbie White	60	60	6
Total	667	506	14

† The LTIP column relates to the value of awards vesting in the year, based on performance and the share price at the time of vesting, for disclosure purposes. The LTIP column for 2022 has been restated from £423,000 to £793,000. The restatement has been subject to external audit.
Note: * For 2022, the Remuneration Committee report included details of awards that were made in the year, not those that vested. The prior year comparison now includes details of awards that vested in the year. For 2023, the value of LTIP awards vested were £793,000. For 2022, the value of LTIP awards vested were £1,360,000. This has been subject to external audit.

Executive Directors

Salary

Salaries will not be changed outside of the annual review, unless there are exceptional circumstances, such as a mid-year change in role. Increases will normally be only for performance and retention in line with market practice.

Pension

The Executive Directors’ pension contributions are based on a percentage of salary, and are set at a level that is competitive with market practice for companies of a similar size and sector. Salaries for 2024 can be found on page 126. The peer group used is reviewed whenever benchmarking is performed, and the Committee applies judgement in identifying appropriate peer group constituent companies. The individual’s level of total remuneration against the market is considered at the same time.# Governance

Remuneration Committee report continued

Directors’ remuneration report – Part 1: Company performance and stakeholder experience continued

Executive Directors’ remuneration packages for 2024 include a car allowance, health insurance, and membership of a group personal pension scheme. Executive Directors are entitled to receive expenses in respect of reasonable travel and accommodation costs. Pension contributions are based on a percentage of salary, with contributions for 2023 reflecting the pensionable salary of Executive Directors. More information about Executive Directors’ remuneration and the company's pension study may be found on page 121.

Fixed	Variable	Fixed	Variable
36%	64%	33%	67%
2022		2023

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Governance Remuneration Committee report continued

Fixed elements of remuneration consist of the annual salary that the Executive Director will receive for 2024, alongside their 2024 pension entitlement, and actual benefit-in-kind charges for 2023.

Annual bonus is based on a maximum opportunity of 200% of salary and an on-target opportunity of 100% of salary. LTIP is based on a maximum opportunity of 270% of salary for Andrew Livingston and 220% of salary for Paul Hayes. The overall policy maximum is 270% of salary. Target opportunity is calculated as 50% of maximum (135% of salary for Andrew Livingston and 110% of salary for Paul Hayes). The ‘maximum +’ includes share price appreciation of 50%. This column is calculated on the same basis as the maximum column however includes an uplift of 50% total over three years for the PSP.

Directors’ remuneration report – Part 2: Application of policy in 2023 continued

Annual bonus (audited)

Targets
Our annual bonus for 2023 was based on PBT and cash flow performance, weighted as follows (percentages are of salary):

PBT component	Threshold	Target	Outperformance
£340m (17%)	£407m (3%)
£350m (85%)	£419m (15%)
£389m (170%)	£431m (30%)

70% of any annual bonus is paid in cash and 30% is deferred as shares, which vest two years following the deferral date (subject to continued employment).

Outcomes for the year
The PBT target for 2023 was £340m. As explained in the Chair's annual statement, the Committee applied judgment in reviewing whether the PBT outcome was appropriate taking into account all relevant factors, and it determined that it would be appropriate to exercise discretion to reduce the outcome for the PBT component to threshold performance. The PBT outcome was £452.7m. In aggregate, the Executive Directors will receive an annual bonus of 47% of salary for 2023, which is equivalent to 24% of the maximum bonus opportunity. 30% of the bonus will be deferred into Company shares for two years.

	Andrew Livingston	Paul Hayes
PBT (% of salary)	17%	17%
Cash Flow (% of salary)	30%	30%
Total Bonus (% of salary)	47%	47%
Total Bonus (£'000)	334	218
Opportunity (% of salary)
Target reached
Target not reached

Performance Share Plan (PSP) (audited)

Targets
The 2021 PSP award is measured against PBT growth and relative total shareholder returns (TSR) over a three-year performance period. Vesting under the PSP award are subject to a two-year post-vest holding period for serving Executive Directors.

Outcomes for the year
67% of the 2021 PSP award was based on a PBT growth threshold requirement of 5% p.a. and a maximum requirement of 15% p.a. At the threshold requirement, 15% of the PBT growth component of the award would vest. The PBT for 2023, calculated on an unadjusted basis, was 8.7% p.a. This component of the award will vest at 100% of maximum opportunity.

33% of the 2021 PSP award was based on a relative TSR measure. The threshold vesting for the TSR component of the award was where the Company was ranked 'median' compared to the comparator group of companies. The maximum vesting was where the Company ranked 'at or above upper quartile'. At threshold, 15% of the TSR component of the award would vest. In 2023, the Company was ranked 'upper quartile' compared to the comparator group and therefore 100% of the TSR component of the award will vest.

The PBT outturn for the award equated to 67% of the maximum opportunity. The share price at the date of grant was 745.4p and the three month average to 30 December 2023, the price on which the value of the award is calculated, was 708.9p. Therefore, none of the value attributable to share price appreciation.

Directors’ remuneration report – Part 3: Implementation of policy in 2024

In this section of the Directors’ remuneration report we set out how the Committee has implemented policy for 2024. Disclosures in this section are forward looking. The outcome of any variable award for Executive Directors will be reported in the 2024 Annual Report and Accounts.

2024 remuneration scenarios

The Remuneration Committee’s remuneration policy is designed to support the Company’s strategic ambitions and does not incentivise inappropriate risk-taking. The Committee reviews this on an annual basis. The composition and value of the Executive Directors’ remuneration packages in a range of performance scenarios are set out in the charts below. These show that the proportion of the package delivered through long-term performance is in line with our Directors’ remuneration policy and does not overly incentivise short-term behaviours, and aligns the interests of the Executive Directors with those of other shareholders. A brief description of each remuneration scenario is set out beneath the charts.

	Fixed elements of remuneration	Annual bonus	LTIP	LTIP (attributable to 50% share price appreciation)
Value of package £’000
Paul Hayes	2,000	1,400	542	1,000
Andrew Livingston	2,500	2,491	1,400	500
£’000
Maximum	3,001	4,000	3,500
Maximum +	5,108	6,000	3,000
On-target	4,150	5,000
Minimum	2,305	1,000
TSR
PBT growth
33%		67%
67%		33%
PSP outcome			67%
Cash Flow		33%
15%		16%	20%
28%		30%	39%
34%		23%	42%
37%		19%	18%
46%		22%	100%
39%		31%	37%
25%		37%	33%
41%		17%
76.5%		15%
8.5%
Annual bonus outcome

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Governance Remuneration Committee report continued

Performance Share Plan (PSP) measures

Set out below are the performance measures and relative weightings for each of the measures. Further detail about the 2021 PSP award measures and weighting can be found in the 2022 Annual Report and Accounts. The maximum opportunity under the PSP is 270% of base salary for Andrew Livingston (CEO) and 225% for Paul Hayes. The PBT outturn for the award is 67% of maximum. The PBT component of the award is measured against the PBT performance condition as set out in the table below.

PBT – 60% weighting

PBT performance condition	Payout level
£420m	100% of maximum
£340m	15% of maximum
Less than £340m	0% of maximum

Straight-line vesting between these points

Relative TSR – 20% weighting

Comparator group and averaging period for TSR performance
* Companies ranked up to 50 above and 50 below Howdens by market capitalisation in the FTSE All Share index are used to ensure a robust and relevant comparator group.
* The TSR performance will be measured over the three-year period from the date of grant to 31 December 2023, with the comparator group determined at the start of the performance period.

Performance assessment	Performance against comparator group	Payout level
Equal to or above upper quartile	100% of maximum
Equal to median	15% of maximum
Below median	0% of maximum

Straight-line vesting between these points

Return on Capital Employed (ROCE) – 10% weighting

ROCE component measurement details
The ROCE component is calculated based on the average ROCE for the financial years 2022, 2023 and 2024, expressed as a percentage.# Governance

Remuneration Committee report continued

In this section of the Directors' remuneration report, more detail is provided in respect of a number of key disclosures. These disclosures include Executive Director pension entitlements, shareholdings, external appointments and contractual arrangements. More detail is also provided on the operation of the Remuneration Committee and AGM voting performance.

Consideration by the Directors of matters relating to Directors’ remuneration

The Remuneration Committee's Terms of Reference, which are reviewed on an annual basis, the Committee is responsible for determining the broad policy and remuneration packages for Executive Directors, including pension rights and, where applicable, any compensation payments. The Committee is also regularly updated on pay and conditions applying to other employees of the Group. The Committee comprises the Senior Independent Director, the Company Secretary and the Head of Internal Audit and Risk.

Service contracts and letters of appointment

The Remuneration Committee's letters of appointment require the Executive Directors to build up and maintain a shareholding in the Company, by way of ordinary shares, during their tenure.

Where employment is terminated, the Executive Directors will have their remuneration, including pension rights, paid monthly for a maximum of twelve months. Such payments will be equivalent to the monthly salary that the Executive Director would have received if still in employment with the Company. Executive Directors will be expected to mitigate their loss within a twelve month period of their departure from the Company. In their service contracts, Executive Directors have the following remuneration-related contractual provisions:
* Receipt of a salary, which is subject to annual review.
* Receipt of a car allowance.
* Health insurance and death-in-service insurance payable by the Group.
* Eligibility to participate in any bonus scheme or arrangement which the Company may operate from time to time, subject to the plan’s rules.
* Participation in the Company’s pension plan.

Non-Executive Director appointments are for an initial period of three years. They are subject to re-appointment annually at the Annual General Meeting in accordance with the UK Corporate Governance Code. Non-Executive Directors are not entitled to any form of compensation in the event of early termination for whatever reason. Copies of the Directors’ service contracts and letters of appointment are available for inspection by the Company’s shareholders.

External appointments

It is recognised that Executive Directors may be invited to become non-executive directors of other companies and that this may provide them with valuable experience beneficial to the Company. The Committee's policy is to permit Executive Directors and other appropriate senior employees to accept a maximum of one external non-executive appointment outside the Company, subject to permission from the Committee, provided this is not with a competing company nor likely to lead to conflicts of interest. Meetings with the Senior Independent Director and the Remuneration Committee Chair are held annually to review these external appointments. Andrew received £58,687 in fees in respect of his role as Non-Executive Director. Andrew held this position upon appointment. Paul Hayes does not have any external appointments. Executive Directors may retain the fees paid to them in respect of their non-executive duties.

Directors’ remuneration report – Part 4: Additional disclosures

Total pension entitlements (audited)

Executive Directors are invited to participate in the Howdens Retirement Savings Plan (the 'Plan') or receive an amount in lieu of membership of the Plan. More information on pension entitlements for Executive Directors can be found on pages 111 and 115 and in the Directors' remuneration policy at www.howdenjoinerygroupplc.com/governance/remuneration-policy. The table below sets out the payments made in lieu of membership of the Plan for the Executive Directors who served during the year.

Executive Directors	Accrued pension at 30 December 2023 (£'000)	Normal retirement date	Pension contribution in the year (£'000)	Pension value in the year from cash allowance (£'000)	Total
Andrew Livingston	–	–	–	85	85
Paul Hayes	–	–	–	56	56

Director shareholdings (audited)

In order that their interests are aligned with those of shareholders, Executive Directors are expected to build up and maintain a shareholding in the Company, equivalent to 200% of their basic salary. The tables below set out the current shareholding of the Executive Directors, including unvested Performance Share Plan awards and those held subject to deferral conditions. Neither of the Executive Directors held share options that were subject to performance conditions or held share options that were vested but unexercised.

	Andrew Livingston	Paul Hayes
Shareholding requirement (% of salary)	200%	200%
Shareholding requirement (number of shares)	1 200,226	130,907
Shares owned outright (including by connected persons)	2,5 387,863	23,694
Current shareholding (% of salary)¹	387%	36%
Guideline met	 N
Unvested deferred bonus shares	42,968	28,094
Share awards subject only to continued employment	3 181	153
Share awards subject to performance conditions and continued employment	4 714,669	403,978

¹ Based on a share price of £7.089, being the three-month average price to 30 December 2023, and basic salary as at 30 December 2023. This is calculated by using only those shares owned outright by the Executive Directors and their connected persons at 30 December 2023 and the Executive Director’s salary at 30 December 2023.
² Includes Share Incentive Plan (SIP) partnership and dividend shares.
³ Includes only SIP free and matching shares.# Governance

Remuneration Committee report continued

4 Performance Share Plan awards under the Long-Term Incentive Plan. 5 Between 30 December 2023 (the end of the period) and 28 February 2024, Andrew Livingston has acquired 38 SIP Partnership Shares. No other changes to the Executive Directors' total shareholdings (including any holdings of their connected persons) have occurred between the end of the period and 28 February 2024.

Non-Executive Director shareholdings (audited)

The shareholdings of Non-Executive Directors are set out below. All of these are considered to be beneficial interests, save for the shareholdings of Andrew Cripps, Geoff Drabble, Louis Eperjesi, Louise Fowler, Peter Ventress and Debbie White, which are held through connected persons. With the exception of Debbie White and Geoff Drabble, who were not members of the Board as at 31 December 2023, all Non-Executive Directors' shareholdings set out below reflect their holdings at 31 December 2023. Geoff Drabble retired from the Board on 4 May 2023 and Debbie White retired from the Board on 30 December 2023. Their respective reported shareholdings are therefore given as at the date they each retired from the Board.

Non-Executive Director	Shareholding:
Karen Caddick	6,000
Andrew Cripps	7,500
Geoff Drabble 1	3,000
Louis Eperjesi	3,100
Louise Fowler	470
Peter Ventress	20,316
Debbie White 1	4,562

1 Geoff Drabble retired from the Board on 4 May 2023 and Debbie White retired from the Board on 30 December 2023. Their respective reported shareholdings are therefore given as at the date they each retired from the Board.

Fixed Variable

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Remuneration Committee report continued

Performance Share Plan awards under the Long-Term Incentive Plan

During 2023, the Executive Directors were invited to participate in the Performance Share Plan (PSP) and Share Incentive Plan (SIP). For 2023, the Company has operated the PSP in line with the remuneration policy approved by shareholders at the 2021 AGM. Details of awards made to the CEO and CFO are set out below. All awards are subject to vesting conditions and the participants must remain employed by a UK Howdens Group company to avoid forfeiting the award.

Nature of award: Conditional Shares under the PSP

	CEO	CFO
Number of shares under award:	288,310	153,601
Face value of award 1 :	£1,916,108	£1,020,832
Performance Period	Grant Date	Vest Date
See individual Performance Conditions below	6 April 2023	6 April 2026

1 Based on a share price of £6.646, being the closing price on 5 April 2023.

Performance Conditions:

PBT at end of Performance Period (60% weighting)

Performance Period: 2024 – 2026	Proportion of PBT component of Award that may vest
£484m	100%
Straight line vesting between these two points
£400m	15%
Less than £400m	0%

Relative Total Shareholder Returns (TSR) vesting schedule (20% weighting)

Performance Period: 2024 – 2026	Proportion of TSR component of Award that may vest
At or above upper quartile	100%
Straight line vesting between these two points
At median	15%
Below median	0%

Return on Capital Employed (ROCE) vesting schedule (10% weighting)

Performance Period: 2024 – 2026	ROCE achieved	Proportion of ROCE component of Award that may vest
	30%	100%
	Straight line vesting between these two points
	25%	15%
	Less than 25%	0%

Environmental measure (EM) vesting schedule (10% weighting)

Performance Period: All carbon emission and waste targets to be achieved by 31 December 2025. Base year for all targets is 2021.

Environmental measure	Per annum reduction	Proportion of EM that may vest	Carbon emission and waste targets	Number of sites	Proportion of EM that may vest
Improving our carbon intensity ratio	4.2%	33.3%	Fleet emissions reduction	Four	33.3%
	Straight-line vesting between these points		Carbon neutral status of manufacturing sites		Straight-line vesting between these points
	4.0%	7.5%		Two	0%
	Below 4.0%	0%	Waste avoiding
			Per annum reduction		Proportion of EM that may vest
			A target of a minimum average over three years of 4.7% CO2 per £m of sales across UK operations will apply which, if not achieved, will result in a reduction in the outcome under this Environmental measure.

Nature of award: Free and Matching Shares under the SIP

Award type	Award date	Vest date	Number of shares under award	Award price 2	Face value of award 2
CEO Matching Shares	19 May 2023	19 May 2026	7	£6.880	£48.16
Matching Shares	19 Jun 2023	19 Jun 2026	7	£6.832	£47.82
Matching Shares	19 Jul 2023	19 Jul 2026	7	£6.798	£47.59
Matching Shares	18 Aug 2023	18 Aug 2026	6	£7.392	£44.35
Free Shares	29 Aug 2023	29 Aug 2026	35	£7.030	£246.05
CFO Free Shares	29 Aug 2023	29 Aug 2026	35	£7.030	£246.05

2 The face value of the award is calculated using the share price at grant (the 'Award price').

Directors’ remuneration report – Part 4: Additional disclosures continued

Advisors to the Committee

The Committee regularly consults with the CEO, CFO and the Interim Group HR Director on matters concerning remuneration, although they are never present when their own reward is under discussion. The Company Chair attends the Remuneration Committee by invitation except when his own remuneration is determined. The Company Secretary acts as secretary to the Committee but is never present when his own reward is determined. The Committee also has access to detailed external information and research on market data and trends from independent consultants. A representative from the Committee's independent advisor usually attends each meeting of the Remuneration Committee. Korn Ferry was appointed by the Committee as its retained independent advisor in September 2022. Korn Ferry is a member of the Remuneration Consultants’ Group, which operates a code of conduct in relation to executive remuneration consulting, and it does not provide any other services to the Group.

The primary role of the external advisor to the Committee during the year included updating the Committee on trends in compensation and governance matters and advising the Committee in connection with benchmarking of the total reward packages for the Executive Directors and other senior members of staff. Total fees paid to Korn Ferry in relation to remuneration services provided to the Committee totalled £77,388 with fee levels based on the quantity and complexity of work undertaken.

Voting at the 2023 AGM

The results of the advisory vote in respect of the Directors’ remuneration report ('Report') at the 2023 AGM is shown in the chart below. The 2021 AGM results and the 2022 AGM results (which included a binding vote on the Directors’ remuneration policy ('Policy')) are also shown in the chart below.

By order of the Board

Karen Caddick
Remuneration Committee Chair
28 February 2024

Fixed Variable

	2022	2023
Report	Policy	Report
For	90.72%	90.67%
Against	9.28%	9.33%
Withheld	2 55,715	2 3,928,507

AGM voting outcomes

	For¹	Against	Withheld 2
2021	95.36%	4.64%	147,941
2023	86.06%	13.94%	2,392,924

1 A vote 'for' includes those votes giving the Chair discretion.
2 A vote 'withheld' is not a vote in law.

Report | Report
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Introduction from the Audit Committee Chair

I am pleased to present this report covering the work of the Audit Committee.

The Audit Committee has oversight of the Company's financial reporting, internal control framework and audit processes. There have been differences in opinion as to whether the UK Corporate Governance Code should focus on promoting compliance, such as the internal controls over financial reporting or, as has happened, on broader operational controls over the whole business. Over the last several years Howdens has been working hard to enhance controls on a number of fronts. This year's progress includes improving the assessment of the control environment and the documentation of our key processes and procedures, resulting in a more robust and integrated approach to risk management and internal controls. The Committee has been overseeing these activities closely and providing appropriate support. Next steps will include identifying which of the large number of controls are most critical to achieving our strategic objectives and prioritising the development of both the control environment and the assessment of control effectiveness so that reporting is appropriately prioritised. The Committee has also been encouraging the Company’s development of a strong internal audit capability and the enhancement of its risk management processes, which already had a strong foundation, as is appropriate in the current economic climate. We have included a case study in this report on the Audit Committee’s role in overseeing the controls that mitigate our cyber and information security risk, one of our principal risks. The case study can be found on page 136. Receiving updates from management and the security team has become a regular feature of the Committee as the Company adapts to this increasing and evolving risk. I hope that the case study provides some insight into the Committee’s level of oversight and some of the important work we consider.

The Audit Committee also continued its programme of inviting business leaders to present to the Committee on specific areas of the business. In April 2023, we received an update from the Supply Operations Finance Director. The Committee were able to gain valuable insight into not just Supply Operations' financial performance and operational efficiency but also its capital investment plan. The annual update from the Head of Commercial Finance also covered areas including the management of its financial reporting, the effectiveness of its internal controls over financial reporting, risk management, safety, inventory management, and fraud.# Audit Committee report 2023

Audit Committee activity

AGM

• The re-appointment of KPMG LLP as the external auditor and authority for the Directors to determine the auditor’s remuneration were approved by shareholders

Committee meeting

• Cyber security update
• Internal audit report
• Effectiveness of the external auditor and audit processes
• 2023 external audit

Supply Operations Finance Director update

• Discussion with Head of Internal Audit (without management present)

Committee meeting

• Going concern considerations, including going concern considerations
• External auditor Half Year results
• Key controls and Half Year reporting
• Internal audit report
• Interim results review
• Discussion with external auditor (without management present)

Committee meeting

• Cyber security update
• Internal audit report
• HR controls update
• Depot compliance update
• 2023 Annual Report timetable
• Lead audit partner succession
• Key controls and fraud controls
• Annual review of risk and control framework
• Discussion with Head of Internal Audit (without management present)

Committee meeting

• 2022 draft Annual Report and Accounts
• Final year-end results announcement

External audit report

• External audit policies
• Internal audit report
• Key controls
• Audit Committee effectiveness
• Discussion with external auditor (without management present)

Committee meeting

• Year End 2023 / 2024 Budget
• External Audit update
• Key controls: year end assurance

April

September

May

Our external reporting continued to receive external accolades and we were particularly pleased that the Corporate and Financial Awards commended Howdens on its authentic communication that was aligned with our culture. As I stated in last year’s report, receiving external recognition is gratifying, and in some respects reassuring, but the Audit Committee recognises the primary importance of maintaining robust internal controls, clear reporting and demonstrable accountability, which gives our stakeholders confidence. The Committee is committed to upholding these standards to ensure the integrity of the financial reporting and the effectiveness of the internal control systems.

Robert Brent, our audit partner, is retiring at the end of this audit cycle. I would like to take this opportunity to thank Robert for his efforts and for overseeing the transition from Deloitte to KPMG. We look forward to working with our new audit partner, Kamran Walji, who shadowed Robert through this year’s audit. I also look forward to answering any questions on the work of the Audit Committee from shareholders at our AGM.

Andrew Cripps
Audit Committee Chair

Committee meeting

• External audit plan update
• Internal audit charter
• Internal audit report
• 2024 Internal audit plan and budget
• Key controls and fraud controls
• Terms of reference review
• 2024 Audit Committee calendar

November 2023 meeting attendance

	Attendance
Andrew Cripps	6/6
Karen Caddick	5/6
Geoff Drabble	3/3
Louis Eperjesi	3/3
Louise Fowler	6/6
Debbie White	6/6

• Karen was unable to attend the November Committee meeting due to illness.

Key activities in the year ahead

• Review of the Annual Report and Accounts and interim financial statements.
• Review of Audit Committee effectiveness.
• KPMG’s reappointment as auditor to be recommended to shareholders at the Annual General Meeting (AGM).
• Review of the 2024 interim results.
• Consideration of internal audit’s annual plan, budget, and resource allocation.
• Review of key controls.
• Approval of the 2025 Audit Committee calendar.

Andrew Cripps
Audit Committee Chair

February

January

July

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Financial reporting

Results review

The Audit Committee reviewed the Group’s 2023 Annual Report and Accounts published in March 2023 and the half-yearly report for the period ended 30 September 2023. As part of these reviews, the Committee scrutinised papers presented by management and the external auditor. These included information on the Group's key risks, going concern considerations and longer-term viability. The Committee also discussed reports from KPMG on their audit of the Annual Report and the interim financial statements, and their work in relation to key controls and the Group’s reporting. The Committee considered whether the Annual Report and Accounts were fair, balanced and understandable and contained the information necessary for shareholders to assess the Company’s position, performance, business model, and strategy.

Key control assessments

The Committee received the results of management's key control assessments prepared by Group and Divisional management half yearly as well as a report from the Head of Internal Audit and Risk on the scope of those controls and adequacy of evidence retained. The effectiveness of the Group's internal control systems and the disclosures made in the Annual Report and Accounts on this matter were reviewed by the Audit Committee. The Committee also debated regular updates in respect of the wider key controls programme during the year. More information on the key controls programme can be found on page 122.

Areas of focus for external auditor

The Committee exercises its judgement in deciding the areas for which the external auditor's report details the results of their procedures in relation to these areas to the Committee. The matters shown below have been discussed with the Chief Financial Officer, Head of Financial Reporting and External Audit Partner. The Committee has challenged the underlying assumptions and judgements made and has concluded that the financial statements are presented fairly, contain appropriate disclosures, have been appropriately tested, and reviewed by the external auditor, and the disclosures made in the 2023 Annual Report and Accounts are appropriate.

• Inventory obsolescence provisioning
• Actuarial valuation of pension fund liabilities
• Valuation of pension fund assets

Inventory obsolescence provisioning

The Group’s in-stock model (further information about which can be found in the Strategic report beginning on page 2) and the scale of our product range necessitates tight management of inventory to ensure local availability of stock while at the same time minimising obsolescence and wastage. In 2023, management continued to take a strategic position on stock holding. The Committee reviewed management's conclusions on stock valuation and provisioning. The external auditor provided reports to the Committee which considered the appropriateness of provisions held against the carrying value of inventory, while also having regard to the age of discontinued lines and volumes of continuing lines relative to the expected usage and the levels of historical write-offs. The Committee considered the processes used to value each category of inventory, including the assumptions made and judgements applied.

Actuarial valuation of pension fund liabilities

As part of the triennial actuarial valuation of the pension plan, changes were made to demographic assumptions, including those for mortality assumptions. The methodology for all other assumptions remained the same. The Committee met with the Company's actuaries and carefully reviewed their report, concluding that:
* the actuarial assumptions applied to pension fund liabilities and for the ongoing valuation of the pension fund, are appropriate and comply with accounting standards.
* they concurred with the views of the external auditors.

Other key judgements

Valuation of pension fund assets

The Audit Committee also considered processes to value pension fund assets. At 30 December 2023, 57% of total pension fund assets (2022: 76%) were assets for which there is no observable market value (see note 22 on page 195). Some of the asset valuations required judgement because manager valuations at the balance sheet date were not verifiable through quoted prices. To minimise the risk that the valuations were not in line with assumptions, the asset managers were contacted to check for indicators of impairment or expected impairments, and were asked to provide assurance that there had been no significant changes in fund composition which would lead them to think that there had been any impairment since the most recent valuation date. The Committee concurred with the approach taken.

Audit Committee report continued

Governance updates

Updates on the latest governance practices for audit committees and changes in reporting requirements were reviewed with the external auditor. This included the FRC's minimum standard guidance for audit committees' oversight responsibilities for the external audit. In addition to other resources, members of the Audit Committee are members of the KPMG Board Leadership Centre and other bodies, which provide valuable insight and support the Committee’s ongoing development and effectiveness. During the year, the Committee received regular updates on the proposed corporate governance reforms.# Governance

Audit Committee Report

This included the withdrawal of proposed secondary legislation relating to the UK Audit profession and the publication of the updated UK Corporate Governance Code 2024 by the FRC in January 2024. External audit and internal controls remain live topics and the Committee will continue to monitor any proposed audit or wider corporate governance reforms.

Committee effectiveness

An effectiveness review was carried out on the Committee and its members as part of the wider internal Board evaluation process. The review concluded that the current mix of skills and experience of the members of the Audit Committee, and that of its advisors, was such that the Committee could effectively exercise its responsibilities to the Group in relation to risk and controls.

Policies and Procedures

The Committee reviewed its policies in relation to allocation of non-audit work (further detail on this policy may be found in the Remuneration Committee report and the Directors’ Remuneration Report). The Committee ensured that it has complied with the requirements of the UK Corporate Governance Code regarding the allocation of non-audit work and the maintenance of a register of interests. Further information about the Committee's review of its effectiveness and composition can be found in the Directors’ Report.

Competition and Markets Authority Order

The Audit Committee and the FRC's Ethical Standard were complied with throughout the year.

Audit Committees and the External Audit: Minimum Standard (the 'Minimum Standard')

Since the introduction of the FRC's Minimum Standard in May 2023, and in undertaking its role and responsibilities during the year, the Audit Committee has complied with the Minimum Standard throughout the year.

Committee membership

Independence is critical for fair assessment of the management team and the external and internal audit functions. The Committee is composed entirely of independent Non-Executive Directors.

Committee Chair

Andrew Cripps was appointed Audit Committee Chair in May 2016. He is responsible for determining the Committee’s agenda and for maintaining the key relationships between the Group’s senior management, Head of Internal Audit and Risk, the Company Secretary and senior representatives of the external auditor. He is also responsible for ensuring that the Committee receives appropriate and timely information from the external auditor, and that their reports are presented to the Board in a timely manner and that they are reported to shareholders in the Annual Report.

Skills and experience

Andrew Cripps has held executive director roles in the UK and Europe with Rothmans International, where he was Corporate Finance Director. More recently, Andrew has been Audit Committee Chair of a number of FTSE 250 and other public companies.

Competence relevant to the sector

The unique business model of Howdens means it does not operate in a typical consumer-facing retail sector. As such, the Committee undertook an assessment of its skills and experience it assessed them against a number of sectors relevant to the Company. These included building and construction, multi-site wholesale, manufacturing and logistics, and service sectors. The Committee concluded that competence relevant to these sectors was well represented within the current membership. Thorough inductions are provided to the Committee members and opportunities to meet with senior management and Executives further enhance their working knowledge of the way the Company operates.

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Case study

Cyber Security and Information Security Risk Governance

As is the case for the majority of companies, cyber security is treated as one of Howdens’ principal risks (see page 40). Howdens’ systems are fundamental to the day-to-day secure running of the business and the Board has set a very low risk appetite for cyber security risk. As such, one of the key roles of the Audit Committee during the annual cycle is to evaluate updates from management on the threat landscape and the actions take to mitigate this risk as far as possible. The Audit Committee received two updates on cyber and information security during 2023 (at the April and September meetings). These were presented by the Group Chief Information Officer, Director of Infrastructure and Service Delivery, and Head of Information Security. The security team updated the Committee at its meeting in April on progress to date against strategic deliverables. These included an update on cyber security strategy and control governance, progress towards securing the ISO27001 Information Security Management standard and aligning to the IEC62443 Cyber Security in Operational Technology standard. The Committee were also briefed on the successful implementation of multi-factor authentication which had been introduced for all remote users and the outcome of simulated phishing exercises that had been undertaken involving over 11,000 employees. Details of a full cyber crisis management simulation (conducted during the year) with the Group Crisis Management teams were also considered. The September meeting was provided with further updates on the strategic roadmap activities (control governance, phishing exercises and user awareness) and also a review of the transition of the French server infrastructure to the UK datacentre. At both meetings, the Audit Committee considered a publicly available security scorecard, which is an independent benchmark of the Company’s external website. This data provides useful insight into the external security of howdens.com which was visited c.20 million times in 2023. The Committee will continue to receive updates on cyber and information security in 2024, including on progress towards control governance standards and initiatives to reinforce cyber security culture at Howdens.

Audit Committee report continued

External auditor independence

Auditor independence is an essential part of the audit framework and the assurance it provides. The Committee therefore undertook a comprehensive review of auditor independence prior to appointment and during 2023, which included:

• A review of the independence of the external auditor and the arrangements which they have in place to restrict, where necessary, the non-audit services that they can provide and their remuneration.
• A review of the changes in key external audit staff for the current year and the arrangements for the day-to-day management of the audit relationship.
• Consideration of the overall extent of non-audit services provided by the external auditor, in addition to case-by-case approval of the provision of non-audit services that are permitted.
• Deliberation of the likelihood of a withdrawal of the auditor from the market and note taken of the fact that there are no contractual obligations to restrict the choice of auditor.

The Committee was satisfied that the external auditor, KPMG LLP, had complied with the requirements of the FRC Ethical Standard as well as internal requirements and their independence and objectivity had been maintained. The Audit Committee also has a policy in relation to the employment of former members of the external audit team.

External auditor effectiveness

To assess the effectiveness of the external auditor, the Audit Committee:

• The proposed plan of work presented by the external auditor, including audit risks, materiality, terms of engagement and fees prior to commencement of the audit.
• The auditor’s plan of work, its overall scope and any variations from the plan.
• Evaluation from key management personnel and members of the Committee of the external auditor’s exercise of professional scepticism and challenge.
• Robustness and perceptiveness of the auditor in their handling of the key accounting and audit judgements.
• Internal control and risk content of the external auditor’s reports.
• The quality and timeliness of the auditor’s reporting to the Committee.

The Lead Audit Partner also met with all members of the Audit Committee to discuss the audit, to provide insight into the audit approach and to discuss any issues or concerns. The Committee concluded that the external auditor remained effective and audit quality remained high.

Performance expectations for the external auditor

Responsibilities

• Discuss the audit plan, materiality, and areas of focus in advance.
• Report issues at all levels within the Company in a timely fashion.
• Ensure clarity of roles and responsibilities between local KPMG and Howdens’ Finance teams.
• Respond to any issues raised by management on a timely basis.
• Meet agreed deadlines.
• Provide continuity and succession planning of key staff members of KPMG.
• Provide timely and up-to-date advice on the draft auditor's reports and respond to requests for clarification.
• Ensure consistent communication between local and central audit teams.

Wider responsibilities

• Provide timely up-to-date knowledge of technical and governance issues.
• Serve as an industry resource, communicating best practice trends in reporting.
• Adhere to all independence policies.
• Deliver a focused and consistent audit approach to the Group’s financial statements, ensuring appropriate consideration of the Group’s size and materiality.
• Liaise with the Howdens Internal Audit and Risk team to avoid duplication of work.
• Provide consistency in advice at all levels.
• Ultimately, provide a high-quality service to the Board, be scrupulous in their scrutiny of the Group and act with utmost integrity.

Independence

The Committee reviews the independence of the external auditor bi-annually. This includes an assessment of the independence of the audit partner and staff, the auditor's reporting line to the Audit Committee, and the auditor's internal procedures to ensure independence of its staff.# Governance

Audit Committee report continued

Controls and internal audit

Internal control framework

The Group has an established framework of internal controls, which includes the following key elements:

• The Board approves the Group’s strategy and annual budget and monitors management’s performance within these.
• The Group and its subsidiaries operate control procedures designed to ensure complete and accurate accounting records and to safeguard their assets or prevent fraud.
• The Audit Committee meets regularly and its responsibilities are set out in the Audit Committee Terms of Reference (which can be found on the Company’s website at www.howdenjoinerygroupplc.com/governance/ corporate-governance-report/terms-of-reference-of-the-audit-committee). It receives reports from the Internal Audit function on the results of work carried out under an annually agreed audit programme. Operational and compliance controls are considered when the Committee reviews the annual Internal Audit programme. The Audit Committee has full and unfettered access to the internal and external auditors.
• The Internal Audit function operates independently and reports directly to the Audit Committee. It has access to all functions of the Group to undertake its review work. Key areas are aligned with principal risks. These include IT and cyber controls, supplier management, ESG, health & safety and data protection as well as other operational areas. These controls are cyclically tested by Internal Audit to ensure they remain effective and are being consistently applied.
• The Audit Committee annually assesses the effectiveness of the assurance provided by the internal and external auditors.

Key Controls

As previously reported, management have challenged and reviewed key controls across the business to focus and further strengthen our overall control framework. Sponsored by the CEO and CFO, and reporting regularly to the Audit Committee, this work is improving our capability over our operational, IT and financial reporting risks and evidence their effective implementation. Good progress continued throughout 2023 with regular updates being provided to the Audit Committee. Internal project management and governance frameworks were determined to be working effectively and the Committee was satisfied with the robustness of the reporting and challenge processes. The Committee remains committed to the activities to strengthen the control environment across the business.

External auditor fees

All relevant fees proposed by the external auditor must be reported to and approved by the Audit Committee. Details of external audit fees may be found in the table on page 136 and in the notes to the financial statements.

Policy for non-audit services provided by the external auditor

The main aims of this policy are to:

• Ensure the independence of the auditor in performing their statutory audit and related assurance services.
• Provide clear guidance on the types of services that the auditor can and cannot undertake.

The Audit Committee has reviewed the policy for non-audit services to ensure that it is in line with the FRC’s Revised Ethical Standards 2019 (which took effect from 15 March 2020) and the FRC’s Audit Quality Practice Aid 2019. The policy, in line with regulation, substantially limits the non- audit services which can be provided by the external auditor. The policy provides:

• A 70% cap of the value of the audit fee for all non-audit services calculated on a rolling three-year basis.
• Categories of service that are prohibited from being carried out by the auditor.

The policy details the circumstances in which the auditor may be engaged in non-audit work without compromising their independence. Where a proposal for non-audit work is received, the Audit Committee considers each referral on a case-by-case basis. The policy ensures that the auditor does not audit its own work or make management decisions for the Company or any of its subsidiaries. The policy is reviewed annually by the Audit Committee and requires the agreement of fees payable for non-audit work. No non-audit services, apart from interim review services, were provided by KPMG during the year.

Internal audit

The Internal Audit team has continued to develop its capabilities during the year. Building on the development of data analytics and systemisation of controls, members of the team also undertook ISO-accredited lead auditor training and achieved Chartered IIA status, or equivalent. An updated Internal Audit Charter has been approved by the Committee and communicated to management, thereby refreshing understanding of responsibilities for internal audit and risk management, and clarifying the reporting lines of the Internal Audit function. The Committee reviewed and challenged:

• Internal Audit’s programme of work and resources and approved its annual plan and budget.
• The level and nature of assurance activity performed by Internal Audit.
• The outcome of internal audit reviews and the adequacy and timeliness of management’s response.
• The scope and findings of management’s testing programmes and the effectiveness of Internal Audit’s coverage.

Independent assurance

The Committee assessed the coverage of independent assurance by reviewing the annual internal audit plan against the Group’s key controls.

Internal audit effectiveness

The Committee considered that the Internal Audit function remained effective and provided a comprehensive level of assurance through its programme of work. The Internal Audit team continues to comply with the IPPF. These standards set out the expectations of the Global Institute of Internal Auditors (IIA) for best practice. In Q4 2023 the IIA announced revised Global IIA Standards which become mandatory in 2025. The Internal Audit team has revised working practices and is now aligned with these new standards in advance of mandatory implementation. The Audit Committee has commissioned an external review to assess the performance and effectiveness of the Internal Audit department. In 2021, the Audit Committee commissioned an external quality assessment (EQA) readiness assessment, provided by the IIA. An EQA evaluates conformance with the International Professional Practices Framework (IPPF) outlined above. The readiness assessment concluded that the function’s operational processes were robust and provided high-quality assurance and that the function was well placed to meet the requirements of a full EQA. No areas reviewed were considered to be of concern, although a small number of best practice improvement recommendations were made and have been implemented. The next effectiveness review will be considered in 2025, with a view to obtaining full EQA accreditation as outlined above.

Fraud risk

The Committee considered the controls in place to mitigate fraud risk and received a report from Internal Audit detailing the controls in place to mitigate fraud risk. The review of the Group’s fraud risk register, as recommended by the Audit Committee, is now complete. There will be further testing and assessments undertaken during 2024 to ensure that the Group is in line with best practice.

Cyber and information security risk

The risk of a cyber security incident is considered to be one of the Group’s principal risks. A case study on cyber and information security can be found on page 136.

The Group’s cyber risk management framework was reviewed and enhanced during the year and there have been no such breaches during the preceding three-year period.

Divisional controls

Senior management from the business are invited to discuss the controls in their business areas. The Supply Operations Finance Director and the Head of Compliance for the Trade division gave presentations on the key risks and control environments in their area. In September, the HR Director also presented to the Committee.

Whistleblowing

Complaints on accounting, risk issues, internal controls, auditing issues and related matters are reported to the Audit Committee as appropriate. Oversight of the Company’s whistleblowing policy is a matter considered by the Board. The Board receives biannual updates on whistleblowing statistics and trends (see pages 78 and 79).

Interests of Directors

The Companies Act 2006 places a duty upon Directors to ensure that they do not, without the Company’s prior consent, enter into a transaction or arrangement with the Company, or exercise any right conferred by the Company, if to do so would create a conflict of interest. This duty is owed to the Company and requires Directors to avoid situations in which they have, or can have, a direct or indirect interest in a transaction or arrangement with the Company or in any other situation which may possibly conflict, or may possibly arise, from their position as a director of the Company and either their personal interests or other duties they owe to a third party. If any Director becomes aware that they, or any party connected to them, have an interest in an existing or proposed transaction with the Company, they must notify the Board as soon as practicable.# Governance

Sustainability Committee report

GovernancePage Title Page Title GovernanceGovernance Introduction from the Sustainability Committee Chair

Having a sustainable business is a strategic priority for the Howdens Board and the reference to our work in this area can be found in almost all other parts of this Annual Report, from the CEO statement to the Governance reports. It is central to everything we do and the Sustainability Committee, now in its fourth year, helps to ensure that it is given as much of the Board’s time and attention as our other business priorities.

Our greenhouse gas emission targets had been validated by SBTi (the Science Based Targets initiative) with SBTi classifying Howdens’ scope 1 and 2 target ambition as in line with a 1.5°C trajectory. Validated targets include to reduce absolute scope 1 and 2 GHG emissions 42% by 2030 and our scope 3 supply chain emissions by 25% by 2030 from a 2021 base year, and to increase sourcing of renewable electricity from 30% in 2021 to 100% by 2027. The Committee will regularly monitor progress against these targets in the coming years.

Sustainability in our workforce was also a key focus for the Committee during the year and we have detailed some of our key activities later in the report. I was pleased that the Remuneration Committee introduced environmental remuneration measures for the Executive long-term incentive plan to build on these further in the future.

Many of the items considered and approved at the Sustainability Committee are considered in detail in the sustainability matters report (which begins on page 42), part of the strategic report, so this Committee report is necessarily shorter than other Committee reports to avoid duplication. However, it is important to detail the role, remit, and responsibilities of the Committee, to highlight some of the key work of the Committee during the year, and to consider the work of the Committee in the year ahead.

Role, remit and responsibilities

The primary purpose of the Howdens Sustainability Committee is to assist the Board in articulating and developing its sustainability strategy and providing oversight of sustainability initiatives across the business, in line with the purpose, values, and strategy of Howdens as established by the Board. This includes monitoring the content and completeness of Howdens’ external statements, disclosures, and other reporting on sustainability matters. Setting the tone from the top on environmental and social matters, ensuring that these priorities are embedded in wider strategy, and developing robust KPIs are key functions of the Committee.

The key duties the Committee carries out in relation to any environment and climate action and Howdens’ contribution to society are set out in the Committee’s Terms of Reference, which are reviewed annually and can be accessed on our corporate website (https://www.howdenjoinerygroupplc. com/governance/corporate-governance-report/terms-of- reference-of-the-sustainability-committee). However, it will also consider any other matters referred by the Board or its Committees relevant to sustainability. The remit of the Sustainability Committee does not cover governance matters per se and these remain a matter for the Board and its Committees. The Committee will also liaise as necessary with all other Board Committees as required.

The work of the Committee in 2023

Environmental sustainability

The Committee received updates at all its meetings from the Director of Sustainability and remain committed to management’s goal of becoming the UK’s leading responsible kitchen and joinery business.

Our work in environmental sustainability includes reducing the Group’s indirect, scope 3 carbon emissions by engaging our supply chain and considering the initiatives and engagement necessary to help reduce the Group’s indirect, scope 3 carbon emissions across all product categories. This work involves aligning our global supply base with our emissions objectives across all product categories. In 2023, a new supplier code of conduct was introduced which included obligations for emissions reductions and sustainability targets. The Committee also received updates on supplier visits and the ESG supplier conference held in July. This workshop-style conference was held jointly with one of our key kitchen frontal suppliers, Friul, with the objective to send a strong message to our tier 2 supplier and focus them on our objectives.

In addition to reducing direct carbon emissions from our business, is key to supporting our validated SBTi carbon reduction targets. The Committee also received regular updates on waste and more widely on the product and packaging programme. There were regular demonstrations of packaging innovation and new technologies and the Head of Design updated the Committee on innovations from the teams at Howdens, demonstrating that sustainability by design had become embedded in our product development processes. More information on our environmental sustainability can be found in the sustainability matters report (which begins on page 42).

2023 Sustainability Committee activity

• Committee meeting
  • Sustainability strategy update
  • Progress against SBT Net Zero Plans
• Committee meeting
  • Sustainability strategy update
  • EDI update
  • 2024 Sustainability Committee calendar
  • Committee Terms of Reference
• Committee meeting
  • Sustainability strategy update
  • EDI and workforce skills
  • 2022 Sustainability Report

TCFD – business resilience

The Sustainability Committee is mindful to understand key climate risks and opportunities. We do this through our business resilience framework, which is documented through our TCFD disclosures. These disclosures are contained in the strategic report on pages 60 to 66. The Committee has encouraged a simple and pragmatic approach to business resilience. Building on the disclosures in 2022, the Committee considered three model scenarios, a materiality impact assessment and associated action plan. These are integrated with the Science Based Targets Net Zero Plans, which include comprehensive supply chain mapping, a compelling customer sustainability offer and regular review of Howdens sustainability strategy.

2023 meeting attendance

• Peter Ventress (3/3)
• Karen Caddick (3/3)
• Andrew Cripps (3/3)
• Geoff Drabble (2/2)
• Louis Eperjesi (1/1)
• Louise Fowler (3/3)
• Debbie White (3/3)

Key activities in the year ahead

• Receive updates on execution of the Group’s sustainability strategy, including the roadmap for SBTi net zero targets.
• Receive updates on the Group’s equality, diversity and inclusion priorities, workforce skills and development.
• Review the Sustainability Committee’s Report and Terms of Reference.
• Approval of the 2024 Sustainability Committee calendar.

Peter Ventress
Sustainability Committee Chair
28 February 2024

Skills

A key area of focus for the Sustainability Committee during the year was employee skills and development. Updates on developing core skill frameworks and training for critical roles were provided in addition to updates on apprenticeships and core skills training. A new Kitchen Sales Designer 'Better Buy Design' training programme has been piloted and launched with 21 designers in the initial trial. We have also trained 284 managers in our leadership programme 'Leading the Way'. Both programmes will be rolled out across our Depots in 2024.

Sustainability in 2024

The Committee will continue to focus on the core environmental and social matters that matter the most to our stakeholders. This will include further monitoring of our SBTi Net Zero carbon reduction strategy and promoting our EDI agenda. We will continue to communicate our progress and priorities as part of Howdens wider strategy.

By order of the Board
Peter Ventress
Sustainability Committee Chair
28 February 2024

Supported by external consultancy, ESG360, the Group utilised the following methodology for TCFD implementation:

• Governance and oversight: Board and management oversight to ensure that climate issues are embedded in the strategic planning/ enterprise risk management.
• Assess materiality of climate-related risks: Understand potential climate related risks and opportunities for Howdens’ business involving all relevant internal stakeholders.
• Develop and validate scenarios: Construct appropriate scenarios to develop relevant narratives according to Howdens’ context and business model.
• Evaluate business impacts: For each scenario (three scenarios were developed), the potential business impacts were assessed from qualitative to quantitative.
• Identify potential responses: Use the results to identify realistic strategic responses to manage risks and opportunities.
• Document and disclose: Communicate to relevant parties – the inputs, assumptions, methods, outputs, and potential management responses.## Directors’ report

Equality, diversity and inclusion (EDI)

The Sustainability Committee received updates from the senior HR team on the progress made during the year in respect of the EDI strategy, noting that management had reframed its inclusion strategy around three key areas:
* Being ‘worthwhile for all’ – providing clarity on its approach to inclusion.
* Support for all – helping managers to get the best out of all their people.
* Accessible for all – broadening our reach and being accessible to all.

The Committee considered communication strategies and events undertaken during the year and how better-quality quantitative data was being collected and used to promote better inclusion across the business.

To make our Annual Report and Accounts more accessible, a number of the sections traditionally found in this report can be found in other sections of this Annual Report and Accounts where it is deemed that the information is presented in a more connected and accessible way. The Directors’ report comprises the sections detailed below, including the statement on political donations and research and development (‘R&D’). Any sections that have been moved have been cross-referenced below:

Located in the sustainability report:
* Greenhouse gas emissions and streamlined energy and carbon reporting (SECR): Details of the Group’s greenhouse gas emissions, as required by Sch. 7 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulation 2008 as amended by the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, are set out on page 67. Information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (SI 2018/1155), can be found on pages 67 and 68.

Located in the additional information section:
* Annual General Meeting (AGM): Information about the AGM can be found on page 214.
* The recommendation to reappoint KPMG LLP as the Group’s auditor, can be found on page 136.
* Share capital, substantial shareholdings and acquisition of the Company’s own shares (including nominal value of shares purchased): pages 214 and 215.
* Directors' Indemnity and Insurance: page 215.
* Provision for amounts written off upon a change of control: page 215.
* Disclosure required under Listing Rule 9.8.4R:
* Dividend waivers: page 214.
* Fees paid to employees for services rendered to the Group to 30 December 2023: page 215.

Located in the financial statements:
* Employees: The average number of employees and their remuneration are shown in note 21. Details of the SIP can be found in note 23.
* Financial risk management (relating to SI 2008/410 Schedule 7 Part 1.6): note 20.
* Disclosure required under Listing Rule 9.8.4R:
* Details of long-term incentive schemes: note 23.
* Details of any tax relief, including amount and treatment: note 7.
* The remaining disclosures required by LR 9.8.4R (with the exception of those described above under subheading 'Located in the additional information section') are not applicable to the Company.
* Dividend: note 17.

Located in the strategic report:
* Principal Group activities, business review and results: pages 2 to 35.
* Dividend: pages 18 and 32.

Located in the governance section:
* Directors of Howden Joinery Group Plc: The names of anyone who served as a Director during the period can be found on page 74 under 'Board meeting attendance'.
* 2018 UK Corporate Governance Code (the ‘Code’): How the Company applied the Principles and complied with the Provisions of the Code can be found on pages 92 to 97. A copy of the Code can be accessed via www.frc.org.uk.
* Internal control and risk management arrangements: Internal control arrangements information can be found in the Audit Committee report on page 138. Risk management arrangements information can be found on pages 36 to 37 and in the Principal risks and uncertainties section beginning on page 38.
* Board and Group Diversity policies: page 102.
* Stakeholder engagement: Details regarding the engagement with suppliers, customers, and others in business relationships with the Company, as required by Sch. 7 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended by the Companies (Miscellaneous Reporting) Regulations 2018), can be found on pages 84 to 91.
* Employees: The total number of employees and gender diversity statistics are located on page 102. The methods of engaging with the workforce can be found on pages 86 and 87. All eligible UK employees have been invited to participate in a Free Shares award under the Company’s Share Incentive Plan (SIP) each year since 2015, and since 2021 were invited to participate in a SIP Partnership and Matching Shares plan.
* Directors’ statement of disclosure of information to the auditor: page 144.

Political donations and R&D

The Group made no political donations during the current and prior financial years, nor did it incur any expenditure in the current or previous financial years in support of any non-UK political party.

The Directors’ report for the year ended 31 March 2024

By order of the Board

Forbes McNaughton
Company Secretary
28 February 2024

143 Howden Joinery Group Plc Annual Report & Accounts 2023
Financial Statements
Additional Information
Governance
Strategic Report

142 Howden Joinery Group Plc Annual Report & Accounts 2023
Governance
Page Title
Governance
Page Title
Directors’ report
Governance
Directors’ statements

Disclosure of information to the auditor

The Directors have taken all reasonable steps to ascertain that the Group’s auditor has been made aware of any relevant audit information and to establish that the Group’s auditor is aware of that information. This statement confirms that each of the Directors has taken all the steps they ought to have taken as a director in accordance with section 418 of the Companies Act 2006.

Statement of Directors’ responsibilities

The Directors are responsible for preparing the Annual Report and Accounts and the Group and parent Company financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare and lay before the Company, Group and parent Company financial statements which give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group and of the parent Company for that period. In preparing each of the Group and parent Company financial statements, the Directors have:
* selected suitable accounting policies and then applied them consistently;
* made judgements and estimates that are reasonable, relevant, reliable and, in respect of the parent Company financial statements, have been made on an appropriate basis;
* assessed whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
* assessed the Group and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to the going concern; and
* used the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Group and the parent Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that complies with that law and those regulations. The Directors are responsible for the accuracy and integrity of the information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.# Directors’ responsibility statement

In accordance with Disclosure Guidance and Transparency Rules sourcebook issued by the UK Listing Authority, the directors are responsible for preparing the Annual Report and Accounts for each financial year. Under section 172 of the Companies Act 2006, the directors are required to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the interests of the other stakeholders, the need to foster the company’s business relationships with suppliers, customers and others, the impact of the company’s operations on the community, the environment and its long-term reputation. The Disclosure Guidance and Transparency Rules sourcebook requires the directors to state that in their opinion the annual financial statements provide no assurance over whether the annual financial statements are a true and fair view. Directors’ responsibility statement

The directors are responsible for:

• ensuring that the Annual Report and Accounts are prepared in accordance with applicable set of accounting standards, give a true and fair view of the state of affairs of the Group and Company, and the undertakings including the consolidation taken as a whole, and of the profit or loss of the Group and Company, and the undertakings including the consolidation taken as a whole, and are otherwise prepared in accordance with the requirements of the Companies Act 2006;
• the Annual Report and Accounts includes a fair review of the development and performance of the business and the position of the Group and Company and the undertakings including the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face;
• the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s position and performance, business model and strategy.

This responsibility statement was approved by the Board of Directors and is signed on its behalf by:

Andrew Livingston Paul Hayes
Director Director
28 February 2024

The Board is committed to ensuring that our reporting requirements under sections 414CA and 414CB of the Companies Act 2006 in respect of non-financial and sustainability information are met. This commitment to reporting and transparency has been embedded into our Howdens culture for many years. The Board is committed to acting responsibly and working with our stakeholders to manage the social and ethical impact of our activities. The Howdens culture is to be ‘worthwhile for all concerned’ and so we aim to treat all our stakeholders fairly and with integrity. We have a number of Group policies to provide guidance to our employees. The policies are designed to be easily understood and they generally include examples of acceptable and unacceptable behaviours. To consolidate our reporting requirements under sections 414CA and 414CB of the Companies Act 2006 in respect of non-financial and sustainability reporting, we have set out below a summary of our focus areas and the corresponding policies and statements.

## Focus area	Policies and statements	More information and outcomes
Environmental matters	Sustainability and Corporate Social Responsibility Statement of Intent (see Group website).	• Greenhouse gas emissions and streamlined energy and carbon reporting (pages 67 and 68). • Discussion about the Company's SBT Net Zero commitment and targets (pages 46 and 47). • Energy consumption and carbon emissions, electric vehicle charging points and solar panels, and our use of renewable energy sources (page 57). • KPIs on production waste reuse, recovery, and recycling (page 57) and our target of 100% of wood-based material used in manufacturing processes being made from sustainably managed sources (pages 52 to 53). • Discussion of the Company’s progress on implementing the recommendations of the Task Force on Climate-Related Financial Disclosures (pages 60 to 66). • Discussion of the UN Sustainable Development Goals (UN SDGs) (page 45). • Our commitment to the UK Green Building Council’s Net Zero Carbon Buildings Framework (page 56), and our use of renewable energy sources (page 57). • KPIs on production waste reuse, recovery, and recycling (page 57) and our target of 100% of wood-based material used in manufacturing processes being made from certified sources (pages 52 to 53). • Discussion of the Company’s progress on implementing the recommendations of the Task Force on Climate-Related Financial Disclosures (pages 60 to 66). • Discussion of the UN Sustainable Development Goals (UN SDGs) (page 45). • Our commitment to the UK Green Building Council’s Net Zero Carbon Buildings Framework (page 56), and our use of renewable energy sources (page 57). • KPIs on production waste reuse, recovery, and recycling (page 57) and our target of 100% of wood-based material used in manufacturing processes being made from certified sources (pages 52 to 53).
Social matters	Sustainability and Corporate Social Responsibility Statement of Intent (see Group website).	• Our impact on our stakeholders (pages 58 and 58) and engagement with stakeholders (starting on page 84). • Our progress on equality, diversity and inclusion and wellbeing matters (pages 54 and 55) and our work with local and national charities (page 17). • Our Boardroom and Group Diversity Policies (page 102).
Respect for human rights	Human Rights Policy and Modern Slavery Statement (see Group website).	• Discussion of the UN SDG Goal 8 (Decent Work and Economic Growth) (pages 54 and 55). • Our Modern Slavery Statement (see Group website) sets out how we actively monitor suppliers and train our procurement staff. • Internationally recognised labour standards form part of our contracts of employment.
Anti-bribery and corruption	Anti-bribery and corruption policy, interest, corporate gifts and hospitality, anti-money laundering, anti-tax evasion and competition law.	• The Board considers and approves the following Group policies: anti-bribery and corruption, anti-money laundering, anti-tax evasion, competition law policy, market abuse compliance and the Modern Slavery Statement and whistleblowing. • We have a rolling programme of refresher training on modern slavery and anti- bribery for our compliance team and buyers. • Further information about our whistleblowing facility may be found on page 87.
Employees	Health & Safety Statement of Intent (see Group website), market abuse compliance, data protection and privacy, and whistleblowing.	• KPI on Health and Safety and discussion of Health and Safety performance and initiatives (page 56). • Discussion of apprentice schemes (pages 51 and 55). • Diversity policies and statistics (pages 101 and 102). • Workforce engagement (pages 86 and 87). • Directors’ remuneration policy (see Group website for the full policy or pages 113 to 116 for a summary of the policy).

The Board is responsible for overseeing the company’s strategy and financial performance. A discussion of our principal and emerging risks, including those related to our business relationships, products and services, as well as a description of our risk management process, starts at page 36.

Non-financial and sustainability information	Governance	Strategic Report	Financial Statements	Additional Information
145	Howden Joinery Group Plc Annual Report & Accounts 2023	144	Howden Joinery Group Plc Annual Report & Accounts 2023
146	147
148	Independent auditor’s report	162	Consolidated income statement	162
			Consolidated statement of comprehensive income	163
			Consolidated balance sheet	164
			Consolidated statement of changes in equity	165
			Statement of cash flows	166
			Statement of cash flows	205
			Company balance sheet	206
			Company statement of changes in equity	207
			Statement of cash flows	208

Financial Statements

Page Title	Page
Consolidated financial statements
Independent auditor’s report	148
Consolidated income statement	162
Consolidated statement of comprehensive income	163
Consolidated balance sheet	164
Consolidated statement of changes in equity	165
Consolidated statement of cash flows	166
Company financial statements
Company balance sheet	206
Company statement of changes in equity	207
Company statement of cash flows	208

Auditor’s Report

Independent auditor’s report

To the members of Howden Joinery Group Plc

Opinion on the financial statements

In our opinion:

• the consolidated financial statements and the company financial statements present fairly, in all material respects, the financial position of Howden Joinery Group Plc as at 30 December 2023 and its financial performance and cash flows for the year then ended; and are properly prepared in accordance with UK GAAP (United Kingdom Generally Accepted Practice) and, in respect of the consolidated financial statements, Article 4 of the IAS Regulation.
• the consolidated financial statements give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group and the company financial statements give a true and fair view of the financial position, financial performance and cash flows of the Company; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 as applied to the financial statements of a listed public interest entity.

We have audited the financial statements, which comprise:

• the consolidated income statement;
• the consolidated statement of comprehensive income;
• the consolidated balance sheet;
• the consolidated statement of changes in equity;
• the consolidated statement of cash flows;
• the statement of cash flows;
• the company balance sheet;
• the company statement of changes in equity;
• the company statement of cash flows;
• the accounting policies and other explanatory notes.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard for Auditors and relevant professional and regulatory requirements relating to listed public interest entities. We have fulfilled our other ethical responsibilities in accordance with the FRC Ethical Standard.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements, and which we therefore paid particular attention to. They are presented in this report in addition to the information required by ISAs (UK) to be presented in this report. They do not comprise all matters likely to be important or all matters in respect of which the audit committee has provided advice or guidance.

We have no key audit matters to report.

Our audit approach

Overall structure

Our audit was conducted in accordance with ISAs (UK). We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

Our audit included performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The nature and extent of these procedures varied depending on our assessment of the risk of material misstatement of the financial statements.

We identified the following key areas of focus for our audit:

• Revenue recognition: As detailed in Note 2.1 to the financial statements, revenue is recognised for the sale of goods. We performed detailed testing on revenue transactions and reviewed the contracts and sales order processing to ensure that revenue was recognised in accordance with the Group’s accounting policies and IFRS 15.
• Valuation of inventory: As detailed in Note 2.11 to the financial statements, inventory is stated at the lower of cost and net realisable value. We performed detailed testing on inventory valuations by reviewing the cost of goods and considering the net realisable value of inventory at year end.
• Lease accounting: As detailed in Note 2.17 to the financial statements, the Group has recognised significant right-of-use assets and lease liabilities. We performed detailed testing on lease calculations and reviewed the lease agreements to ensure that lease accounting was in accordance with IFRS 16.
• Going concern: As detailed in Note 2.1 to the financial statements, the directors have prepared the financial statements on a going concern basis. We reviewed the directors’ assessment of going concern and performed our own procedures to assess the going concern basis.
• Taxation: As detailed in Note 2.15 to the financial statements, the Group has recognised significant tax assets and liabilities. We performed detailed testing on tax calculations and reviewed the tax disclosures to ensure that tax accounting was in accordance with applicable tax legislation.

Materiality

We set materiality at £13.1m (2022: £12.2m), which represents 0.5% of revenue for the year. We also set performance materiality at £10.48m, which is 80% of materiality.

Scope of the audit

The Group has 12 reporting entities. We audited the financial statements of all these entities.

Other information

The other information comprises the information in the annual report other than the financial statements and our auditor’s report thereon. We read the other information on publication, including the Directors' report, Strategic Report and Corporate Governance Statement, and consider the implications for our report on the financial statements. Our report on the financial statements does not cover the other information and accordingly we do not express an audit opinion or, except as otherwise noted below, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in other information, we are required to report that fact.

We have nothing to report in relation to other information.

Responsibilities of the directors

The directors are responsible for:

• the preparation of the financial statements in accordance with UK GAAP, Article 4 of the IAS Regulation and the Companies Act 2006;
• providing a true and fair view of the financial position and financial performance of the Group and Company;
• such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error;
• assessing the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether caused by fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This will also be made available on the firm’s website. Such functions in accordance with the FRC Ethical Standard.

Reporting on other information

As referred to in the statement of responsibilities of the directors, the directors are responsible for the preparation of the other information which includes the directors’ report, the strategic report and the corporate governance statement.

Other reporting responsibilities

Non-audit services

We confirm that we have not performed any non-audit services during the year ended 30 December 2023.

Tenure of group engagement partner

The group engagement partner is required to rotate every 5 years. The current group engagement partner has been in place for 2 years.

The audit of the consolidated financial statements for the year ended 30 December 2023 was performed by PricewaterhouseCoopers LLP.

Description	2023	2022
Audit and audit related fees	£1.3m	£1.3m
Other services	£0.1m	£0.1m
Non-audit fee as a % of total audit and audit related fee	n/a	n/a
Total remuneration	£1.4m	£1.4m

	2023	2022
Tenure of Group engagement partner	2 years	2 years
Tenure of Group engagement partner	2032	2024

Summary of Key Financial Data

	2023	2022
Dividends paid	£114m	£115.0m
Revenue	£2,311m	£2,319m
EPS	46.5p	65.8p
Net cash	£283m	£308m
Profit before tax	£328m	£406m
Profit after tax	£340m	£415m

Financial Performance Overview

	2019	2020	2021	2022	2023
Revenue	£1,584m	£1,548m	£2,094m	£2,319m	£2,311m
Profit before tax	£261m	£185m	£390m	£406m	£328m
Profit after tax	£196m	£133.6m	£260m	£415m	£340m
EPS	35p	25p	53.2p	65.8p	46.5p
Dividends paid	£70.6m (inc. £54.1m special dividend)	£115.0m	£196m	£115.0m	£114m
Net cash	£185m	£261m	£390m	£308m	£283m

Howden Joinery Group Plc - Annual Report & Accounts 2023

Page 146

Page 147

Governance

Directors’ statements

Dividends paid
£114m paid in 2023

Revenue
£2,311m (2022: £2,319m)

EPS
46.5p (2022: 65.8p)

Net cash
£283m (2022: £308m)

Profit before tax
£328m (2022: £406m)

Profit after tax
£340m (2022: £415m)

Key Performance Indicators

KPI	2023	2023 (vs Prior Year)
Earnings Per Share (EPS)	46.5p	Down 29.2%
Revenue	£2,311m	Down 0.3%
Profit before tax	£328m	Down 19.2%
Profit after tax	£340m	Down 18.1%
Dividends paid	£114m	Down 0.9%
Net cash	£283m	Down 8.1%

Strategic Report

Governance

Non-financial and sustainability information

Directors’ statements

Dividends paid
£114m paid in 2023

Revenue
£2,311m (2022: £2,319m)

EPS
46.5p (2022: 65.8p)

Net cash
£283m (2022: £308m)

Profit before tax
£328m (2022: £406m)

Profit after tax
£340m (2022: £415m)

Financial Statements

Page Title	Page
Consolidated financial statements
Independent auditor’s report	148
Consolidated income statement	162
Consolidated statement of comprehensive income	163
Consolidated balance sheet	164
Consolidated statement of changes in equity	165
Consolidated statement of cash flows	166
Company financial statements
Company balance sheet	206
Company statement of changes in equity	207
Company statement of cash flows	208

Audit and Assurance

Our independence

We have remained independent of the Group throughout the financial year. We have performed our audit in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard for Auditors and relevant professional and regulatory requirements relating to listed public interest entities. We have fulfilled our other ethical responsibilities in accordance with the FRC Ethical Standard. We have not performed any non-audit services during the year ended 30 December 2023.

Non-audit services

Description	2023	2022
Audit and audit related fees	£1.3m	£1.3m
Other services	£0.1m	£0.1m
Non-audit fee as a % of total audit and audit related fee	n/a	n/a

Tenure of Group engagement partner

The Group engagement partner is required to rotate every 5 years. The current Group engagement partner has been in place for 2 years.

The audit of the consolidated financial statements for the year ended 30 December 2023 was performed by PricewaterhouseCoopers LLP.

Tenure of Group engagement partner
2 years

Tenure of Group engagement partner
2032

Directors’ Report

Report of the directors

In our opinion:

• the financial statements present fairly, in all material respects, the financial position of Howden Joinery Group Plc as at 30 December 2023 and its financial performance and cash flows for the year then ended; and are properly prepared in accordance with UK GAAP (United Kingdom Generally Accepted Practice) and, in respect of the consolidated financial statements, Article 4 of the IAS Regulation.
• the consolidated financial statements give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group and the company financial statements give a true and fair view of the financial position, financial performance and cash flows of the Company; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 as applied to the financial statements of a listed public interest entity.

Audit and assurance

Our independence

We have remained independent of the Group throughout the financial year. We have performed our audit in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard for Auditors and relevant professional and regulatory requirements relating to listed public interest entities. We have fulfilled our other ethical responsibilities in accordance with the FRC Ethical Standard. We have not performed any non-audit services during the year ended 30 December 2023.

Non-audit services

Description	2023	2022
Audit and audit related fees	£1.3m	£1.3m
Other services	£0.1m	£0.1m
Non-audit fee as a % of total audit and audit related fee	n/a	n/a

Tenure of Group engagement partner

The Group engagement partner is required to rotate every 5 years. The current Group engagement partner has been in place for 2 years.

The audit of the consolidated financial statements for the year ended 30 December 2023 was performed by PricewaterhouseCoopers LLP.

Tenure of Group engagement partner
2 years

Tenure of Group engagement partner
2032# Independent auditor’s report

To the members of Howden Joinery Group Plc

What our opinion covers

We have audited the consolidated financial statements and the parent company financial statements of Howden Joinery Group Plc (the ‘Group’ and ‘Company’) for the year ended 31 December 2023, which comprise:

• Consolidated income statement
• Consolidated statement of comprehensive income
• Consolidated balance sheet
• Consolidated statement of changes in equity
• Consolidated statement of cash flows

• Notes to the consolidated financial statements, including a summary of significant accounting policies

• Company balance sheet

• Company statement of changes in equity
• Notes to the company financial statements, including a summary of significant accounting policies

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the FRC’s Ethical Standards and have obtained the relevant ethical confirmation from our client. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

We consider the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies.

Key Audit Matters

We have determined the following Key Audit Matters (KAMs) to be the most significant matters in our audit of the current period financial statements. These were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KAM	Link to relevant financial statement disclosure
Accounting for inventory (Group)	4.1
Recoverability of Property, plant and equipment (Group)	4.2
Recoverability of Parent Company’s investment in subsidiaries and debt due from group entities (Parent Company)	4.3

What is a KAM?

A KAM is a matter engaging our attention that is of most significance in the audit of the financial statements of the current period. It is a matter that involved:

• The greatest area of significant judgment by management; or
• Significant risk of material misstatement; or
• Significant attention by us in performing our audit.

Howden Joinery Group Plc Annual Report & Accounts 2023

Financial Statements	Additional Information	Governance	Strategic Report	Independent auditor’s report	Financial Statements	Page Title
Consolidated statement of cash flows
						Notes to the consolidated financial statements
						Notes to the company financial statements

Going concern

Opinion on Directors' use of the going concern basis of accounting

We have reviewed the Directors’ assessment of the Group’s and the Parent Company’s ability to continue as a going concern for the period of at least twelve months from the date of this report. We have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Conclusion on material uncertainty, related to going concern

We have also considered the potential impacts of climate change on the Group and the Parent Company, as described on page 46. In our opinion, based on the work we have performed, there is not a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern.

Our conclusion

• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the parent company financial statements is appropriate.
• We consider that the Directors’ use of the going concern basis of accounting in preparing the consolidated financial statements is appropriate.
• We have concluded that the Directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern for the going concern period is appropriate.
• The related statement under the Listing Rules set out on page 149.

Our opinion on the financial statements

In our opinion:

• The consolidated financial statements give a true and fair view of the state of the Group’s affairs as at 31 December 2023 and of the Group’s profit and cash flows for the year then ended.
• The financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted by the UK.
• The company financial statements give a true and fair view of the state of the affairs of the Company as at 31 December 2023 and of the Company’s profit and cash flows for the year then ended.
• The company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Responsibilities of the Directors and Those Charged with Governance

The Directors are responsible for the preparation of the consolidated financial statements and the parent company financial statements in accordance with applicable accounting standards, for ensuring that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

The Directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s ability to continue as a going concern is not affected by any such events or conditions.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent of work performed on the Group financial statements

We have considered the potential impacts of climate change on the Group.

We have performed audit procedures in relation to the Group’s consolidated financial statements. The Group has 14 reporting components. We determined individually and collectively, that these components represent 72% of total revenue and 65% of total assets. We selected these because these are the components with the largest share of revenue or assets and therefore have the potential to contain the largest value of misstatement. We performed audit procedures on the financial information of these components and performed full scope audits on these components.

The remaining components were audited by component auditors. We have obtained and reviewed the audit work performed by component auditors. We consider that the scope of our audit, as communicated to the Audit Committee, to be an appropriate basis for our audit opinion.

The audit of the consolidated financial statements

The audit of the consolidated financial statements involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements, including a summary of significant accounting policies# Audit Report of the Independent Auditor

To the Shareholders of [Company Name]

Opinion

In our opinion, the consolidated financial statements of [Company Name] (the "Group") give a true and fair view of the financial position of the Group as at [Date] and of its financial performance and cash flows for the year then ended in accordance with [Accounting Standards]. We have audited the consolidated financial statements, which comprise the consolidated statement of financial position as at [Date], and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

The audit of the consolidated financial statements in accordance with International Standards on Auditing (UK) requires us to form an opinion as to whether the consolidated financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. This includes the preparation and presentation of the consolidated financial statements in accordance with [Accounting Standards].

The accompanying financial statements have been prepared assuming the Group will continue as a going concern. The Group is a holding company and its subsidiaries operate in a number of countries.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the Stock Exchange’s Listing Rules. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the current period’s consolidated financial statements and include the most significant assessed risks of material misstatement of the financial statements. We have determined that there are no key audit matters to communicate in our report.

Our Application of Materiality

We apply the concept of materiality in planning and performing our audit. This helps to focus audit efforts on the areas of greatest significance, thus enabling us to provide a reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error. Materiality for the Group was determined as [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax).

When planning and performing our audit, we consider the aggregate of all misstatements. If we identify misstatements which, individually or in aggregate, exceed materiality, we will seek to obtain further audit evidence. Misstatements, in aggregate, that exceed materiality may be sufficient to lead to a modification of our audit opinion.

We determined overall materiality for the Group audit to be [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax), and for the Parent Company audit to be [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax).

The materiality level for audit misstatements, if uncorrected, would be [$Amount] for the Group, and [$Amount] for the Parent Company.

Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Other Information

The other information comprises the information in the annual report other than the financial statements and our auditor’s report thereon. We read the other information in the annual report, including the Directors' Report and the Strategic Report, and consider the implications for our report on the financial statements if we become aware of any apparent material inconsistencies or misstatements in the other information.

Responsibilities of the Directors

The directors are responsible for the preparation of the consolidated financial statements in accordance with [Accounting Standards], and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that provides a basis for our opinion. The risk of not detecting a material misstatement due to fraud is higher than for one due to error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Key Audit Matters

Inventory

Risk of Material Misstatement

The Group’s extensive product range means that inventory is a significant asset, and the valuation of inventory is complex due to the need for provisions for obsolescence. The Group’s processes for assessing the potential impact of economic conditions on inventory obsolescence, in particular the provision applied to discontinued and slow-moving inventory, are subject to a high degree of estimation uncertainty. The net realisable value of inventory as at 30 December 2023, after recognising relevant inventory obsolescence provision, was [$Amount] ( [$Amount] representing [Percentage]% of total assets).

Our Audit Response

We focused our audit on the Group’s inventory obsolescence provision, in particular the provision applied to discontinued and slow-moving inventory. We performed the following procedures:

• Inventory counts: We attended a sample of inventory counts to assess the effectiveness of the inventory cycle counts control. We counted a sample of inventory lines and assessed the accuracy of the Group’s inventory quantities through comparing the results to the Group’s inventory records.
• Tests of detail: We obtained an understanding of the Group’s inventory provisioning methodology and tested a sample of inventory lines to relevant source data.
• Our sector experience: We applied our sector experience and knowledge to assess the Group’s estimates of inventory that may not be in demand and respective sales prices, against the Group’s published sales prices, and related expected selling costs.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value. We performed the detailed tests above over inventory provisioning rather than relying on the Group’s detailed procedures described.

Conclusion

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Valuation of receivables

We performed the following procedures in relation to the Group's receivables:

• Trade receivables aging: We obtained an aged list of trade receivables and analysed the aging profile to identify any significant overdue balances.
• Subsequent receipts: We tested subsequent receipts to confirm the recoverability of trade receivables.
• Bad debt provision: We assessed the adequacy of the bad debt provision by reviewing management’s assessment of doubtful debts.

Conclusion

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Deferred tax assets

The Group has recognised deferred tax assets in respect of unutilised tax losses. The recoverability of these deferred tax assets is dependent on the Group’s ability to generate future taxable profits.

Our Audit Response

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions.

Conclusion

We concluded that the Group’s deferred tax assets were appropriately recognised and disclosed.

Other Information

Strategic Report

We have read the Strategic Report and considered the implications for our report on the financial statements if we become aware of any apparent material inconsistencies or misstatements in the Strategic Report.

Directors’ Report

We have read the Directors’ Report and considered the implications for our report on the financial statements if we become aware of any apparent material inconsistencies or misstatements in the Directors’ Report.

Financial Statements

The financial statements are presented in accordance with [Accounting Standards].

[Company Name]
Annual Report & Accounts 2023

Section	Page Title
Additional Information
Governance
Strategic Report
Financial Statements
Financial Statements	Consolidated Statement of Financial Position
Financial Statements	Consolidated Statement of Comprehensive Income
Financial Statements	Consolidated Statement of Changes in Equity
Financial Statements	Consolidated Statement of Cash Flows
Financial Statements	Notes to the Consolidated Financial Statements

Report on Other Legal and Regulatory Requirements

Opinion on other matters

In our opinion, based on the knowledge and understanding of the Group and its environment obtained in the course of the audit, we have identified no material misstatements in the Strategic Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Our Conclusion on Materiality

	Group Materiality (GM)	Parent Company Materiality (PM)
GPM (Group Performance Materiality)	[$Amount]
PLC (Parent Company Materiality)		[$Amount]
AMPT (Audit Misstatement Posting Threshold)	[$Amount]	[$Amount]
Residual components
GPM	[$Amount]
PLC		[$Amount]
AMPT	[$Amount]	[$Amount]
Before tax
Total assets	[$Amount]
Revenue	[$Amount]
[Percentage]%	93%	97%
[Percentage]%	7%	3%
[Percentage]%	94%	6%

[Signature]

[Name of Audit Firm]
Chartered Accountants
[Date]

[Location]

Group

Materiality

• Group Materiality (GM): [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax)
• Group Performance Materiality (GPM): [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax)
• Audit Misstatement Posting Threshold (AMPT): [$Amount]

PLC (Parent Company)

• Parent Company Materiality (PM): [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax)
• Audit Misstatement Posting Threshold (AMPT): [$Amount]

Other Information

• Total assets: [$Amount]
• Revenue: [$Amount]

Section wise Breakdown of Materiality:

Section	Description	GM	PM
GPM	Group Performance Materiality	93%	N/A
PLC	Parent Company Materiality	N/A	97%
AMPT	Audit Misstatement Posting Threshold	7%	3%
GPM	Residual components - Group Performance Materiality	94%	N/A
PLC	Residual components - Parent Company Materiality	N/A	6%
AMPT	Residual components - Audit Misstatement Posting Threshold	N/A	N/A

Inventory Valuation and Obsolescence

Key Audit Matters

The Group’s extensive product range means that inventory is a significant asset, and the valuation of inventory is complex due to the need for provisions for obsolescence. The Group’s processes for assessing the potential impact of economic conditions on inventory obsolescence, in particular the provision applied to discontinued and slow-moving inventory, are subject to a high degree of estimation uncertainty. The net realisable value of inventory as at 30 December 2023, after recognising relevant inventory obsolescence provision, was [$Amount] ( [$Amount] representing [Percentage]% of total assets).

Our Audit Response

We focused our audit on the Group’s inventory obsolescence provision, in particular the provision applied to discontinued and slow-moving inventory. We performed the following procedures:

• Count attendance: We attended a sample of inventory counts to assess the effectiveness of the inventory cycle counts control. We counted a sample of inventory lines and assessed the accuracy of the Group’s inventory quantities through comparing the results to the Group’s inventory records.
• Tests of detail: We obtained an understanding of the Group’s inventory provisioning methodology and tested a sample of inventory lines to relevant source data.
• Our sector experience: We applied our sector experience and knowledge to assess the Group’s estimates of inventory that may not be in demand and respective sales prices, against the Group’s published sales prices, and related expected selling costs.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value. We performed the detailed tests above over inventory provisioning rather than relying on the Group’s detailed procedures described.

Our Conclusion

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Receivables

The Group's receivables are typically held in large quantities. The Group’s processes for assessing the collectability of receivables include regular credit reviews and, where necessary, the formation of specific provisions for bad debts. Whilst the quantities and cost of inventory is not a key audit matter, it is one of the matters that has the greatest audit attention from the engagement team in order to conclude.

Other Areas of Focus

We assessed the appropriateness of the Group’s inventory provisioning methodology, accounting policies and disclosures.

Our Audit Approach

• Count attendance: We attended a sample of inventory counts to assess the effectiveness of the inventory cycle counts control. We counted a sample of inventory lines and assessed the accuracy of the Group’s inventory quantities through comparing the results to the Group’s inventory records.
• Tests of detail: We obtained an understanding of the Group’s inventory provisioning methodology and tested a sample of inventory lines to relevant source data.
• Our sector experience: We applied our sector experience and knowledge to assess the Group’s estimates of inventory that may not be in demand and respective sales prices, against the Group’s published sales prices, and related expected selling costs.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value. We performed the detailed tests above over inventory provisioning rather than relying on the Group’s detailed procedures described.

Group’s Use of Estimates

We have reviewed the Group’s accounting estimates, including the provision for inventory obsolescence, and concluded that they are reasonable and appropriate.

Audit Misstatement Posting Threshold (AMPT)

Item	Group AMPT (%)	Parent Company AMPT (%)
Receivables	12	9.8
Inventory	2.4	2.5
Deferred tax assets	1	0.9
Revenue	19	17.5
Profit Before Tax	12.3	13.1
Other	18	16.6
Total assets	[$Amount]
Revenue	[$Amount]
[Percentage]%	93%	97%
[Percentage]%	7%	3%
[Percentage]%	94%	6%

Our Conclusion on Materiality

	Group	Parent Company
Overall materiality	[$Amount]	[$Amount]
Performance materiality	[$Amount]	[$Amount]
Quantitative materiality threshold for misstatements (AMPT)	[$Amount]	[$Amount]
Percentage of total assets	150	151
Percentage of revenue	150	151
Percentage of profit before tax	150	151

Statement of Directors' Responsibilities

The Directors are responsible for preparing the financial statements in accordance with [Accounting Standards], and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Inventory Obsolescence Provision

The Group’s inventory is held in large quantities and is subject to obsolescence. The Group assesses inventory for obsolescence and recognises a provision for slow-moving and obsolete inventory. The net inventory, after recognising relevant inventory obsolescence provision, was [$Amount] as at 30 December 2023. The assessment of inventory obsolescence involves significant estimation uncertainty.

Our Audit Approach

We performed the following procedures in relation to the inventory obsolescence provision:

• Inventory count attendance: We attended a sample of inventory counts to assess the effectiveness of the inventory count controls.
• Tests of detail: We tested a sample of inventory lines to relevant source data, including purchase invoices and sales orders.
• Sector experience: We applied our sector knowledge to assess the reasonableness of the Group’s estimates of inventory demand and net realisable values.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value.

Conclusion

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Other Areas of Focus

• Receivables: We reviewed the aging of trade receivables and performed procedures to assess the recoverability of balances, including subsequent receipts.
• Deferred tax assets: We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.
• Going Concern: We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our Conclusion on Materiality

	Group	Parent Company
Overall materiality	[$Amount]	[$Amount]
Performance materiality	[$Amount]	[$Amount]
Quantitative materiality threshold for misstatements (AMPT)	[$Amount]	[$Amount]
Percentage of total assets	150	151
Percentage of revenue	150	151
Percentage of profit before tax	150	151

Section Breakdown of Materiality

Section	Group AMPT (%)	Parent Company AMPT (%)
Receivables	12	9.8
Inventory	2.4	2.5
Deferred tax assets	1	0.9
Revenue	19	17.5
Profit Before Tax	12.3	13.1
Other	18	16.6
[Percentage]%	93%	97%
[Percentage]%	7%	3%
[Percentage]%	94%	6%

Statement of Directors' Responsibilities

The Directors are responsible for preparing the financial statements in accordance with [Accounting Standards], and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Audit Conclusion on Inventory Provisioning

We have reviewed the Group's inventory provisioning methodology, accounting policies, and disclosures, and concluded that they are appropriate.

Assessment of Disclosures

We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value of inventory.

Other Areas of Focus

• Valuation of Receivables: We reviewed the aging of trade receivables and performed procedures to assess the recoverability of balances, including subsequent receipts.
• Deferred Tax Assets: We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.
• Going Concern: We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Independent Auditor's Report

Report on the Audit of the Financial Statements

Opinion

In our opinion, the consolidated financial statements of [Company Name] (the "Group") give a true and fair view of the financial position of the Group as at [Date], and of its financial performance and cash flows for the year then ended in accordance with [Accounting Standards].

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the Stock Exchange’s Listing Rules. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Key Audit Matters

There were no key audit matters to communicate in our report.

Our Application of Materiality

We apply the concept of materiality in planning and performing our audit. This helps to focus audit efforts on the areas of greatest significance, thus enabling us to provide a reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error. Materiality for the Group was determined as [$Amount] ( [$Percentage]% of Revenue and [$Percentage]% of Profit Before Tax).

Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Other Information

The other information comprises the information in the annual report other than the financial statements and our auditor’s report thereon. We read the other information in the annual report, including the Directors' Report and the Strategic Report, and consider the implications for our report on the financial statements if we become aware of any apparent material inconsistencies or misstatements in the other information.

Responsibilities of the Directors

The directors are responsible for the preparation of the consolidated financial statements in accordance with [Accounting Standards], and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Inventory Provisioning

The Group's inventory is subject to obsolescence. The Group assesses inventory for obsolescence and recognises a provision for slow-moving and obsolete inventory. The net inventory, after recognising relevant inventory obsolescence provision, was [$Amount] as at 30 December 2023. The assessment of inventory obsolescence involves significant estimation uncertainty.

Our Audit Approach

We focused our audit on the Group’s inventory obsolescence provision, in particular the provision applied to discontinued and slow-moving inventory. We performed the following procedures:

• Count attendance: We attended a sample of inventory counts to assess the effectiveness of the inventory count controls.
• Tests of detail: We tested a sample of inventory lines to relevant source data, including purchase invoices and sales orders.
• Sector experience: We applied our sector knowledge to assess the reasonableness of the Group’s estimates of inventory demand and net realisable values.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value. We performed the detailed tests above over inventory provisioning rather than relying on the Group’s detailed procedures described.

Conclusion

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Other Areas of Focus

• Valuation of Receivables: We reviewed the aging of trade receivables and performed procedures to assess the recoverability of balances, including subsequent receipts.
• Deferred Tax Assets: We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.
• Going Concern: We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Materiality and Tolerable Misstatement

Group

Item	GPM	PLC	AMPT
Group Performance Materiality (GPM)	[$Amount]
Parent Company Materiality (PM)		[$Amount]
Audit Misstatement Posting Threshold (AMPT)	[$Amount]	[$Amount]
Residual components
GPM	[$Amount]
PLC		[$Amount]
AMPT			[$Amount]
Before tax
Total assets	150	151
Revenue	150	151
[Percentage]%	93%	97%
[Percentage]%	7%	3%
[Percentage]%	94%	6%

Conclusion on Receivables and Deferred Tax Assets

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate. We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Our Audit Approach to Inventory Provisioning

We focused our audit on the Group’s inventory obsolescence provision, in particular the provision applied to discontinued and slow-moving inventory. We performed the following procedures:

• Count attendance: We attended a sample of inventory counts to assess the effectiveness of the inventory count controls.
• Tests of detail: We tested a sample of inventory lines to relevant source data, including purchase invoices and sales orders.
• Sector experience: We applied our sector knowledge to assess the reasonableness of the Group’s estimates of inventory demand and net realisable values.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Summary of Materiality

Group

Item	GPM	PLC	AMPT
Group Performance Materiality (GPM)	[$Amount]
Parent Company Materiality (PM)		[$Amount]
Audit Misstatement Posting Threshold (AMPT)	[$Amount]	[$Amount]
Residual components
GPM	[$Amount]
PLC		[$Amount]
AMPT			[$Amount]
Before tax
Total assets	150	151
Revenue	150	151
[Percentage]%	93%	97%
[Percentage]%	7%	3%
[Percentage]%	94%	6%

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Other Information

The other information comprises the information in the annual report other than the financial statements and our auditor’s report thereon. We read the other information in the annual report, including the Directors' Report and the Strategic Report, and consider the implications for our report on the financial statements if we become aware of any apparent material inconsistencies or misstatements in the other information.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Other Information

The other information comprises the information in the annual report other than the financial statements and our auditor’s report thereon. We read the other information in the annual report, including the Directors' Report and the Strategic Report, and consider the implications for our report on the financial statements if we become aware of any apparent material inconsistencies or misstatements in the other information.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Inventory Obsolescence Provision

The Group’s inventory is subject to obsolescence. The Group assesses inventory for obsolescence and recognises a provision for slow-moving and obsolete inventory. The net inventory, after recognising relevant inventory obsolescence provision, was [$Amount] as at 30 December 2023. The assessment of inventory obsolescence involves significant estimation uncertainty.

Our Audit Approach

We focused our audit on the Group’s inventory obsolescence provision, in particular the provision applied to discontinued and slow-moving inventory. We performed the following procedures:

• Count attendance: We attended a sample of inventory counts to assess the effectiveness of the inventory count controls.
• Tests of detail: We tested a sample of inventory lines to relevant source data, including purchase invoices and sales orders.
• Sector experience: We applied our sector knowledge to assess the reasonableness of the Group’s estimates of inventory demand and net realisable values.
• Historical comparisons: We analysed the historical utilisation of inventory obsolescence provisions to assess reasonableness.
• Test of detail: We obtained evidence on the Group’s accounting for inventory movements by comparing to relevant supporting documentation.
• Test of detail: We performed analytical procedures on inventory valuation and obsolescence provision, using statistical routines.
• Test of detail: We performed detailed tests on the Group’s inventory obsolescence provision to check for completeness, accuracy and valuation.
• Assessing transparency: We assessed the adequacy of the Group’s disclosures regarding the degree of estimation uncertainty in arriving at the net realisable value.

Conclusion

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on pages [Page Numbers] and have not identified any material inconsistencies with our audit of the financial statements. We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Report on Other Legal and Regulatory Requirements

We have nothing to report in respect of the following matters in relation to our audit opinion given to the members of [Company Name]:

• the directors’ use of the going concern basis of accounting in preparing the financial statements and whether they have identified a material uncertainty that may cast significant doubt on the Group and the parent company’s ability to continue as a going concern; and
• whether any of the directors’ remuneration disclosures made in accordance with the Regulations have been calculated incorrectly.

Conclusion on Inventory Provisioning

We concluded that the Group's inventory provisioning methodology, accounting policies, and disclosures were appropriate.

Conclusion on Receivables

We concluded that the Group’s accounting policies and disclosures related to trade receivables were appropriate.

Conclusion on Deferred Tax Assets

We reviewed management’s forecasts for future taxable profits and performed sensitivity analysis to assess the impact of changes in key assumptions on the recoverability of deferred tax assets.

Conclusion on Going Concern

We have read the Group’s disclosure of climate related information in the front half of the annual report as set out on# Independent auditor's report continued

To the members of Howden Joinery Group Plc

152

Annual Report & Accounts 2023

Annual Report & Accounts 2023

Strategic Report	Financial Statements	Financial Statements
Page Title	Page Title	Page Title

1.1.1 Other Information

1.1.1.1 Other Information

The financial statements are not a guarantee as to the Group’s and Parent Company’s longer-term viability.

Our reporting

We have nothing material to add in relation to these disclosures. We have concluded that these disclosures are adequate and appropriate in relation to these matters.

1.1.1.2 Key Audit Matters

Valuation of Investments in Subsidiaries

• Our Approach:
  • Tests of detail: Assessing 100% of the investment in subsidiaries and intra-group debtor balances.
• Comparing valuations: We have considered the Group’s valuation methodology for the investment in subsidiaries and the recoverability of the Group’s investment in subsidiaries and intra-group debtor balances.

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

1.1.1.3 Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

1.1.1.4 Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Additional Information

Governance

Strategic Report

Financial Statements

Financial Statements

Page Title

Page Title

Page Title

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments in other Group companies	£69.4m	£103.3m
Total Investments	£768.4m	£802.3m

The carrying amount of the Parent Company’s investment in subsidiaries and intra-group debtor balance represents 20% of the Group’s net assets as at 30 April 2023. The Parent Company’s investment in subsidiaries and intra-group debtor balances has been subject to audit procedures on the Group’s overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Pension Liabilities

	FY23	FY22
Pension Liabilities	£913.6m	£930.5m

Net Assets and Provisions

Our assessment is that the Group’s net assets are not impacted by the Group’s pension liabilities.

Our assessment is that the Group's net assets are not impacted by the Group's pension liabilities.

FY23: Acceptable

£802.3m

£103.3m

£699.0m

£699.0m

Other Information

Valuation of Investments in Subsidiaries

The Parent Company’s investment in subsidiaries and intra-group debtor balance represents the Group’s overall strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. Accordingly, the disclosures in relation to these balances have been considered.

Investments in subsidiaries

	FY23	FY22
Investments in subsidiaries	£699.0m	£699.0m
Investments# Independent Auditor's Report

To the members of Howden Joinery Group Plc

continued

154 155

“Section Title” “Page Title”

Strategic Report Additional Information
Financial Statements Governance
Financial Statements

We are required to report on whether the consolidated financial statements are fairly stated, in all material respects, in accordance with the applicable financial reporting framework. We are also required to report on the results of our audit of the financial statements and other regulatory matters.

Our audit opinion

In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2023 and of its financial performance and its cash flows for the year then ended in accordance with IFRS as adopted by the UK.

The consolidated financial statements are based on the accounting policies described in note 2 to the financial statements. In addition, the financial statements are prepared in accordance with the Companies Act 2006 as applied to*/10-K.pdf

The consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2023 and of its financial performance and its cash flows for the year then ended.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) (UK) and relevant legal and regulatory requirements. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We have complied with the Auditing Practices Board’s Ethical Standards for Auditors and relevant legal and regulatory requirements relating to independence.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the current period financial statements and which included the audit of the financial statements from interim financial information.

Key audit matters are identified in the independent auditor’s report.

| | | FY23 | FY22 | FY23 | FY22 | FY23 | FY22 |
| :------------------------------ | :---------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- |
| Audit Scope | Group Materiality as % of caption | 0.8% | 0.8% | 5.3% | 4.7% | 0.8% | 0.9% |
| Total Group Revenue | | £2,310.9m | £2,319.0m | £327.6m | £405.8m | £2,064.5m | £2,032.7m |
| Total Group Assets | | | | | | | |

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the current period financial statements and which included the audit of the financial statements from interim financial information.

Key audit matters are identified in the independent auditor’s report.

Revenue Recognition

The Group generates revenue from the sale of kitchen, bedroom and bathroom furniture and related products and services. Revenue is recognised when control of the goods is transferred to the customer, which is typically at the point of delivery to the customer’s home or store.

We identified revenue recognition as a key audit matter due to the volume of transactions, the potential for judgement in determining the timing of control transfer and the inherent risk of misstatement.

Our audit approach

Our audit procedures included:

• Testing of the design and operating effectiveness of internal controls relating to revenue recognition, including controls around order processing, delivery, invoicing and cash collection.
• Substantive testing of revenue transactions, including a sample of sales orders, delivery confirmations and invoices to verify that revenue was recognised in the correct period and in accordance with the Group’s accounting policies.
• Analytical procedures to identify any unusual trends or fluctuations in revenue.
• Review of management’s assessment of revenue recognition policies and procedures to ensure compliance with IFRS.
• Confirmations with customers on a sample basis to verify the existence and terms of significant contracts.

We have considered the nature of the Group’s revenue streams and identified that due to the relatively simple nature of the Group’s revenue recognition model, with control generally transferring at a specific point in time (delivery), there are limited areas where management judgement is required.

The Group’s accounting policies for revenue recognition are detailed in note 2 to the financial statements.

Audit Scope

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 31 December 2023. The scope of our audit included the Group, its subsidiaries and the associated undertakings.

The Group’s materiality and performance materiality were set at £26.0 million and £20.8 million respectively.

The Group’s materiality was determined based on the percentage of profit before tax and total revenue.

The Group materiality for the consolidated financial statements was calculated as follows:

• Profit before tax: 1% of profit before tax, which amounts to £26.0 million.
• Total revenue: 0.8% of total revenue, which amounts to £23.1 million.

The lower of these two values, £23.1 million, was considered for the purpose of setting the overall audit materiality. However, given the Group’s financial performance and the nature of the business, the Directors considered it more appropriate to set materiality at £26.0 million (i.e. 1% of profit before tax).

The materiality for the individual components of the financial statements was set at 80% of overall materiality, i.e. £20.8 million.

Auditor’s Responsibility

Our responsibility is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether caused by error or fraud, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibility for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

Other Information

The other information comprises the information in the Annual Report & Accounts other than the financial statements and our auditor’s report thereon. We have read the other information and, in doing so, considered whether it is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to state that fact.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion:

• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements;
• the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the information given in the Strategic Report and the Directors’ Report# Independent auditor's report

To the members of Howden Joinery Group Plc

Financial Statements

Financial Statements

Page Title	Page Title
Strategic Report	Governance
Financial Statements	Additional Information

Strategic Report and Directors’ Report

Our reporting

The Strategic Report and Directors’ Report were prepared in accordance with the Companies Act 2006.

Financial Statements

Our reporting

The Group and Parent Company’s ability to continue as a going concern is disclosed in the Principal Accounting Policies and notes on page 186. We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Strategic Report and Directors’ Report

Our reporting

Scope	Number of components	Range of materiality applied	Group revenue	Group PBT	Group total assets
Residual components	9 (9)	3% (3%)	7% (4%)	6% (5%)	94% (95%)
Total	14 (14)	100%	100%	100%	100%

The Group has assessed that the range of materiality applied to its Audit approach across the different components is within 3-5% of the measure. In the current year, the Group applied this percentage in its determination of performance materiality.

The disclosures in the Annual Report and Accounts are required by the Listing Rules and the Disclosure Guidance and Transparency Rules. In our opinion, the Directors’ Remuneration Report has been prepared in accordance with the Companies Act 2006.

Financial Statements

Directors’ responsibilities

The directors are responsible for the preparation of the financial statements in accordance with applicable law and accounting standards. The Directors’ responsibilities are set out in the Statement of Directors’ responsibilities.

Directors’ responsibilities

The directors are responsible for preparing the Strategic Report, the Corporate Governance Report, the Directors’ Remuneration Report and the other information in the Annual Report and Accounts in accordance with applicable law and regulations.

Report on the audit of the financial statements

Opinion

In our opinion, the financial statements:

• give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2023 and of the Group’s and the Parent Company’s profit and cash flows for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report and the Directors’ Remuneration Report.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) issued by the Auditing Practices Board for use in the UK. Our responsibilities, under those standards, are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We have fulfilled our ethical responsibilities in accordance with the Auditing Practices Board’s ethical standards for auditors. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our application of materiality and the scope of our audit

Our audit scope was performed for the purpose of planning and performing our audit. The scope number of components were materiality applied to the audit.

We have considered performance materiality at a level of 75% of audit materiality, for the purpose of planning and performing our audit. We have considered the range of materiality applied to the audit.

We have nothing to report in these respects.

Report on other required matters

Opinion on the Strategic Report and the other information

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

We have read the other information and in doing so, consider the implications for our report if we become aware of any apparent misstatements or inconsistencies in the other information. The other information comprises the Information for security holders, the Corporate Governance Report# Independent auditor’s report continued

To the members of Howden Joinery Group Plc

Strategic Report

Financial Statements

Consolidated balance sheet

	Notes	30 December 2023 £m	24 December 2022 £m
Non-current assets
Intangible assets	9	43.5	35.9
Property, plant and equipment	10	456.9	398.7
Lease right-of-use assets	11	647.9	614.3
Other intangible	7	15.6	35.9
Prepaid credit facility fees		0.8	1.0
		1,164.7	1,085.8
Current assets
Inventories	12	382.8	373.3
Other intangible	7	39.7	32.3
Trade and other receivables	13	194.5	233.3
Cash and cash equivalents	18	282.8	308.0
		899.8	946.9
Total assets		2,064.5	2,032.7
Current liabilities
Lease liabilities	11	(85.3)	(95.3)
Trade and other payables	14	(373.2)	(433.9)
Provisions	15	(9.5)	(12.0)
		(468.0)	(541.2)
Non-current liabilities
Pension liability	22	(12.6)	(41.5)
Lease liabilities	11	(599.2)	(570.0)
Other intangible	7	(3.3)	(3.8)
Provisions	15	(3.0)	(4.5)
		(618.1)	(619.8)
Total liabilities		(1,086.1)	(1,161.0)
Net assets		978.4	871.7
Equity
Share capital	16	55.4	56.1
Capital redemption reserve	16	9.8	9.1
Share premium	16	87.5	87.5
Other reserve	16	16.6	11.7
Treasury shares	16	(24.0)	(25.5)
Retained earnings	16	833.1	732.8
Total equity		978.4	871.7

The financial statements have been prepared on the basis of the going concern by the directors.

Independent Auditor’s Report

To the shareholders of Howden Joinery Group Plc

Auditor’s Responsibility

We have audited the consolidated financial statements of Howden Joinery Group Plc for the year ended 30 December 2023, which comprise the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as at 30 December 2023, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

Independent auditor’s report continued

Consolidated income statement

	Notes	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Continuing operation:
Revenue	2	2,310.9	2,319.0
Cost of sales		(907.0)	(907.8)
Gross profit		1,403.9	1,411.2
Distribution costs		(1,063.7)	(996.0)
Gross profit		340.2	415.2
Other income	5	55.5	3.8
Research and development	6	(18.1)	(13.2)
Operating profit		377.6	405.8
Finance income	7	(73.0)	(31.6)
Finance costs, interest on lease liabilities and amortisation of borrowing costs	25	4.6	374.2
Earnings per share:
Basic earnings per 10p share	8	46.5p	65.8p
Diluted earnings per 10p share	8	46.3p	65.6p

	Notes	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Finance costs, interest on lease liabilities and amortisation of borrowing costs	25	4.6	374.2
Items of other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Available-for-sale financial assets: fair value gains/(losses)	22	13.3	(183.0)
Other intangible assets: impairment of deferred tax assets	7	(2.9)	34.8
Other intangible assets: impairment of deferred tax assets	7	(0.4)	11.0
Other comprehensive income for the period		9.5	(135.1)
Total comprehensive income for the period attributable to equity holders of the parent		264.1	239.1

Consolidated statement of changes in equity

	Share capital £m	Capital redemption reserve £m	Share premium £m	Other reserve £m	Treasury shares £m	Retained earnings £m	Total £m
At 25 December 2021	59.8	5.4	87.5	5.9	(27.1)	860.0	991.5
Profit for the period	–	–	–	–	–	374.2	374.2
Other comprehensive income for the period	–	–	–	–	–	(135.1)	(135.1)
Total comprehensive income for the period	–	–	–	–	–	239.1	239.1
Other	–	–	–	–	0.4	0.4
Other	–	–	–	–	(1.3)	(1.3)
Issue of shares	–	–	–	7.4	–	–	7.4
Other	(3.7)	3.7	–	–	–	(250.5)	(250.5)
Transfer of shares from treasury into share trust	–	–	–	(1.6)	1.6	–	–
Dividends	–	–	–	–	–	(115.0)	(115.0)
At 24 December 2022	56.1	9.1	87.5	11.7	(25.5)	732.8	871.7
Profit for the period	–	–	–	–	–	254.6	254.6
Other comprehensive income for the period	–	–	–	–	–	9.5	9.5
Total comprehensive income for the period	–	–	–	–	–	264.1	264.1
Other	–	–	–	–	0.3	0.3
Other	–	–	–	–	–	–	–
Issue of shares	–	–	–	6.4	–	–	6.4
Other	(0.7)	0.7	–	–	–	(50.0)	(50.0)
Transfer of shares from treasury into share trust	–	–	–	(1.5)	1.5	–	–
Dividends	–	–	–	–	–	(114.1)	(114.1)
At 30 December 2023	55.4	9.8	87.5	16.6	(24.0)	833.1	978.4

Consolidated cash flow statement

	Notes	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Operating activities:
Operating profit		377.6	405.8
Adjustments for:
Other income		(5.5)	(3.8)
Research and development		18.1	13.2
Amortisation of intangible assets and impairment of goodwill	9, 10	50.8	44.0
Depreciation, impairment and loss on termination of leased assets	11	90.1	80.8
Share-based payments charge		6.0	7.3
Decrease/(increase) in prepaid credit facility fees		0.3	(0.7)
Profit/(loss) on disposal of property, plant and equipment and intangible assets		(16.9)	2.0
Amortisation of other intangible assets		0.3	(0.1)
Finance costs, interest on lease liabilities		47.8	548.5
Movements in working capital
Increase in inventories		(9.5)	(69.8)
Decrease/(increase) in trade and other receivables		38.8	(23.7)
(Decrease)/increase in trade and other payables and provisions		(64.3)	41.8
		(35.0)	(51.7)
Cash generated from operations		435.8	496.8
Finance costs		(63.5)	(101.5)
Profit before tax		372.3	395.3
Investing activities:
Payments to acquire property, plant and equipment and intangible assets		(118.9)	(140.8)
Receipts from sale of property, plant and equipment and intangible assets		–	0.7
Acquisition of subsidiary – net of cash acquired		–	(14.6)
Interest received		4.7	1.1
Net cash used in investing activities		(114.2)	(153.6)
Financing activities:
Proceeds from issue of shares
Repayment of capital on lease liabilities		(105.0)	(66.1)
Net cash used in financing activities		(285.4)	(444.6)
Net decrease in cash and cash equivalents		(27.3)	(202.9)
Cash and cash equivalents at beginning of period	18	308.0	515.3
Effect of exchange rate changes on cash and cash equivalents		2.1	(4.4)
Cash and cash equivalents at end of period	18	282.8	308.0

Notes

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

Additional Information

Governance

Strategic Report

Financial Statements

Consolidated balance sheet

	Notes	30 December 2023 £m	24 December 2022 £m
Non-current assets
Intangible assets	9	43.5	35.9
Property, plant and equipment	10	456.9	398.7
Lease right-of-use assets	11	647.9	614.3
Other intangible	7	15.6	35.9
Prepaid credit facility fees		0.8	1.0
		1,164.7	1,085.8
Current assets
Inventories	12	382.8	373.3
Other intangible	7	39.7	32.3
Trade and other receivables	13	194.5	233.3
Cash and cash equivalents	18	282.8	308.0
		899.8	946.9
Total assets		2,064.5	2,032.7
Current liabilities
Lease liabilities	11	(85.3)	(95.3)
Trade and other payables	14	(373.2)	(433.9)
Provisions	15	(9.5)	(12.0)
		(468.0)	(541.2)
Non-current liabilities
Pension liability	22	(12.6)	(41.5)
Lease liabilities	11	(599.2)	(570.0)
Other intangible	7	(3.3)	(3.8)
Provisions	15	(3.0)	(4.5)
		(618.1)	(619.8)
Total liabilities		(1,086.1)	(1,161.0)
Net assets		978.4	871.7
Equity
Share capital	16	55.4	56.1
Capital redemption reserve	16	9.8	9.1
Share premium	16	87.5	87.5
Other reserve	16	16.6	11.7
Treasury shares	16	(24.0)	(25.5)
Retained earnings	16	833.1	732.8
Total equity		978.4	871.7

Consolidated income statement

	Notes	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Continuing operation:
Revenue	2	2,310.9	2,319.0
Cost of sales		(907.0)	(907.8)
Gross profit		1,403.9	1,411.2
Distribution costs		(1,063.7)	(996.0)
Gross profit		340.2	415.2
Other income	5	55.5	3.8
Research and development	6	(18.1)	(13.2)
Operating profit		377.6	405.8
Finance income	7	(73.0)	(31.6)
Finance costs, interest on lease liabilities and amortisation of borrowing costs	25	4.6	374.2
Earnings per share:
Basic earnings per 10p share	8	46.5p	65.8p
Diluted earnings per 10p share	8	46.3p	65.6p

	Notes	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Finance costs, interest on lease liabilities and amortisation of borrowing costs	25	4.6	374.2
Items of other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Available-for-sale financial assets: fair value gains/(losses)	22	13.3	(183.0)
Other intangible assets: impairment of deferred tax assets	7	(2.9)	34.8
Other intangible assets: impairment of deferred tax assets	7	(0.4)	11.0
Other comprehensive income for the period		9.5	(135.1)
Total comprehensive income for the period attributable to equity holders of the parent		264.1	239.1

Consolidated statement of changes in equity

	Share capital £m	Capital redemption reserve £m	Share premium £m	Other reserve £m	Treasury shares £m	Retained earnings £m	Total £m
At 25 December 2021	59.8	5.4	87.5	5.9	(27.1)	860.0	991.5
Profit for the period	–	–	–	–	–	374.2	374.2
Other comprehensive income for the period	–	–	–	–	–	(135.1)	(135.1)
Total comprehensive income for the period	–	–	–	–	–	239.1	239.1
Other	–	–	–	–	0.4	0.4
Other	–	–	–	–	(1.3)	(1.3)
Issue of shares	–	–	–	7.4	–	–	7.4
Other	(3.7)	3.7	–	–	–	(250.5)	(250.5)
Transfer of shares from treasury into share trust	–	–	–	(1.6)	1.6	–	–
Dividends	–	–	–	–	–	(115.0)	(115.0)
At 24 December 2022	56.1	9.1	87.5	11.7	(25.5)	732.8	871.7
Profit for the period	–	–	–	–	–	254.6	254.6
Other comprehensive income for the period	–	–	–	–	–	9.5	9.5
Total comprehensive income for the period	–	–	–	–	–	264.1	264.1
Other	–	–	–	–	0.3	0.3
Other	–	–	–	–	–	–	–
Issue of shares	–	–	–	6.4	–	–	6.4
Other	(0.7)	0.7	–	–	–	(50.0)	(50.0)
Transfer of shares from treasury into share trust	–	–	–	(1.5)	1.5	–	–
Dividends	–	–	–	–	–	(114.1)	(114.1)
At 30 December 2023	55.4	9.8	87.5	16.6	(24.0)	833.1	978.4

The Group has equity share capital of 5,237,907 shares of 10p each. We present a description of the nature and purpose of each reserve at note 16.

Consolidated statement of cash flows

	Notes	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Operating activities:
Operating profit		377.6	405.8
Adjustments for:
Other income		(5.5)	(3.8)
Research and development		18.1	13.2
Amortisation of intangible assets and impairment of goodwill	9, 10	50.8	44.0
Depreciation, impairment and loss on termination of leased assets	11	90.1	80.8
Share-based payments charge		6.0	7.3
Decrease/(increase) in prepaid credit facility fees		0.3	(0.7)
Profit/(loss) on disposal of property, plant and equipment and intangible assets		(16.9)	2.0
Amortisation of other intangible assets		0.3	(0.1)
Finance costs, interest on lease liabilities		47.8	548.5
Movements in working capital
Increase in inventories		(9.5)	(69.8)
Decrease/(increase) in trade and other receivables		38.8	(23.7)
(Decrease)/increase in trade and other payables and provisions		(64.3)	41.8
		(35.0)	(51.7)
Cash generated from operations		435.8	496.8
Finance costs		(63.5)	(101.5)
Profit before tax		372.3	395.3
Investing activities:
Payments to acquire property, plant and equipment and intangible assets		(118.9)	(140.8)
Receipts from sale of property, plant and equipment and intangible assets		–	0.7
Acquisition of subsidiary – net of cash acquired		–	(14.6)
Interest received		4.7	1.1
Net cash used in investing activities		(114.2)	(153.6)
Financing activities:
Proceeds from issue of shares
Repayment of capital on lease liabilities		(105.0)	(66.1)
Net cash used in financing activities		(285.4)	(444.6)
Net decrease in cash and cash equivalents		(27.3)	(202.9)
Cash and cash equivalents at beginning of period	18	308.0	515.3
Effect of exchange rate changes on cash and cash equivalents		2.1	(4.4)
Cash and cash equivalents at end of period	18	282.8	308.0

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

16. Share capital and reserves

We present a description of the nature and purpose of each reserve at note 16.

• Share capital: This represents the nominal value of shares issued.
• Capital redemption reserve: This reserve is used to buy back shares.
• Share premium: This is the amount received in excess of the nominal value of shares issued.
• Other reserve: This reserve represents revaluation of property, plant and equipment.
• Treasury shares: These are shares of the company held by the company itself.
• Retained earnings: This is the accumulated profit of the company that has not been distributed to shareholders as dividends.

The Group has 5,237,907 shares of 10p each in issue. We present a description of the nature and purpose of each reserve at note 16.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.

16. Share capital and reserves

We present a description of the nature and purpose of each reserve at note 16.

• Share capital: This represents the nominal value of shares issued.
• Capital redemption reserve: This reserve is used to buy back shares.
• Share premium: This is the amount received in excess of the nominal value of shares issued.
• Other reserve: This reserve represents revaluation of property, plant and equipment.
• Treasury shares: These are shares of the company held by the company itself.
• Retained earnings: This is the accumulated profit of the company that has not been distributed to shareholders as dividends.

The Group has 5,237,907 shares of 10p each in issue. We present a description of the nature and purpose of each reserve at note 16.

1. Basis of preparation and presentation

The Group has taken advantage of the exemption in Regulation 16(3) of the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 and has not prepared parent company accounts.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in Great Britain.

The Group has applied the same accounting policies in the preparation of these consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended 24 December 2022.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that have been measured at fair value.

Going concern

The directors have prepared the consolidated financial statements on the basis of going concern. This is in accordance with Rule 14 of the Companies (Life Assurance and Other Insurance Undertakings) (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996 and Article 5 of the Investment Companies (Accounts and Form and Content of Consolidated Annual Statements) Regulations 1996, and is detailed in note 16.

• The Group operates in the building supplies sector.
• The directors have made a going concern assessment for the period ended 30 December 2023.
• They have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.
• The directors have concluded that each of these disclosures is materially consistent with the Group’s position and reporting of the going concern.

We have nothing to report in regard to the directors’ assessment of the assessment of the going concern.# Financial Statements

Statement of compliance and basis of preparation

The Group financial statements are prepared in accordance with UK-adopted international accounting standards. The financial statements have been prepared on the historical cost basis, modified for certain items carried at fair value, as stated in the accounting policies.

The consolidated financial statements include the accounts of the Company and all entities controlled by the Company (its subsidiaries, together referred to as ‘the Group’) from the date control commences until the date that control ceases. ‘Control’ is defined as the Group having power over the subsidiary, exposure, or rights to variable returns from the subsidiary, and the ability to use its power to affect the amount of returns from the subsidiary. Further details of all subsidiaries are given in the ‘Additional Information’ section at the back of this Annual Report. All subsidiaries are 100% owned and the Group considers that it has control over them all.

Going concern

The Directors have undertaken a robust assessment and concluded that it is appropriate to prepare the financial statements on the going concern basis. They have not identified any material uncertainties. Full details are set out in the strategic review, starting on page 69.

The going concern review period covers the period of 12 months after the date of approval of these financial statements. The Board has considered the trading results and financial performance in 2023, and the Group balance sheet at 30 December 2023, noting that the Group is debt-free, has cash and cash equivalents of £283m, and appropriate levels of working capital. The Group also has a five-year, committed, multi-currency revolving credit facility of up to £150m which expires in September 2027, which was not used during the period and which was not drawn at the year end.

Management have modelled various scenarios including:

• A ‘base case’ scenario. This is based on the financial 2023 Group forecast, prepared in November 2023 and including the actual results of the 2023 peak sample period.
• A ‘severe but plausible’ downside scenario based on the worst 12-month year-on-year actual fall ever experienced in the Group’s history. This is more significant than the combined effect of COVID and Brexit on 2020 actual performance. In this scenario the Board considered the current economic conditions that the company and its customers are facing, and noted that the downside scenario included allowances for reduced demand and increased costs to reflect such adverse conditions.
• A ‘reverse stress-test’ scenario.

Accounting period

The Group’s accounting period covers the 53 weeks to 30 December 2023. The comparative period covered the 52 weeks to 24 December 2022.

Impairment of assets

The carrying amount of the Group’s assets is reviewed at least annually to determine whether there is any indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated. Apart from trade and other receivables, and inventories, an impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Impairment losses are recognised in the income statement.

For trade and other receivables, and inventories, which are considered to be impaired, the carrying amount is reduced through the use of an allowance for estimated irrecoverable amounts. Changes in the carrying value of this allowance are recognised in the income statement.

Company and currency details

	Accounting period
	53 weeks to 30 December 2023
	52 weeks to 24 December 2022
Revenue	£583m
Finance costs	£8m
Earnings per share	£283m
Inventories	£15m
Provisions	£17m
Dividends
Other supporting notes
Financial Statements
Financial Statements
Page Title
Statement of compliance and basis of preparation continued
Segmen­tal repor­ting, and other ge­ner­al i­nfor­ma­tion
Information reported to the Group’s Executive Committee, which is regarded as the chief o­pe­ra­ting de­ci­sion maker, is focused on one operating segmen­t, Howden Join­er­y.

These financial statements are presented in pounds sterling, being the currency of the primary economic environment in which the Group operates.

Foreign currency transactions

Transactions in foreign currency are translated at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the exchange rate at the balance sheet date. Foreign exchange gains and losses on trading are recognised in the income statement.

Foreign operations

The assets and liabilities of foreign operations are translated into sterling at foreign exchange rate at the balance sheet date. The results and cash flows of overseas subsidiaries are translated into sterling on an average exchange rate basis, weighted by the actual results of each month. Exchange differences arising from the translation of the results and net assets of overseas subsidiaries are taken to equity via the statement of comprehensive income.Thus, the information required in respect of profit or loss, assets and liabilities, can all be found in thn the relevant primary statend notes of these consolidated financial statemments.

The Howden Joinery business derives its revenue from the sale of kitchens and joinery products, and related services.

(b) Geographical information

The Group’s operations are mainly locnated in the UK, with a smaller presence in France, Belnd the Republic of Ireland. The Group has depots in each of these locations. The number of depots in each location at the current and prior period ends is shown in the five year record which is located towards the back of this Annul Report. The Group’s manufacturing and sourcing operations are located in the UK.

The following table analyses the Group’s revenues from external customers by geographical market, irrespective of the origin of the goods:

Revenues from external customers	53 weeks to 30 December 2023	52 weeks to 24 December 2022
£m	£m	£m
UK	2,241.1	2,256.1
France, Belgium and Republic of Ireland	69.8	62.9
	2,310.9	2,319.0

The following is an anale carryi, and additions to property, plant and equipd intangible assets, analysed by the geographical area in which the assets are located.

Carrying amount of assets	30 December 2023	24 December 2022
£m	£m	£m
UK	1,935.6	1,903.1
France, Belgium and Republic of Ireland	128.9	129.6
	2,064.5	2,032.7

Non-current assets (excluding deferred tax)	30 December 2023	24 December 2022
£m	£m	£m
UK	1,068.3	975.4
France, Belgium and Republic of Ireland	80.8	74.5
	1,149.1	1,049.9

Additions to property plant and equipment and intangible assets	53 weeks to 30 December 2023	52 weeks to 24 December 2022
£m	£m	£m
UK	108.3	122.7
France, Belgium and Republic of Ireland	9.1	24.5
	117.4	147.2

(f) Inherent uncertainties

The base case and the severe but plausible dowside scenarios, the Group has significant headroom throuhe going concern period after meeting its commitments. In the reverse stress-test scenario, the resultalave to fall by a significant amount over and above the fall modelled in the severe but plausible downside scenario before the Group woulhave to take further mitigating actions. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of this level of fall in sales is considered to be remote.

. The likelihood of th# Taxable profit

Taxable profit differs from the taxable amount of net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible for the income statement but not deductible or not taxable. It is calculated as the best estimate of the tax expected to be paid or received. It reflects any uncertainty related to income tax and is measured using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. It is accounted for using the balance sheet liability method. It is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised, based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date.

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit.

The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.

Earnings continued

Operating profit

Operating profit has been arrived at after (charging)/crediting:

	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Net foreign exchange (losses)/gain	(8.2)	(0.7)
Cost of inventories recognised as an expense	(892.8)	(893.1)
Write down of inventories	(6.1)	(14.0)
(Loss)/profit on disposal of fixed assets	(0.3)	0.1
Auditor’s remuneration for audit services	(1.4)	(1.1)

All of the items above relate to continuing operations.

A more detailed analysis of auditor’s total remuneration is given below:

	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Audit services:
Fees paid to the Company’s auditor for the audit of the Company’s annual financial statements	(0.3)	(0.2)
Fees paid to the Company’s auditor and their associates for other services to the Group:
– the audit of the subsidiary companies pursuant to legislation	(1.0)	(0.9)
Total audit fees	(1.3)	(1.1)
Other services:
Audit related assurance services (review of the half-year results)	(0.1)	(0.1)
Total non-audit fees	(0.1)	(0.1)

Details of the Group’s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than another supplier and how the auditor’s independence and objectivity were safeguarded, are set out in the Corporate Governance Report. No services were provided pursuant to contingent fee arrangements.

Finance income

	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Bank interest receivable	5.5	1.1
Other finance income – pensions	–	2.7
	5.5	3.8
	170	171
Annual Report & Accounts 2023
Annual Report & Accounts 2023
Additional Information
Governance
Strategic Report
Financial Statements
Financial Statements
Page	Title	Page
continued

(c) Reconciliation of the total tax charge

The total tax charge for the period can be reconciled to the result per the income statement as follows:

	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Profit before tax	327.6	405.8
Tax at the UK corporation tax rate of 23.5% (2022: 19%)	77.0	77.1
IFRS 2 share scheme charge	0.5	0.3
Expenses not deductible for tax purposes	2.9	1.0
Overseas losses not utilised	6.2	2.7
Non-qualifying depreciation	1.0	1.6
Super deduction – capital allowance	–	(2.4)
Rate change	0.7	0.6
Patent box claim	(8.0)	(9.0)
Other tax adjustments in respect of previous periods	(7.3)	(40.3)
Total tax charged in the income statement	73.0	31.6

The Group’s effective rate of tax is 22.3% (2022: 7.8%). The difference in the effective tax rate from prior year is driven by the impact of the Patent Box de-escalation claims for 2017–2021, which were realised during 2022 as “Other tax adjustments in respect of previous periods”, along with the increase in the headline corporation tax rate as of 1 April 2023.

Deferred tax

Analysis of deferred tax assets and liabilities, and the movements on them during the period:

	Retirement benefit obligations £m	Accelerated capital allowances £m	Other share schemes £m	Temporary leasing differences £m	Total £m
At 25 December 2021	(35.2)	0.2	3.5	3.3	3.9
(Charge)/credit to income statement	–	12.9	–	0.2	(0.6)
(Charge) to the income statement – change of rate	–	(0.4)	–	–	(0.2)
Credit outside the income statement – change of rate	11.0	–	0.2	–	–
(Charge)/credit outside the income statement	34.8	–	(1.5)	–	–
At 24 December 2022	10.6	12.7	2.2	3.5	3.1
(Charge)/credit to income statement	(4.1)	(11.6)	–	(0.6)	0.5
(Charge) to the income statement – change of rate	–	(0.7)	–	–	–
(Charge) outside the income statement – change of rate	(0.4)	–	–	–	–
(Charge)/credit outside the income statement	(2.9)	–	–	–	–
At 30 December 2023	3.2	0.4	2.2	2.9	3.6

Deferred tax arising from accelerated capital allowances can be further analysed as a £3.5m asset and a £3.1m liability (2022: £16.5m asset and £3.8m liability).# Earnings continued

Current tax:

(a) Tax in the income statement

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
£m	£m	£m
Current tax:
Current year	64.7	77.2
Adjustments in respect of previous periods	(8.2)	(33.6)
Total current tax	56.5	43.6
Deferred tax:
Current year	14.9	2.1
Adjustments in respect of previous periods	0.9	(14.7)
Effect of changes in tax rates	0.7	0.6
Total deferred tax	16.5	(12.0)
Total tax charged in the income statement	73.0	31.6

(a) Tax is calculated at 23.75% (2022: 19%) of the estimated assessable profit for the period. Tax for other countries is calculated at the rates prevailing in the respective jurisdictions.

(b) Tax relating to items of other comprehensive income or changes in equity

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
£m	£m	£m
Deferred tax charge/(credit) to other comprehensive income
on actuarial difference on pension scheme	2.9	(34.8)
Change of rate effect on deferred tax	0.4	(11.0)
Deferred tax (credit)/charge to equity on share schemes	–	1.3
Current tax (credit) to equity on share schemes	(0.3)	(0.4)
Total charge/(credit) to other comprehensive income or changes in equity	2.9	(44.9)

172 173

Intangible assets

(a) Total amount recognised in the balance sheet

	30 December 2023	24 December 2022
£m	£m	£m
Goodwill – cost and carrying value	12.4	12.4
Software	31.1	23.5
Total	43.5	35.9

(b) Goodwill

Accounting policy

Goodwill arising on a business combination represents the excess of the cost of acquisition over the net fair value of identifiable net assets (including intangible assets) of the acquired business at the date of acquisition. Goodwill is initially recognised as an asset and allocated to cash-generating units that are expected to benefit from the synergies of the business combination. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement. Goodwill is stated in the balance sheet at cost less any provisions for impairment, if required.

The goodwill shown above all arose on the acquisition of 100% of Sheridan Fabrica­tions Ltd ('SFL') in 2022. The trading activities of SFL have been integrated into the Howden Joinery UK operations, which is the cash-generating unit to which we have allocated all of the related goodwill.

The recoverability of the goodwill is assessed by looking at the value in use of the Howden Joinery UK cash-generating unit. The Howden Joinery UK operations, as shown in the geographic analysis at note 3(b) to these financial statements, represent over 95% of the consolidated Group sales. This is reflected in their contribution to total Group profit and cash flow. Given the size and contribution of this cash-generating unit in comparison with the £12.4m cost and carrying value of the allocated goodwill, it has not been considered necessary to look further ahead than the next 12 months forecast to verify that projected cash flows from the cash-generating unit are significantly in excess of the carrying value of the associated goodwill.

Earnings continued

(a) Total amount recognised in the balance sheet

	30 December 2023	24 December 2022
£m	£m	£m
Deferred tax assets	15.6	35.9
Deferred tax liabilities	(3.3)	(3.8)
	12.3	32.1

At the balance sheet date the Group had unused tax losses as disclosed below. These losses are carried forward by particular Group companies and may only be offset against profits of that particular company. Deferred tax assets in relation to these losses are not recognised as it is not considered probable that suitable future taxable profits will be available in the relevant entity against which the unused losses can be utilised. Specifically, in the case of the trading and non-trading losses this is due to the unpredictability of future profit streams in the relevant entities, while for capital losses it is due to future capital gains not currently being forecast to arise. All unused losses may be carried forward indefinitely and have been valued in GBP at the year end closing exchange rate.

	30 December 2023	24 December 2022
£m	£m	£m
Trading losses	100	77
Non-trading losses	20	20
Capital losses	86	86
Total losses	206	183

Of the trading losses, £31m relate to UK activities with the remainder being attributable to Belgium (£21m), Ireland (£4m) and France (£6m). All of the non-trading losses and capital losses are attributable to UK activities.

Earnings per share

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	Weighted average
	number of shares	Earnings per share
	£m	m
	p	£m
	m	p
Basic earnings per share	254.6	548.1
Effect of dilutive share options	–	2.1
Diluted earnings per share	254.6	550.2

The difference between the weighted average number of shares used in the calculation of basic earnings per share and the total number of shares in issue at the period end is due to the net effect of time-apportioned adjustments for shares held in treasury, shares held in trust which are not unconditionally vested, and shares bought back and cancelled in the period.

174 175

Property, plant and equipment

Accounting policy

All property, plant and equipment is stated at cost (or deemed cost, as applicable) less accumulated depreciation and any accumulated impairment losses.# Depreciation of property, plant and equipment

Depreciation of property, plant and equipment is provided to write off the difference between their cost and their residual value over their estimated useful lives on a straight-line basis. The current range of useful lives is as follows:

• Freehold property: 50 years
• Leasehold property improvements and the premises and fittings of the premises for the period of the lease, or the individual asset’s life, if shorter
• Plant, machinery & vehicles: 3–20 years
• Fixtures & fittings: 2–15 years

Assets under construction are not depreciated.

Residual values, remaining useful economic lives and depreciation periods and methods are reviewed regularly and adjusted if appropriate.

Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are recognised in the income statement.

Cost	Leasehold property	Freehold property	Plant, machinery & vehicles	Fixtures & fittings	Assets under construction	TOTAL
£m	£m	£m	£m	£m	£m	£m
At 25 December 2021	55.1	92.1	191.0	207.1	33.1	578.4
Exchange adjustment	–	–	0.1	0.5	–	0.6
Additions	16.2	16.5	12.2	49.6	44.4	138.9
Acquisition of subsidiary	0.1	–	0.3	0.1	–	0.5
Disposals	–	(0.3)	(5.3)	(1.3)	–	(6.9)
Reclassifications	1.7	(0.2)	8.1	8.2	(17.8)	–
At 24 December 2022	73.1	108.1	206.4	264.2	59.7	711.5
Exchange adjustment	–	–	(0.1)	(0.4)	(0.1)	(0.6)
Additions	2.1	12.0	17.6	39.1	33.0	103.8
Disposals	–	(1.7)	(12.2)	(2.3)	–	(16.2)
Reclassifications	1.8	3.4	19.4	6.6	(31.2)	–
At 30 December 2023	77.0	121.8	231.1	307.2	61.4	798.5
Accumulated depreciation
At 25 December 2021	(9.1)	(29.6)	(125.5)	(118.4)	–	(282.6)
Exchange adjustment	–	–	(0.1)	(0.1)	–	(0.2)
Charge for the period	(1.7)	(5.1)	(12.3)	(17.4)	–	(36.5)
Disposals	–	0.3	4.9	1.3	–	6.5
At 24 December 2022	(10.8)	(34.4)	(133.0)	(134.6)	–	(312.8)
Exchange adjustment	–	–	–	0.1	–	0.1
Charge for the period	(1.9)	(6.2)	(13.9)	(22.8)	–	(44.8)
Disposals	–	1.6	12.1	2.2	–	15.9
At 30 December 2023	(12.7)	(39.0)	(134.8)	(155.1)	–	(341.6)
Net book value at 30 December 2023	64.3	82.8	96.3	152.1	61.4	456.9
Net book value at 24 December 2022	62.3	73.7	73.4	129.6	59.7	398.7

Intangible assets

Accounting policy

Directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful lives, which are reviewed annually and which range between three and seven years. No amortisation is charged on assets under construction.

Amounts paid to third parties for development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use.

Intangible assets	Assets under construction	TOTAL
Cost
£m	£m	£m
At 25 December 2021	46.3	3.9
Exchange adjustment	0.1	–
Additions	1.8	6.5
Acquisition of subsidiary	0.3	–
Disposals	(5.2)	(0.1)
Reclassifications	2.5	(2.5)
At 24 December 2022	45.8	7.8
Additions	3.0	10.6
Disposals	(1.4)	–
Reclassifications	4.9	(4.9)
At 30 December 2023	52.3	13.5
Accumulated depreciation
At 25 December 2021	(27.6)	–
Exchange adjustment	(0.1)	–
Charge for the period	(7.5)	–
Disposals	5.1	–
At 24 December 2022	(30.1)	–
Charge for the period	(6.0)	–
Disposals	1.4	–
At 30 December 2023	(34.7)	–
Net book value at 30 December 2023	17.6	13.5
Net book value at 24 December 2022	15.7	7.8

176
177

Property lease notes

Property leases treated as short-term leases

From time to time when renewing a property lease, the new lease may not be formally signed before the expiry date of the previous lease. In these circumstances, although both we and the landlord will have agreed our willingness to renew the lease in principle, and we may also have protection under property law which grants us the right to renew the lease, our interpretation of IFRS 16 is that there is no enforceable right to renew the lease until the new lease is formally signed. Therefore, we treat any lease payments made in this period between expiry and renewal as short-term lease payments under IFRS 16 and we expense them, taking advantage of the IFRS16 short-term lease exemption.

Amounts treated as variable lease payments – rent reviews

It is common for property lease agreements to contain a clause whereby the rent is reviewed every five years and adjusted in line with prevailing market rates. The process of agreeing rent reviews can sometimes be a lengthy one, and some reviews are not agreed until after their effective date. In these cases we will continue to pay rent at the old rate until the rent review is agreed and neither the lease asset nor the lease liability is remeasured. If the new rent is agreed at a higher rate than the old rent, there will be a one-off payment to the lessor, covering the increase in rent for the period between the date from which the rent review was effective and the date on which the rent review was agreed. This payment is treated as a variable lease payment and is not included in the remeasurement of the lease liability.

The lease asset and liability are remeasured from the rent review agreement date, based on the future agreed cashflows at the new agreed rent.

Nature of the Group’s leasing activities

90% of our leases by value are for depot, and office properties. A typical depot lease would be for a period of 10 to 15 years, with warehouse leases being for significantly longer and typical office lease periods being shorter. We also lease other smaller assets such as fork lift trucks, lorries, vans and cars, with typical lease periods ranging up to around 5 years.# Amount recognised in the balance sheet

30 December 2023	24 December 2022
Right-of-use assets £m	£m
Property	591.7
Vehicles, plant & machinery	56.2
	647.9
Additions to right-of-use assets in the period	122.9

30 December 2023	24 December 2022
Lease liabilities £m	£m
Current	(85.3)
Non-current	(599.2)
	(684.5)

continued

11 Lease purchase right-of-use assets and lease liabilities

Accounting policy

We assess whether a lease exists at the inception of the related contract. If a lease exists, we recognise a right-of-use asset and a corresponding lease liability with effect from the date the lease commences.

The lease liability

The lease liability is initially measured at the present value of the lease payments due. As the discount rate inherent in our leases is not readily determinable, we use the Group’s incremental borrowing rate to discount the payments and arrive at net present value.

The Group does not have a history of borrowing, and therefore it does not have a credit agency credit rating. Therefore, we consider the incremental borrowing rate by a process of:
• discussions with our banker to estimate a reasonable proxy credit rating for the Group;
• using an independent third-party borrowing rate curve, giving indicative costs of borrowing for companies with a comparable credit rating over various durations, and
• selecting borrowing rates from the appropriate point on that curve to best match the duration of our lease portfolios.

Our leases are on relatively simple terms. Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentive. We do not have variable lease payments which depend on an index, residual value guarantees, purchase options or termination penalties.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. We remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever:
• the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; or
• the lease payments have changed as a result of a change in an index, or as is common with property leases, to reflect changes in market rental rates. In these cases, the lease liability is remeasured by discounting the revised lease payments using the initial discount rate.

In any cases other than those described immediately above, where a lease contract is modified and the lease modification is not accounted for as a separate lease, the lease liability is remeasured by discounting the revised remaining lease payments using a revised discount rate.

The lease liability is presented as a separate line item in the balance sheet and is split between current and non-current portions.

Right-of-use asset

The right-of-use asset comprises the initial measurement of the corresponding lease liability and any initial direct costs of obtaining the lease. It is subsequently measured at cost less accumulated depreciation and any impairment losses.

Whenever we incur an obligation for costs to restore a leased asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37.

Right-of-use assets are depreciated over the lease term, as this is always shorter than the useful life of the underlying asset. Depreciation starts at the commencement date of the lease. We do not have any leases that include purchase options or transfer ownership of the underlying asset. The right-of-use assets are presented as a separate line item in the balance sheet.

Lease term

It is uncommon for any of our leases to have extension options, although in the case of property leases it is common for us to enter into a new lease of the same property when the current lease expires. It is also uncommon for us to exit any leases before the end of their specified maximum term. Therefore we assume on inception that our leases will run to the maximum term in the lease agreement.

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12 Inventories

Estimation uncertainty – allowance against the carrying values of inventories

In order to achieve the accounting objective that inventories are stated at the lower of cost and net realisable value, the Group carries an allowance against products which it estimates may not sell at a price above cost, or where we may be holding levels of product in excess of estimated future demand. The Group bases these estimates on regular reviews of stock levels, as well as of product lifecycles, selling prices achieved in the market and historical sales profiles of products after they have been discontinued. These estimates are regularly reviewed against actual experience, and revised to reflect any differences, but the accuracy of the estimates at any point in time can be affected by the extent to which current products may not follow historical patterns.

Both the gross inventories balance and the amount of the allowance against carrying value are material items and we would expect this to remain the case as the Group grows in size, and as consumer demand for regular introduction of new product continues.# Inventory

We derive our allowance for inventory obsolescence against carrying value based on specific knitche­­­rn ranges and stock items where a decision has been made to discontinue the future sale of products, or where our monitoring of current sales indicates that the rate of sales is in decline and the product may be coming to the end of its life cycle. The level of judgement and estimation involved requires assessing the obsolescence risk across a high volume of SKUs, which can have different risk profiles. Therefore, the allowance is specific in nature and does not lend itself to meaningful sensitivity analysis in the same way as a figure derived by a general formula. The potential range of reasonable outcomes could be material. In the analysis of the allowance below, we have separately identified the aggregate gross value of stock against which an allowance has been made.

Once a decision is made to discontinue the future sales of a product, it will still be available for sale in depots for a standard period of time, after which any remaining units of that product will be removed from sale. Our stock allowance is calculated so that the carrying value of any unsold units is progressively written down to nil over the period during which they are available for sale. The rate at which the units are written down to nil is based on actual historical experience of realised selling prices for previous similar products, and recognises that higher selling prices are typically achievable at the beginning of the period than at the end of the period. Rates are reviewed regularly against historical experience and are adjusted if necessary.

Accounting policy

Inventories are stated at the lower of cost and net realisable value. In the case of manufactured inventories, cost includes an appropriate share of production overheads based on normal operating capacity, calculated using a standard cost which is regularly updated to reflect an average actual costs. An allowance is made for obsolete, slow-moving, or defective items where appropriate.

	30 December 2023	24 December 2022
	£m	£m
Raw materials	28.0	24.3
Work in progress	9.5	6.2
Finished goods and goods for resale	394.9	396.3
Allowance against carrying value of inventories	(49.6)	(53.5)
	382.8	373.3

The aggregate carrying amount of specific inventories against which allowances have been made is given below:

	Gross value of stock	Allowance against carrying value	Gross value of stock	Allowance against carrying value
	£m	£m	£m	£m
Stock with no allowance against it	338.3	–	323.3	–
Stock with an allowance	94.1	(49.6)	103.5	(53.5)
	432.4	(49.6)	426.8	(53.5)

Amount recognised in the income statement

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Included in net operating expenses
Depreciation of right-of-use assets:
– property	72.7	65.4
– vehicles, plant & machinery	17.8	16.3
Impairment and net gain on lease termination	(0.4)	(0.9)
Total – recognised in net operating costs	90.1	80.8
Expense relating to short-term leases	4.8	5.4
Variable lease payments, not included in the measurement of lease liabilities	2.6	2.9

Included in finance costs

Interest expense on lease liabilities

	30 December 2023	24 December 2022
	£m	£m
	16.8	13.1

Cash flows and maturity analysis of lease liabilities

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Total cash outflow for leases	121.8	79.2

Property leases are paid on the rent ‘quarter days’, which are 25 December, 25 March, 24 June and 29 September. Our 2022 financial year started on 26 December 2021, which means that there were only three rent payment days in that year, whereas the 2023 financial year contained 5 quarter days and 5 rent payments.

Maturity analysis of lease liabilities

	Contractual undiscounted cash flows due within 1 year	1 to 5 years	more than 5 years
	£m	£m	£m
	102.9	316.5	382.6
	–	–	–
	802.0	766.9
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Financial Statements
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Other financial assets

Accounting policy

Trade receivables do not contain a significant financing component and are stated at their nominal value, reduced by an allowance for expected credit loss.

	30 December 2023	24 December 2022
	£m	£m
Trade receivables	21.4	22.6
Other tax and social security	6.8	6.1
Other payables	3.9	3.8
Accruals and deferred income	14.0	12.2
	46.1	44.7

There were no trade receivables which would have been impaired at either period end were it not for the fact that their credit terms were renegotiated. The Group does not renegotiate credit terms.

Cash and cash equivalents

Cash and cash equivalents comprises cash at bank and on hand together with demand deposit short term deposits. Interest on short-term deposits is paid at prevailing money market rates. The carrying value of these assets approximates to their fair value.

Other financial liabilities

Accounting policy

Trade payables are not interest-bearing and are stated at their nominal value, which approximates to their fair value.

	30 December 2023	24 December 2022
	£m	£m
Trade payables	174.5	189.5
Other tax and social security	70.4	91.9
Other payables	29.8	37.2
Accruals and deferred income	98.5	115.3
	373.2	433.9

Trade payables, other payables, and accruals principally comprise amounts due in respect of trade purchases and ongoing costs.

The average credit taken for trade purchases during the period, based on total operations, was 53 days (2022: 55 days).

The Group’s policy on payment of creditors is to agree terms of payment prior to commencing trade with a supplier, and to abide by those terms on the timely submission of satisfactory invoices.This approximates to the fair value. The Group applies the IFRS 9 simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. To determine expected credit losses, the Group uses historical observed default rates for the different groups of receivables, adjusted for forward-looking estimates. The default rates and forward-looking estimates are revised at each reporting date.

Trade and other receivables 30 December 2023 24 December 2022 £m £m
Trade receivables (net of allowance) 159.5 173.5
Prepayments 29.2 55.2
Other receivables 5.8 4.6
194.5 233.3

An analysis of the Group’s allowance for expected credit losses on debtors is as follows:

30 December 2023 24 December 2022 £m £m
Balance at start of period 17.6 15.8
Acquired with subsidiary – 0.2
Increase in allowance recognised in the income statement 0.4 1.6
Balance at end of period 18.0 17.6

Trade receivables – exposure to credit risk and allowance for expected credit losses
We have no significant concentration of credit risk, as our exposure is spread over a large number of customer accounts. We charge interest at appropriate market rates on balances which are in litigation. Before accepting any new credit customer, we obtain a credit check from an external agency to assess the potential customer’s credit quality, and then we set credit limits on a customer-by-customer basis. We review credit limits regularly, and adjust them if circumstances change. In the case of one-off customers, our policy is to require immediate payment at the point of sale, and not to offer credit terms. The historical level of customer default is low as a percentage of sales, and we consider the credit quality of period end trade receivables to be high. We regularly review trade receivables which are past due but not impaired, and we make an allowance against them based on any expected credit losses. We base our assessments both on past experience and also on whether there are any other likely significant future factors which might affect recoverability and influence our assessment of expected credit losses. We maintain regular contact with customers with overdue debts and, where necessary, we take legal action to recover the receivable.
We wrote off £10.2m of debts in the period (2022: £9.7m). Included within our aggregate trade receivables balance are specific debtor balances totalling £46.1m before allowance for expected credit losses (2022: £44.7m before allowance) which are past due at the reporting date. We have assessed these balances for recoverability and we believe that their credit quality remains intact.

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Additional Information Governance Strategic Report Financial Statements Financial StatementsPage Title Page Title

Warranty provision
The warranty provision relates to the estimated costs of product warranties. As products are sold, the Group makes provision for claims under warranties, based on actual sales and on historical average warranty costs incurred. A.s claims are made, the Group utilises the provision and then uses the historical data on the rate and amount of claims to periodically revise our expectations of the amount of future warranty costs and therefore the rate at which it is appropriate to provide for warranty costs on each sale in the future.
For the purposes of allocating this provision between current liabilities and non-current liabilities we have used the historical data on timing and amount of claims to estimate the costs for the next 12 months and have classified this as a current liability.

Other
Other miscellaneous small amounts.

French post-employment benefits provision
This provision relates to a benefit which is payable to employees in our French subsidiary under French law on retirement. It is a lump sum payable on retirement, not a recurring pension. There will only be an outflow from this provision if any of the eligible employees are employed by our French subsidiaries immediately before their retirement. The provision represents our best estimate of the potential liability and it is calculated based on several factors, mainly the age profile and salary details of the current workforce in France, and the current rate of staff turnover. The calculation to arrive at the best estimate of the required provision is revised periodically by third-party specialists and our provision is adjusted in line with the results of this calculation if necessary.
We have assumed that the whole of this provision is non-current.

16 Share capital and reserves

Ordinary shares of 10p each:
52 weeks to 24 52 weeks to 24
30 December 2023 December 2022 30 December 2023 December 2022
No. No. £m £m
Allotted, called up and fully paid
Balance at the beginning of the period 560,916,049 597,573,827 56.1 59.8
Bought back and cancelled during the period (7,324,329) (36,657,778) (0.7) (3.7)
Balance at the end of the period 553,591,720 560,916,049 55.4 56.1

Share capital
The Company has one class of ordinary share that carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets.# Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Provisions

Accounting policy

Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle that obligation, and a reliable estimate can be made of the amount required to settle the obligation.

Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, and are discounted to present value where the effect is material.

French post- employment	Property	Warranty	Other	Total
£m	£m	£m	£m	£m
At 25 December 2021	7.0	10.9	2.2	0.3
Additional provision in the period	1.3	7.0	–	–
Provision released in the period	(1.6)	–	(1.4)	–
Utilisation of provision in the period	(1.7)	(6.7)	(0.8)	–
At 24 December 2022	5.0	11.2	–	0.3
Additional provision in the period	1.5	4.0	0.2	–
Provision released in the period	(1.6)	–	–	–
Utilisation of provision in the period	(1.1)	(7.0)	–	–
At 30 December 2023	3.8	8.2	0.2	0.3
Presented as current liabilities	3.1	6.4	–	–
Presented as non-current liabilities	0.7	1.8	0.2	0.3
At 30 December 2023	3.8	8.2	0.2	0.3

The bases of the allocation is outlined for each type of provision below.

Property provision

The property provision covers obligations to make dilapidation payments to landlords of leased properties. Following the guidance in the IFRSs governing leases and provisions, our assessment is that, in general, the likelihood of a cash outflow for dilapidation payments at the time of signing a lease is remote, and therefore it would be unusual for us to recognise any costs relating to dilapidations at that time.

In cases, the event which changes our assessment of the likelihood of a cash outflow for dilapidations from being remote to being probable, and which therefore triggers our recognition of a provision for that probable outflow, typically occurs as we come towards the end of a lease and we can assess the condition of the leased property and the likelihood of dilapidations being payable.

The timing of any outflows from the provision is variable, and is dependent on the timing of dilapidations assessments and works. Although circumstances will differ from property to property, a typical pattern would be that the outflow would occur within 1–3 years of the provision being made. The amounts provided are specific to each property and are based on our best estimate of the cost of performing any required works or, in cases where we will not be directly contracting for the works to be done, our best estimate of the outflow required to settle any claim from the landlord. Where the amounts involved are significant, we would typically take advice on the likely costs from third-party property maintenance specialists.

For the purposes of allocating this provision between current liabilities and non-current liabilities we have used our best estimate of when we would reasonably expect outflows to occur, based on circumstances at each relevant property.

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19
Borrowing facility

Accounting policy

Fees relating to borrowing facilities are recorded as prepayments and released over the life of the facility.

At the period end date, the Group had a £150m committed multi-currency revolving credit facility, due to expire in September 2027. The Group did not use the facility in the year.

As at 30 December 2023, the full £150m of the facility was available in addition to the Group’s cash as shown on the Balance Sheet.

If the Group were to use the facility, it would carry interest at a rate of SONIA plus a margin of between 100 and 175 basis points, with the margin being dependent on the ratio of total net debt to EBITDA.

The facility has two covenants, both of which are calculated on a 12 month rolling basis twice each year, at year end and then again at half year end. Under one covenant the ratio of EBITDA to net debt has to be less than 3:1, and under the other covenant the ratio of EBITDA to net finance charges has to be greater than 4:1.

20 Financial risk management

(a) Capital risk management

The Group manages its capital structure to maximise shareholder returns through its debt and equity balance, trading-off the benefits of financial leverage with the expected future costs of financial distress.# The Capital Structure

The capital structure of the Group consists of cash and cash equivalents, from time to time, short term investments, the committed borrowing facility discussed further in note 19 – if needed – and equity attributable to equity holders of the parent (including issued share capital and capital and reserves as disclosed in the Consolidated Statement of Changes in Equity and in note 16).

The Board of Directors reviews the capital structure regularly, including at the time of preparing annual budgets, preparing three-year corporate plans, and considering corporate transactions. As part of this review, the Board reviews the costs and the risks associated with each class of capital.

The Group will balance its overall capital structure through the payment of dividends, new share issues and share buybacks, taking on or issuing new debt or repaying any existing debt.

(b) Significant accounting policies

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and instrument are included in the relevant notes to the financial statements. An index to the notes is located between the cash flow statement and note 1.

(c) Categories of financial instrument

	30 December 2023	24 December 2022
Financial assets (current and non-current)
Trade receivables	159.5	173.5
Cash and cash equivalents	282.8	308.0
Financial liabilities (current and non-current)
Trade payables	174.5	189.5

17 Dividends

Amounts recognised as distributions to equity holders in the period:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Final dividend for the 52 weeks to 25 December 2021 – 11.2p/s	–	88.9
Interim dividend for the 52 weeks to 24 December 2022 – 4.7p/share	–	26.1
Final dividend for the 52 weeks to 24 December 2021 – 15.9p/share	87.8	–
Interim dividend for the 53 weeks to 30 December 2023 – 4.8p/share	26.3	–
	114.1	115.0

Dividends proposed at the end of the period (but not recognised in the period):

	53 weeks to 30 December 2023
	£m
Proposed final dividend for the 53 weeks to 30 December 2023 – (16.2p/share)	88.4

The Directors propose a final dividend in respect of the 53 weeks to 30 December 2023 of 16.2p per share, payable to ordinary shareholders who are on the register of shareholders at 12 April 2024, and payable on 24 May 2024.

The proposed final dividend for the current period is subject to the approval of the shareholders at the 2024 Annual General Meeting, and has not been included as a liability in these financial statements.

Dividends have been waived indefinitely on all shares held by the Group’s employee share trusts which have not yet been awarded to employees.

18 Notes to the cash flow statement

	Cash and cash equivalents £m	Current asset investments £m	Cash at bank and in hand £m	Net cash £m
At 24 December 2022	308.0	–	308.0	308.0
Cash flow	(25.2)	–	(25.2)	(25.2)
At 30 December 2023	282.8	–	282.8	282.8

Changes in liabilities arising from financing activities

The only liabilities which have changed due to financing activities are lease liabilities. The cash and non-cash changes in lease liabilities are analysed below:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Opening balance	(665.3)	(591.2)
Cash movement: repayment of principal on lease liabilities	105.0	66.1
Cash movement: lease interest paid	16.8	13.1
Non cash movement: net additions to lease liabilities	(141.0)	(153.3)
Closing balance	(684.5)	(665.3)

(f) Liquidity risk

Liquidity risk is the risk that we would experience difficulties in meeting our commitments to creditors as financial liabilities fall due for payment. The Group manages its liquidity risk by using reasonable and retrospective-assessed assumptions to forecast the future cash-generating capabilities and working capital requirements of the businesses as it operates and by maintaining sufficient cash and investment reserves, committed borrowing facilities and other credit line.

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has agreed an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements.

The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities as far as is possible. Included in note 19 is a description of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk.

In addition, the Strategic Review contains a section describing the interaction of liquidity risk and the going concern review.

Maturity profile of outstanding financial liabilities

Our only outstanding financial liabilities, other than lease liabilities, are our trade creditors. These are capital liabilities, with no associated interest, and are payable within one year.

Our lease liabilities are disclosed at note 11.

(g) Market risk

This is the risk that financial instrument fair values will fluctuate owing to changes in market prices.# Additional Information

Governance

Strategic Report

Financial Statements

Financial Statements

Page Title

Our maximum aggregate exposure to credit risk is presented in the following table:

	30 December 2023	24 December 2022
	£m	£m
Trade receivables, net of all allowance for impairment	159.5	173.5
Cash	282.8	308.0
Total credit risk exposure	442.3	481.5

188

189

Staff costs and number of employees

The aggregate payroll costs of employees, including executive directors, were:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Wages and salaries	(561.4)	(536.3)
Social security costs	(49.8)	(47.8)
Pension operating costs (note 22)	(44.8)	(40.0)
	(656.0)	(624.1)

Wages and salaries includes a charge in respect of share-based payments of £6.0m (2022: £7.3m).

The average monthly number of persons (including executive directors) employed by the Group during the period was as follows:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	No.	No.
UK depots, support and administration	9,417	9,581
Manufacturing and logistics	2,288	2,262
International	707	565
	12,412	12,408

22

Retirement benefit obligations

Significant judgement and source of estimation uncertainty

The are significant judgement involved in selecting appropriate measurement bases for the actuarial assumptions used to measure the pension liability. There is also estimation uncertainty relating to the assumptions, as reasonable alternative assumptions could have led to measurement at a materially different amount.

The key assumptions within this calculation are discount rate, inflation rates and mortality rates. These are set out below, together with sensitivity analyses that show the effect that these estimates can have on the carrying value of the pension deficit.

(h) Financial instrument sensitivities

Financial instruments affected by market risk include deposits, trade receivables and trade payables. The following analysis, required by IFRS 7, is intended to illustrate the sensitivity of the Group’s financial instruments as at its year end to changes in relevant market variables, being exchange rates and interest rates. The sensitivity analyses have been prepared on the basis that the components of net cash and the proportion of financial instruments in foreign currencies are all constant. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at year end was outstanding for the whole year. As a consequence, this sensitivity analysis relates to the position as at the balance sheet date. The following assumptions were made in calculating the sensitivity analysis:

• Deposits are carried at amortised cost and therefore carrying value does not change as interest rates move.
• No sensitivity is provided for accrued interest as accruals are based on pre-agreed interest rates and therefore are not susceptible to further rate movements.
• Finance interest payments are fixed at the inception of the contract and are not subject to repricing. They have therefore been excluded from this analysis.
• Translation of foreign subsidiaries and operations into the Group’s presentation currency have been excluded from the sensitivity.

Using the above assumptions, the following analyses show the illustrative effect on the income statement and equity that would result from reasonably possible changes in the relevant foreign currency or interest rates:

Interest rate sensitivity

The sensitivity analysis below has been determined based on the exposure to interest rates for floating rate non-derivative financial instruments at the balance sheet date. The Group holds no derivative financial instruments. Fixed rate liabilities are not susceptible to changes in interest rates, and are omitted from the analysis below. For floating rate liabilities, the analysis is prepared assuming that the amount of the liability outstanding at the balance sheet date was outstanding for the whole year. A 50 basis points increase is used as this represents management’s assessment of the possible change in interest rates.

	30 December 2023	24 December 2022
10% weakening of Sterling to Euro	3.2	2.1
10% strengthening of Sterling to Euro	(2.7)	(1.7)
10% weakening of Sterling to US dollar	2.1	2.8
10% strengthening of Sterling to US dollar	(1.7)	(2.3)

190

191

At the reporting date, if interest rates had been 50 basis points higher and all other variables were held constant, the Group’s net profit and profit and loss reserve would have increased by £0.6m (2022: increase by £0.6m).

For a decrease of 50 basis points, the current year figures would decrease by £0.9m (2022: decrease by £0.6m).

As noted above, the Group is mainly exposed to movements in Euro and US dollar exchange rates. The following information details our exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the end of the financial period, and based on the outstanding foreign currency balances at the period end.

	30 December 2023	24 December 2022
	£m	£m
10% weakening of Sterling to Euro	3.2	2.1
10% strengthening of Sterling to Euro	(2.7)	(1.7)
10% weakening of Sterling to US dollar	2.1	2.8
10% strengthening of Sterling to US dollar	(1.7)	(2.3)

An example of inflation risk is that an increase in inflation results in higher benefit increases for members which in turn increases the Scheme’s liabilities.## Investment risk

Investment risk comes from three main sources: risk that the fund will fall in value, risk that the pension fund’s return will not keep pace with inflation (i.e. that real returns are negative), and risk that the pension fund does not perform well enough to keep pace with the cost of providing pension benefits. A description of how the plan’s asset allocation strategy seeks to address some of these risks is given below in the ‘Asset allocation’ section.

Accounting and actuarial valuation

Contributions are charged to the consolidated income statement so as to spread the cost of pensions over the employees’ working lives with the Group. The present value of the defined benefit obligation is determined by a qualified actuary using the projected unit method. The most recent completed actuarial valuation was carried out at 5 April 2023 by the plan actuary. The actuary advising the Group has subsequently rolled forward the results of the 5 April 2023 valuation to 30 December 2023. This roll-forward exercise involves updating all the assumptions which are market-based (i.e. inflation, discount rate, rate of increase in pensions and rate of CARE revaluation) to values as at 30 December 2023. We are using CMI 2022 mortality tables, being the most recent tables available.

Funding and estimated contributions

The Group’s contributions in the current and prior periods are shown in the tables below. The Group bears the plan’s administration costs. The Group also has an agreement with the pension plan trustee to make additional deficit contribution payments to the plan of £1m per month until 31 May 2026, if the plan is underfunded on the Technical Provisions (TP) basis. Under the agreement, the scheme’s funding position is monitored on a monthly basis and deficit contributions are suspended if the scheme’s funding position is 100% or greater as at the last working day of two consecutive months on a TP basis, and is resumed if the funding position subsequently falls back to be below 100% on the last working day of two consecutive months.

The Group’s estimated total cash contributions to the defined benefit plan in the 52 weeks ending 28 December 2024 are £12.2m. This figure allows for additional deficit contributions for the whole of 2024 at the maximum rate of £1m per month. As noted in the paragraph above, additional deficit contributions may increase and recommend during the year, depending on the scheme’s funding position.

Differences between the defined benefit pension plan deficit on an IAS 19 basis and on a funding basis

As is mandatory under International Financial Reporting Standards, the Group values its pension deficit in the accounts on an IAS 19 basis. As shown below, the IAS 19 deficit at the current period end is £121.6m. On a funding basis (also known as a ‘Technical Provisions basis’, being the basis on which the triennial actuarial valuations are carried out), the funding deficit at the current period end is estimated at £9.1m, this estimate being based on an approximate roll-forward of the 2023 triennial funding valuation, updated for market conditions. The IAS 19 valuation requires ‘best estimate’ assumptions to be used whereas the funding valuation uses ‘prudent’ assumptions.

(b) Total amounts charged in respect of pensions

	53 weeks to 24 December 2022	52 weeks to 30 December 2023
Charged to the income statement:
Defined benefit plan – administration cost	2.3	2.4
Defined benefit plan – total service cost	2.3	2.4
Defined benefit plan – net finance charge/(credit)	1.3	(2.7)
Defined contribution plans – total operating charge	42.5	37.6
Total net amount charged to profit before tax	46.1	37.3
Charged to equity:
Defined benefit plan – actuarial (gains)/losses	(13.3)	183.0
Total charge/(credit)	32.8	220.3

continued

Accounting policies

Defined contribution pensions

Payments to defined contribution pension schemes are charged to the income statement as they fall due.

Defined benefit pensions

The calculation of the Group’s net asset or obligation is performed by a qualified actuary using the projected unit method. When the calculation results in a potential asset, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirement. The Group considers that there are no restrictions caused by IFRIC 14 on recognising any pension surplus as the trustee does not have the unilateral power to either enhance member benefits or to wind up the scheme and distribute any surplus remaining once the final scheme benefits are paid to members would be returned to the Group under scheme rules.

Scheme liabilities are calculated by estimating the amount of future benefit that employees have earned in return for their service. That benefit is then discounted to determine its present value. The discount rate used is selected to closely approximate the yield at the balance sheet date on appropriate bonds that have maturity dates approximating to the terms of the Group’s obligations.This discount rate is also used to calculate the net pension scheme asset or liability and the finance charge. Scheme assets are carried at fair value. More details are given in this note as part of the analysis of plan assets. The Group determines the net interest expense on the net defined benefit liability/ (asset) for the period comprised by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period and to the net defined benefit liability/ (asset). Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognise them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss.

(a) Overview of all retirement benefit arrangements

Defined contribution plans

The Group operates an auto-enrolment defined contribution plan for employees. Under the terms of this scheme, employees make pension contributions out of their salaries, and the Group also makes additional contributions. There is also a defined contribution plan relating to the defined benefit plan described below. This plan closed at the same time as the defined benefit plan and the company had no further cost obligations after it closed.

The total cost charged to income in respect of defined contribution pensions in the current period of £42.5m (2022: £37.6m) This represents the Group’s contributions due and payable in respect of the period, as was also the case in the previous period.

Defined benefit plan Characteristics and risks of the plan:

The Group operates a funded pension plan which provides benefits based on the career average payable of participating employees. This plan was closed to new entrants from April 2013, and closed to future accrual on 31 March 2021. The assets of the plan are held separately from those of the Group, being held in a trustee-administered pension plan and invested with independent fund managers. The directors of the plan comprise three member-elected trustees, two independent trustees, and three Group-appointed trustees. All trustees are required to act in the best interests of the plan beneficiaries.

The plan exposes the Group to actuarial risks, such as longevity risk, interest rate risk, inflation risk and market (investment) risk. Longevity risk is the risk that members live for longer than currently expected. That results in pensions being paid for longer than expected, thus costing schemes more. Examples of interest rate risk are that a decrease in corporate bond yields increases the present value of the defined benefit obligations, and that a decrease in gilt yields results in a worsening in the Scheme’s funding position.

Analysis of plan assets

	30 December 2023	24 December 2022
	£m	£m
	No quoted market price in an active market	No quoted market price in an active market
LDI* fixed income	282.9	–
derivatives	20.5	–
cash	12.7	–
Equities – passive equities	–	49.8
Private equity	–	–
Alternative growth assets – fund of hedge funds	–	–
absolute return fund	–	–
Insurance-linked securities	–	70.8
Corporate bonds	0.1	–
Commercial property funds	–	233.4
Other secure income	60.0	161.9
Asset-backed securities	0.5	–
Cash and cash equivalents	8.3	–
Total	385.1	515.9

The plan assets do not include any of the Group’s own financial instruments nor any property occupied by, or otherwise used by, the Group.

* LDI – Liability Driven Investments – is a portfolio of investments chosen with the aim that its value is expected to move in line with the value of the underlying liabilities. The LDI portfolio can include a variety of investments, the simplest being conventional and index-linked gilts with appropriate maturities. Derivatives and repurchase agreements are the main tools used to employ leverage.

Valuation of plan assets

All of the quoted assets have a daily price, and therefore are value using market prices within one day of our year end date.

Unquoted investments are stated at value provided by the fund manager in accordance with relevant guidance. Some of the unquoted funds are valued on a weekly basis, some are valued on a monthly basis, and others are only valued on a quarterly basis. Based on asset values at the current year end, 13% of the unquoted assets are valued based on a valuation from the fund manager within one day of our year end, and a further 22% are valued at 30 November 2023, adjusted for cash movements and rolled forward towards using a suitably-correlated index if one is available.The funded managers’ 31 December 2023 valuation calculations for the remaining 65% of unquoted and assets, which have a carry ing value of £303. They are not available until after the consolidated financial statements are prepared and so the only available valuation is for the funds at the current period end, which is the 30 September 2023. valuations from the fund manager, which are adjusted for cash movements and rolled forward to our year end date using a suitably-correlated index where one is available.

(c) Other information – defined benefit pension plan

Key assumptions used in the valuation of the plan

53 weeks to 30 December 2023 | 24 December 2022
---|---|---
Discount rate | 4.55% | 4.70%
Inflation assumption – RPI | 3.05% | 3.15%
Inflation assumption – CPI | 2.60% | 2.70%
Rate of increase of pension in def erment capped at lower of CPI and 5% | 2.60% | 2.70%
Rate of CARE revaluation capped at lower of RPI and 3% | 2.40% | 2.45%
Rate of increase of pensions in payment:
– pensions with increases capped at lower of CPI and 5% | 2.60% | 2.65%
– pensions with increases capped at lower of CPI and 5%, with a 3% minimum | 3.40% | 3.45%
– pensions with increases capped at the lower of RPI and 2.75% | 2.15% | 2.15%
– pensions with increases capped at the lower of CPI and 3% | 2.20% | 2.25%
Life expectancy (years):
– pensioner aged 65 – male | 85.7 | 86.6
– female | 88.0 | 88.4
Life expectancy (years):
– non-pensioner aged 45 – male | 86.7 | 87.6
– female | 89.6 | 90.2

Sensitivities

	Projected 2024 pension cost	Present value of scheme liabilities at 30 December 2023	Net interest	Net pension (credit)/cost	Total service cost (credit)/expense
	£m	£m	£m	£m	£m
Assumption
Current valuation, using the assumptions above		914	2.1	0.3	2.4
0.5% decrease in discount rate		979	2.1	2.9	5.0
0.5% increase in inflation		945	2.1	1.7	3.8
1 year increase in longevity		946	2.1	1.7	3.8

The sensitivities above are applied to the defined benefit obligation at end of the reporting period, and the projected total service cost for 2024. Whilst the analysis does not take account of the full distribution of cash flows expected under the scheme, it does provide a reasonable approximation. The same amount of movement in the opposite direction would produce a broadly equal and opposite effect.

To address the requirements of both IAS 1 and IAS 19, we note that the effect on the discount rate and inflation sensitivities of flexing them down by 0.25% or up by 1% in a linear manner would give materially correct results.

Annual Report & Accounts 2023 | Annual Report & Accounts 2023
---|---|
Additional Information | Governance
Strategic Report | Financial Statements
Financial Statements | Page Title
Page Title | Continued
Analysis of plan members, scheme liability and duration

	2023			2022
	No. of members	% of total liability	Duration (years)	No. of members	% of total liability	Duration (years)
Deferred members	5,905	52%	17	6,236	63%	19
Pensioners	4,428	48%	11	4,233	37%	11
Total No./average duration	10,333	100%	14	10,469	100%	16

The membership figures are as given in the plan accounts and are as at 31 March 2023, the date of the latest audited pension plan account. The duration and % of liability figures are as calculated by the Group’s actuary as at the Group’s year end.

The membership figures are as given in the plan accounts and are as at 31 March 2022, the date of the audited pension plan accounts. The duration and % of liability figures are as calculated by the Group’s actuary as at the Group’s year end.

Balance sheet

The amount included in the balance sheet arising from the Group’s obligations in respect of defined benefit retirement benefit plan is as follows:

	30 December 2023	24 December 2022
	£m	£m
Present value of defined benefit obligations	(913.6)	(930.5)
Fair value of scheme assets	901.0	889.0
Deficit in the scheme, recognised in the balance sheet	(12.6)	(41.5)

Movements in the present value of defined benefit obligations were as follows:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Present value at start of period	930.5	1,512.5
Administration cost	2.3	2.4
Interest on obligation	42.8	28.3
Actuarial losses/(gains):
– changes in financial assumptions	14.2	(622.8)
– changes in demographic assumptions	(26.5)	(3.5)
– experience	(9.2)	55.8
Benefits paid, including expenses	(40.5)	(42.2)
Present value at end of period	913.6	930.5

Continued

Asset allocation

The plan’s asset allocation strategy, as set out in the Plan’s August 2023 Statement of Investment Principles, is set out below:

The Plan’s asset allocation strategy was determined with regard to the characteristics of the Plan, in particular the funding level, the liability profile, the security offered by Howden Joiner y Group to the Plan and the ability of Howden J oinery Group to meet the required contributions. The objective is to reduce risk as the funding level improves, using an approach based upon the expected returns (and risk) relative to the Plan’s liabilities. This involves considering the Plan’s assets as either ‘return seeking’ or ‘risk-reducing’ (or matching) assets.

‘Return-seeking’ assets target a higher expected return than that of risk reducing/matching assets and typically have a higher associated volatility, relative to liabilities. These assets would typically involve equities and could possibly include alternative asset classes such as different types of absolute return and hedge funds, infrastructure, property and illiquid credit approaches. Assets used to predominantly manage liquidity and cashflows within the Secure Income portfolio are also determined ‘Return-seeking’.

‘Risk-reducing’ (or matching) assets have characteristics that are broadly similar in nature to the liabilities.# Additional Information

Governance

Strategic Report

Financial Statements

Statement of comprehensive income

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Actuarial loss on plan assets	(8.2)	(753.5)
Increase/(decrease) in plan liabilities due to financial assumption changes	(14.2)	622.8
Decrease/(increase) in plan liabilities due to experience	9.2	(55.8)
Decrease in plan liabilities due to demographic assumptions	26.5	3.5
Net actuarial gain/(loss) before associated deferred tax	13.3	(183.0)

Share-based payments

Accounting policy

The Group issues equity-settled share-based payments as employee incentives. They are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest.

Detail of each scheme

The Group recognised a charge of £6.0m (2022: charge of £7.3m) in respect of share-based payments during the period. The Group has various share-based payment schemes, which are all equity-settled. The main details of all schemes which existed during the period are given below.

Share Incentive Plan (‘SIP’)

This is a UK tax-advantageous ‘all-employee’ share plan under which the Company may grant the following types of award to eligible UK employees:

(i) Free Shares, the vesting and forfeiture period is three years commencing on the date of grant and subject to continued employment. The shares are not subject to any performance conditions. Dividends are payable on the Free Shares during the vesting period. Voting rights are attached to the Free Shares during the vesting period.

(ii) Partnership Shares, which do not have a vesting period as they are purchased using deductions from the gross pay of participating employees. The shares are not subject to any performance conditions. Dividends are payable on the Partnership Shares from grant. Voting rights are attached to Partnership Shares from grant.

(iii) Matching Shares, the vesting and forfeiture period for which is three years commencing on the date of grant and subject to continued employment and retention of the associated Partnership Shares in the SIP trust. Matching Shares are granted to participants in a ratio determined by the Company up to a maximum of two free Matching Shares for each Partnership Share purchased. Matching Shares are not subject to any performance conditions. Dividends are payable on the Matching Shares during the vesting period. Voting rights are attached to Matching Shares during the vesting period.

(iv) Dividend Shares, which do not have a vesting period as they are purchased using dividend monies payable on existing SIP shares held in the SIP trust. The shares are not subject to any performance conditions. Dividends are payable on the Dividend Shares from grant. Voting rights are attached to Dividend Shares from grant.

Free Shares, Partnership Shares, and Matching Shares must be kept in the SIP trust for five years from the date of grant to be capable of being sold or transferred out of the SIP trust free of income tax and National Insurance contributions (exceptions apply for ‘good leaver’ scenarios). Dividend Shares must be held in the SIP trust for three years from the date of grant to be capable of being sold or transferred out of the SIP trust free of income tax liability.

Financial Statements

Statement of Assets

	Initial weighting	Target weighting	Range
	%	%	%
RETURN-SEEKING ASSETS	65	60	50–70
– Global equities	5	5	0–10
– Absolute return	7	7	2–12
– Multi-asset credit	3	8	0–13
– Secure income assets	50	40	30–50
RISK-REDUCING ASSETS	35	40	30–50

Risk-Reducing Assets

The Risk-Reducing Assets will be initially structured to target interest rate and inflation hedging ratio of 65% (as a proportion of fund-ed liabilities), measured on the Plan’s long term liability basis. This section of the portfolio also provides exposure to credit markets via credit default swaps. The level of liability hedging will increase over time as the Secure Income assets return capital and the overall liquidity of the portfolio is able to support higher hedging levels.

Movements in the fair value of the plan’s assets in issue

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Fair value at start of period	889.0	1,653.3
Interest income on plan assets	41.5	31.0
Employer contributions	19.2	0.4
(Loss)/return on assets excluding amounts included in net interest	(8.2)	(753.5)
Benefits paid, including expenses	(40.5)	(42.2)
Fair value at end of period	901.0	889.0

Movements in the deficit during the period are as follows:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
	£m	£m
Deficit at start of period	(41.5)	140.8
Administration cost	(2.3)	(2.4)
Employer contributions	19.2	0.4
Other finance/(income) charge	(1.3)	2.7
Total remeasurements recognised in other comprehensive income	13.3	(183.0)
Deficit at end of period	(12.6)	(41.5)

Income statement

Amounts recognised in the income statement arising from the Group’s obligations in respect of the defined benefit plan are shown below.# Amount charged to operating profit:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
Current service cost	–	–
Administration cost	2.3	2.4
Total pensions cost	2.3	2.4

The total pensions cost is included in Staff Costs (note 21).

Amount credited to other finance income or expen:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
Interest income on plan assets	(41.5)	(31.0)
Interest cost on defined benefit obligation	42.8	28.3
Net finance expense/(income)	1.3	(2.7)

The actual return on plan assets was a gain of £33.5m (52 weeks to 24 December 2022: loss of £72.5m).

198 #  Annual Report & Accounts 2023



Additional Information

• Governance
• Strategic Report
• Financial Statements

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 continued



52 weeks to 24 December 2022

	SIP (i)	LTIP (i)	LTIP (iii)	LTIP (iv)
Number	Number	Number	Number	Number
In issue at start of period	2,253,629	–	3,324,679	13,646
Granted in period	359,104	382,200	1,080,204	–
Lapsed in period	(102,785)	–	(38,868)	–
Exercised in period	(436,287)	–	(1,299,808)	(13,646)
In issue at end of period	2,073,661	382,200	3,066,207	–
Exercisable at end of period	1,130,011	–	67	–
Number of options in the closing balance granted before 7 November 2002	14,028	–	–	–
Weighted average share price for options exercised during the period (£)	7.10	N/A	6.92	7.79
Weighted average life remaining for options outstanding at the period end (years)	1.27	2.73	1.41	N/A
Weighted average fair value of options granted during the period (£)	7.71	5.27	6.24	N/A
Exercise price for all options (£)	0.00	0.00	0.00	0.00

	LTIP (ii)	WAEP (£)	SIP (iii)
Number	Number	Number	Number
In issue at beginning of period	307,429	3.17	18,577
Granted in period	–	N/A	73,576
Lapsed in period	–	N/A	(12,324)
Exercised in period	(67,083)	2.04	(558)
In issue at end of period	240,346	3.48	79,271
Exercisable at end of period	240,346	3.48	–
Number of options in the closing balance granted before 7 November 2002	–	–	–
Weighted average share price for options exercised during the period (£)	7.62	–	6.34
Weighted average life remaining for options outstanding at the period end (years)	0.00	–	2.42
Weighted average fair value of options granted during the period (£)	N/A	–	6.50
Exercise price for all options (£)	2.38 to 3.79	–	0.00

3) Fair value of option grants

The fair value of most of the share awards is considered to be the market value of the potential shares awarded, at market close on the day before the grant of the award. The fair value of the Performance Share Plan (‘LTIP (ii) above’) awards granted is estimated on the date of grant using a Monte Carlo option valuation model. The key assumptions used in this model were:

	53 weeks to 30 December 2023	52 weeks to 24 December 2022
Dividend yield (%)	3.4	1.8 to 3.4
Expected life of options (years)	3	3
Expected share price volatility (%)	30.5	32.2 to 32.3

2) Movements in the period

53 weeks to 30 December 2023

	SIP (i)	LTIP (i)	LTIP (iii)	LTIP (iv)
Number	Number	Number	Number	Number
In issue at start of period	2,073,661	382,200	3,066,207	–
Granted in period	393,295	105,000	953,327	12,854
Lapsed in period	(74,665)	(25,423)	(777,627)	–
Exercised in period	(467,695)	–	(448,629)	–
In issue at end of period	1,924,596	461,777	2,793,278	12,854
Exercisable at end of period	1,009,826	–	67	–
Number of options in the closing balance granted before 7 November 2002	12,692	–	–	–
Weighted average share price for options exercised during the period (£)	6.96	N/A	7.37	N/A
Weighted average life remaining for options outstanding at the period end (years)	1.0	1.8	1.3	0.6
Weighted average fair value of options granted during the period (£)	7.03	6.70	5.70	7.05
Exercise price for all options (£)	0.00	0.00	0.00	0.00

	LTIP (ii)	WAEP (£)	SIP (iii)
Number	Number	Number	Number
In issue at beginning of period	240,346	3.48	79,271
Granted in period	–	N/A	58,928
Lapsed in period	–	N/A	(29,814)
Exercised in period	(139,447)	3.26	(1,644)
In issue at end of period	100,899	3.79	106,741
Exercisable at end of period	100,899	3.79	–
Number of options in the closing balance granted before 7 November 2002	–	–	–
Weighted average share price for options exercised during the period (£)	7.11	–	6.87
Weighted average life remaining for options outstanding at the period end (years)	–	–	1.9
Weighted average fair value of options granted during the period (£)	N/A	–	7.04
Exercise price for all options (£)	3.79	–	–

1 1 Weighted Average Exercise Price

---



Other supporting notes

24 Financial commitments

Capital commitments

	30 December 2023 £m	24 December 2022 £m
Contracted for, but not provided for in the financial statements:
Tangible assets	15.2	16.1
Intangible assets – software	–	0.7
	15.2	16.8

25 Related party transactions

Companies in which are related parties. Transactions between Group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note. All transactions between the Group and the Group’s pension schemes have been disclosed in note 22.

Remuneration of key management personnel

Key management personnel comprise the Board of Directors (including non-executive directors) and the Executive Committee. Details of the aggregate remuneration to these personnel is set out below. The figure disclosed for share-based payments represents the gain realised on the exercise of share options in the year; albeit that those options will have been granted in previous periods. All figures include any related employer’s National Insurance.

	30 December 2023 £m	24 December 2022 £m
Short-term employment benefits	10.2	10.5
Termination benefits	0.5	0.8
Share-based payments	2.3	4.2
	13.0	15.5

Other transactions with key management personnel

There were no other transactions with key management personnel.

---

204

	30 December 2023 £m	24 December 2022 £m
Non-current assets
Investments in subsidiaries	699.0	699.0
Property, plant and equipment	37.4	–
Lease right-of-use assets	179.1	175.5
Intangible assets	69.4	103.3
Prepaid credit facility fees	0.7	1.0
	986.5	979.8
Current assets
Other debtors	0.3	9.9
Cash and cash equivalents	–	218.2
	0.3	228.1
Total assets	986.8	1,207.9
Current liabilities
Lease liabilities	(6.8)	(10.2)
Trade and other payables	(0.4)	–
Intercompany loan	–	(326.8)
	(7.2)	(337.0)
Non-current liabilities
Lease liabilities	(197.1)	(192.1)
Total liabilities	(204.3)	(529.1)
Net assets	782.5	678.8
Equity
Called up share capital	55.4	56.1
Capital redemption reserve	9.8	9.1
Share premium	87.5	87.5
Treasury shares	(24.0)	(25.5)
Retained earnings	653.8	551.6
Total equity	782.5	678.8

25 Financial Commitments

Intercompany loan

	30 December 2023 £m	24 December 2022 £m
Loan	–	(326.8)

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205

 Annual Report & Accounts 2023# Company Statement of Changes in Equity

## Called up share capital £m	Capital redemption reserve £m	Share premium account £m	Treasury shares £m	Retained earnings £m	Total £m
At 25 December 2021	59.8	5.4	87.5	(27.1)	623.3
Capitalisation issue of shares	–	–	–	–	293.8
Reclassification of shares from treasury to share pool	(3.7)	3.7	–	–	(250.5)
Transfer of shares from treasury into share trust	–	–	–	1.6	–
Dividends declared and paid	–	–	–	–	(115.0)
At 24 December 2022	56.1	9.1	87.5	(25.5)	551.6
Capitalisation issue of shares	–	–	–	–	266.2
Reclassification of shares from treasury to share pool	(0.7)	0.7	–	–	(50.0)
Transfer of shares from treasury into share trust	–	–	–	1.5	–
Dividends declared and paid	–	–	–	–	(114.1)
At 30 December 2023	55.4	9.8	87.5	(24.0)	653.8

30 December 2023 £m

The Company’s distributable reserves at period end are:
Retained earnings 653.8
Treasury shares (24.0)
Distributable reserves 629.8

Notes to the Company financial statements

Valuation of intangible assets

Intangible assets are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets. The useful economic lives of the intangible assets are assessed to be:

• Software developed for internal use and third-party software – between 3 and 10 years.
• Customer lists and intellectual property – considered to have an indefinite useful life where there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows. These intangible assets are not amortised but are tested for impairment annually.

Amortisation of intangibles is included within operating expenses.

Assets held for sale

The Company has no assets held for sale (2022: none).

Intangible fixed assets

	Goodwill £m	Other intangible assets £m	Total £m
Cost
At 25 December 2021 and 24 December 2022	–	–	–
Additions	–	–	–
At 30 December 2023	–	–	–
Accumulated amortisation
At 25 December 2021 and 24 December 2022	–	–	–
Charge for the period	–	–	–
At 30 December 2023	–	–	–
Net book value at 30 December 2023	–	–	–

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the assets.

Useful economic lives:

• Freehold property: Buildings – 25 years
• Leasehold property improvements: Over the term of the lease or 50 years, whichever is shorter.
• Assets under construction: Capitalised as incurred and transferred to appropriate asset categories upon completion.

Impairment reviews are performed for property, plant and equipment where there is an indicator of impairment. Details of all Group subsidiaries are given on page 212.

Assets held for sale

The Company has no assets held for sale (2022: none).

Property, plant and equipment

	Leasehold property improvements £m	Assets under construction £m	Total £m
Cost
At 25 December 2021 and 24 December 2022	–	–	–
Additions	44.6	1.7	46.3
At 30 December 2023	44.6	1.7	46.3
Accumulated depreciation
At 25 December 2021 and 24 December 2022	–	–	–
Charge for the period	(8.9)	–	(8.9)
At 30 December 2023	(8.9)	–	(8.9)
Net book value at 30 December 2023	35.7	1.7	37.4

£15m in respect of impairment of asset under construction.
The Company has no employees (2022: none). Directors’ emoluments and the fees payable to the Company’s auditor for the audit of the Company and its subsidiaries are disclosed in note 17.

Property, plant and equipment

Right-of-use assets

The Company has no significant income receivable other than a small amount of interest receivable on cash and cash equivalents, the Company has no other income receivable other than that arising from the ordinary course of trading. The carrying amount of the Company’s investment in subsidiaries is £600,938,000 (2022: £575,334,000). The directors have assessed the carrying amount of the investment in subsidiaries and concluded that there is no indication of any impairment in the Company’s investment in subsidiaries. Details of all Group subsidiaries are given on page 212.

Assets under construction

The Company has no assets held for sale (2022: none).

Property, plant and equipment

Right-of-use assets

	30 December 2023 £m	24 December 2022 £m
Property	179.1	175.5
Additions to right-of-use assets in the period	12.9	3.1
	30 December 2023 £m	24 December 2022 £m
Lease liabilities
Current	(6.8)	(10.2)
Non-current	(197.1)	(192.1)
	(203.9)	(202.3)

	53 weeks to 30 December 2023 £m	52 weeks to 24 December 2022 £m
Included in net operating expenses
Depreciation of property right-of-use assets	8.6	7.9
Interest on lease liabilities	4.6	4.5
Total cash paid for leases	14.7	8.7
Whereof: variable lease payments not included in lease liabilities	5.3	5.2
Finance income
Recognised in respect of short-term and low-value assets	0.2	0.2

Maturity analysis of lease liabilities

	30 December 2023 £m	24 December 2022 £m
Undiscounted lease payments
Less than 1 year	11.1	14.6
2 to 5 years	46.7	42.7
more than 5 years	204.5	204.6
	262.3	261.9

Ordinary shares of 10p each:

	No.	No.	£m	£m
	53 weeks to 30 December 2023	52 weeks to 24 December 2022	53 weeks to 30 December 2023	52 weeks to 24 December 2022
Allotted, called up and fully paid
Balance at the beginning of the period	560,916,049	597,573,827	56.1	59.8
Reclassification of shares from treasury pool	(7,324,329)	(36,657,778)	(0.7)	(3.7)
Balance at the end of the period	553,591,720	560,916,049	55.4	56.1

Allotted, called up and fully paid

Shareholder and share capital information

Shareholder Ranges

Corporate timetable

Subsidiaries and joint ventures

Additional Information

Five year record

	December 2023 52 weeks £m	December 2022 52 weeks £m	December 2021 52 weeks £m	December 2020 52 weeks £m	December 2019 52 weeks £m
Summarised Income Statement
Revenue	2,310.9	2,319.0	2,093.7	1,547.5	1,583.6
Profit before interest	340.2	415.2	401.7	195.7	260.0
Profit after interest	327.6	405.8	390.3	185.3	260.7
Full year dividend per share (pence)	21.0	20.6	19.5	18.2	3.9
Basic EPS (pence)	46.5	65.8	53.2	24.9	35.0
Summarised Balance Sheet
Total intangible assets, leases and pension	516.8	471.5	332.1	290.7	251.7
Non-current lease right-of-use assets	647.9	614.3	555.8	544.2	–
Inventories	382.8	373.3	301.6	255.0	231.8
Trade receivables, net of allowances	234.2	265.6	205.8	166.6	193.1
Payables and provisions	(389.0)	(454.2)	(468.7)	(338.2)	(272.2)
Pension (liability)/asset	(12.6)	(41.5)	140.8	(47.7)	(56.6)
Total lease liabilities	(684.5)	(665.3)	(591.2)	(580.5)	–
Net cash & short-term investments	282.8	308.0	515.3	430.7	267.4
Total net assets	978.4	871.7	991.5	720.8	615.2
Number of depots at end of year
UK	840	808	778	748	732
France & Belgium	65	60	40	30	27
Republic of Ireland	10	5	–	–	–
TOTAL	915	873	818	778	759
Capital expenditure	119	141	86	70	61

Capital expenditure

The Group invested £119m (2022: £141m) in capital expenditure. This consisted of £76m on the new depot build programme and £43m on replacement and refurbishment of depots and infrastructure. The increase in capital expenditure in 2022 was largely due to the acquisition and integration of depot operations in France and Belgium.

Shareholder and share capital information

The Company has no employees (2022: none). Directors’ emoluments and the fees payable to the Company’s auditor for the audit of the Company and its subsidiaries are disclosed in note 17.

Profit before interest
340.2
Profit after interest
327.6
Full year dividend per share (pence)
21.0
Basic EPS (pence)
46.5

Five year record

Revenue
2,310.9
Profit before interest
340.2
Profit after interest
327.6
Full year dividend per share (pence)
21.0
Basic EPS (pence)
46.5

Total intangible assets, leases and pension
516.8
Non-current lease right-of-use assets
647.9
Inventories
382.8
Trade receivables, net of allowances
234.2
Payables and provisions
(389.0)
Pension (liability)/asset
(12.6)
Total lease liabilities
(684.5)
Net cash & short-term investments
282.8
Total net assets
978.4

Number of depots at end of year
UK: 840
France & Belgium: 65
Republic of Ireland: 10
TOTAL: 915

Capital expenditure
119# Parent company and all subsidiary undertakings

At 30 December 2023

Parent company and all subsidiary undertakings	Country of registration
Parent company
Howden Joinery Group Plc	England and Wales
105 Wigmore Street, London, England, W1U 1QY
All subsidiary undertakings
Intermediate Holding Companies:
Howden Joinery Group Finance Plc	England and Wales
105 Wigmore Street, London, W1U 1QY
Howden Joinery Group Funding Plc	England and Wales
105 Wigmore Street, London, W1U 1QY
Trading:
Howden Joinery Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Howden Joinery SARL	France
1 Rue Calmette, ZA Du Bois Rigault Nord, 62880 Vendin-Le-Vieil
Howden Joinery NV	Belgium
Rue du Cerisier 05-12, 6041 Gosselies
Howden Joinery (Ireland) Limited	Republic of Ireland
Suite 3, One Earlsfort Centre, Earlsfort Terrace, Dublin 2, Ireland
Sheridan Fabrications Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Property Management:
Howden Property Holdings Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Howden Property Investments Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Administration and Employee Services:
Howden Shared Services Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Howden Services Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Dormant:
Howden Developments Limited	England and Wales
105 Wigmore Street, London, W1U 1QY
Foreign Company Registrations:
Howden Joinery Group Limited	Isle of Man
33–37 Athol Street, Douglas, Isle of Man, IM1 1LB
Howden Joinery Limited	Cayman Islands
105 Wigmore Street, London, W1U 1QY
Howden Property Holdings Limited	Isle of Man
33–37 Athol Street, Douglas, Isle of Man, IM1 1LB

212 213
Howden Joinery Group Plc Annual Report & Accounts 2023
Howden Joinery Group Plc Annual Report & Accounts 2023
Financial Statements
Additional Information
Governance
Strategic Report
Five year record

Parent company and all subsidiary undertakings
Financial Statements
Financial Statements
Additional Information

• 2023 authorisation by shareholders to purchase up to 55,455,816 of the Company’s ordinary shares through the market. The authorised share capital of 100,000,000 ordinary shares of £1 each has not changed since the prior year. The share capital has not changed during the year.

Rights and restrictions
Issued share classes: Ordinary only (fully paid)
Voting rights at general meetings: One vote per share

• 2023 None
  Individual special rights of control: None

• 2023 2 : None
  Transfer restrictions 2 : None

• The Company and its Directors or employees that provide for restrictions on the transfer of shares or on voting rights.

Substantial shareholdings
* In the absence of notification to the Company, the Directors are not aware of any other interests representing 3% or more of the Company’s issued share capital.

Substantial Shareholder	% of total voting rights	Date of last notification
BlackRock, Inc.	4.17%	13 October 2023

The percentage interest is as stated by the shareholder at the last notification of holdings and includes holdings in respect of which the shareholder has interests in the shares.

There are a number of agreements that take effect, alter or terminate upon a change of control such as commercial contracts, bank loan agreements and employee share plans.

• The directors of the Group consider that they act as directors in accordance with the Group’s constitution. The Group has in place a number of agreements in place with third parties which may be impacted by a change of control, this includes the bank facility (as described on page 70 and in note 19 to the financial statements). Under the terms of the facility, a change of control would trigger a mandatory repayment of the entire revolving credit facility, which would need to be funded from existing cash reserves or alternative financing.

• The Company and its Directors or employees that provide for rights of pre-emption or other restrictions on the transfer of shares or on voting rights.

Provision for indemnity against liability incurred by a Director
The Company has provided indemnities to the Directors (to the extent permitted by law) in respect of liabilities incurred by them in connection with the management of the Company and its subsidiaries. This indemnity nor any insurance provides cover in the event that the Director is proven to have acted dishonestly or is guilty of fraud.

Listing Rule 9.8.4R(2) disclosure
* The Directors’ remuneration disclosure in the Directors’ Remuneration Report (pages 101 to 117 of the 2023 Annual Report & Accounts), which relates to the Group, is provided under the heading “Directors’ remuneration: 2023 Annual Report and Accounts” for the year ended 31 December 2023, the Group has performed robustly and has performed in line with the analysts’ consensus forecasts.”

A footnote to the statement above read:
* 2023 The Directors' Remuneration Committee have reviewed the Group's performance and the remuneration of the Executive Directors, which resulted in no change to the bonus outcome.

• The Directors’ Remuneration Committee will continue to review the Group’s performance and the remuneration of the Executive Directors in line with the Group’s objectives and strategy.

• 2023 6: 10 December 2023 is set out in the consolidated income statement on page 162.

Shareholder and share capital information

Annual General Meeting

• The 2024 Annual General Meeting of Howden Joinery Group Plc will be held at The Principal London, 138-146 Old Street, London, EC1P 2SR on 2 May 2024 at 11.00am.

• The Board will present the Annual Report and Accounts and seek shareholder approval for the re-appointment of the Directors and the proposed final dividend for the year ended 31 December 2023.

• The Directors recommend that shareholders vote in favour of all resolutions at the Annual General Meeting.

Dividend

• Subject to shareholder approval at the 2024 Annual General Meeting, the Board has declared a final dividend for the year ended 31 December 2023 of 5.2 pence per share. This dividend will be paid on 24 May 2024 to shareholders on the register on 12 April 2024.

2023 Final Dividend

• Ex-dividend Date 11 April 2024
• Record Date 12 April 2024
• Payment Date 24 May 2024

Dividend reinvestment plan (‘DRIP’)

• Howden Joinery Group Plc operates a Dividend Reinvestment Plan ("DRIP") which allows ordinary shareholders to elect to receive new ordinary shares in the Company, rather than receive a cash payment. The DRIP is operated by Equiniti. Further information, including the terms and conditions of the DRIP, can be found on the Company's website: www.howdenjoinerygroup.com/investors/shareholder-information.

• Ordinary shareholders can elect to have dividends paid directly to a bank or building society account. You can arrange this by completing the relevant dividend mandate form, which can be downloaded from Equiniti's website or obtained by contacting them. Dividend mandate details can also be de-selected by shareholders via the Equiniti Shareview website.

Share Capital

As at 30 December 2023, the Company had only fully paid ordinary shares of £1 each, representing 548,673,345 ordinary shares in issue, with no shares held in treasury.

	% change	Number of Shares
		30 Dec 2023
Total Shares in issue	-1.33%	553,591,720
Treasury Shares	-6.10%	4,918,375
Shares in issue, excluding Treasury	0.00%	548,673,345

Shares held in Treasury have no voting or dividend rights and are not entitled to any pre-emption rights on issues of new shares. Details of employee share schemes are set out in note 23 to the Financial Statements beginning on page 199.

• The Company’s share capital is £1 per share. For details of the Company’s ordinary share capital and movements in the number of shares in issue, please refer to note 25 ‘Share capital’ beginning on page 212. The Directors have authority to allot shares and to grant rights to subscribe for or convert any security into shares up to a maximum of 105,000,000 ordinary shares. The authority to allot shares will expire at the next Annual General Meeting.

Shares in public hands 1

• As at 31 December 2023, 45.68% of the Company’s issued share capital (representing 250,982,742 shares) were not in the hands of the Directors, persons discharging managerial responsibility (PDMRs), or connected persons of those Directors or PDMRs, and were therefore considered to be in public hands.

• The Company’s issued ordinary shares are traded on the London Stock Exchange. The Company's issued share capital at the 30 December 2023.

Acquisition of the Company’s own shares

During 2023, the Company repurchased and cancelled just 3,242,764 ordinary shares as part of its ongoing share repurchase programme. The repurchased shares were cancelled in accordance with the Companies Act 2006, and the reduction in the number of shares in issue relates to shares purchased and cancelled during the year.

• For further information on share capital, please refer to note 25 to the financial statements.

• In order to return surplus capital to shareholders, the Company may purchase its own shares on the market.# In 2023, the Board considered that a share buy back programme, in addition to paying a dividend, was an appropriate mechanism for distributing value to shareholders. The Board continues to review the dividend policy and capital allocation on an ongoing basis.

Financial Statements

Principal Banker

Lloyds
25 Gresham Street
London EC2V 7HN

Joint Financial Advisers and Stockbrokers

Deutsche Numis Securities
45 Gresham Street
London EC2V 7BF

Barclays
1 Churchill Place
Canary Wharf
London E14 5HP

Solicitors

Addleshaw Goddard
100 Bishopsgate
London EC2P 2SR

Auditor

KPMG
15 Canada Square
London E14 5GL

Registrar

Equiniti
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA

Share Registrars

Link Market Services
105 Wigmore Street
London W1U 1QY

Additional Information

Shareholder statistics

Shareholder ranges as at 30 December 2023

Corporate holders
0 to 1,000	59	23,160	7.25	0.00
1,001 to 5,000	81	206,300	6.44	0.04
5,001 to 10,000	40	307,235	9.60	0.06
10,001 to 50,000	131	3,374,415	105.45	0.62
50,001 to 100,000	65	4,794,872	149.84	0.88
100,001 to 250,000	115	18,360,299	573.76	3.36
Over 250,000	211	519,741,201	16,242.97	95.04
Total	702	546,807,482	17,095.27	100.00
Individual holders
0 to 1,000	4,933	1,728,901	53.97	0.31
1,001 to 5,000	965	2,190,971	68.47	0.39
5,001 to 10,000	102	723,528	22.61	0.13
10,001 to 50,000	59	1,112,255	34.76	0.20
50,001 to 100,000	3	211,989	6.63	0.04
100,001 to 250,000	1	124,594	3.89	0.02
Over 250,000	2	693,000	21.66	0.12
Total	6,065	6,785,238	211.99	1.21
Total	6,767	553,592,720	100.00	100.00

Corporate timetable

• Trading update 30 April
• Annual General Meeting 2 May
• Half-Yearly Report 25 July
• Trading update October

Made in the UK
Annual Report and Accounts 2023
Howden Joinery Group Plc
2023
Available through the Trade only
The UK’s number 1 trade kitchen supplier
Annual Report
AI2023
Howden Joinery Group Plc