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We are the world's leading specialist plumbing and heating distributor focused primarily on the Repair, Maintenance and Improvement "RMI" markets.

These markets are attractive and fragmented with excellent growth opportunities.Our knowledge, local coverage and national scale enable us to operate efficiently and provide a high level of customer service.

Our strategy is to drive profitable growth in our businesses and therefore deliver great, sustainable returns for our shareholders.


Benefits of scale

Our scale brings substantial operating

  • Largest plumbing and heating distributor in the world
  • Benefits of scale in procurement, operations, supply chain and technology
  • Market leading positions (82 per cent of revenue generated through No. 1 or No. 2 market share positions)

Case study: Expanding in the New York metro area

Attractive growth opportunities

Fragmented markets provide attractive growth opportunities

  • Strong sales culture
  • Fragmented markets
  • Low risk bolt-on M&A opportunities
  • Quick, reliable payback from branch expansion

Case study: Combining Starkki and Puukeskus


Primarily plumbing and
heating distribution

Principally serving RMI markets

Adjacent market opportunities,
e.g. building materials, waterworks


Low volatility

Our business model is highly cash generative through the economic cycle

  • Sustained gross margins
  • Strong investment grade balance sheet
  • Limited pension exposure and low level of operating leases
  • Strong free cash flow through the economic cycle

Case study: Investing in the utilities market

Strong execution culture

A strong culture focusing on customer service, efficiency and execution

  • Strong people and service culture
  • Systematically driving performance
  • Best-in-class e-commerce
  • Constantly developing our operating model to enhance service and margins

Case study: Moving forward with e-commerce

Great returns

Consistent good trading profit margins

Trading margin

Excellent returns on capital


Return on gross capital employed

Dependable and progressive ordinary dividends


Total ordinary dividend

Case studies