The change in strategy follows an announcement in July when the Group said that it would undertake a comprehensive review of its business, with a view to driving stronger performance and enhanced value for shareholders over the medium term.
The Group says it will now focus on simplifying the business to reduce complexity, speed up decision making and improve agility whilst further reducing the above-branch and distribution cost base.
As part of the process of simplification, it says that now is the time to explore the potential sale of the plumbing and heating division, which will facilitate more focused management attention and capital deployment on the higher returning areas, and creates further opportunities to simplify the Group and reduce costs.
Our trade businesses hold strong positions in attractive markets, and these initiatives will enable us to concentrate our management time and capital in the highest returning areas.
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