Our strategy articulates how we create value for shareholders and is focused on driving performance in four key areas. We are strengthening our portfolio and developing our footprint by deploying our Market Repeatable Model, a structured ‘go to market’ framework for generating quality growth. Cost optimisation is about being more efficient and effective, and in focusing on cash generation and working capital management, we continue to embed capital discipline in the business.

Aligning resource behind these strategic pillars enables us to make the most of growth opportunities in tobacco and consumer adjacencies, while ensuring we remain in a strong position to continue delivering sustainable returns to shareholders.


Our business model illustrates how we create value for shareholders. Consistently applying our Market Repeatable Model to our portfolio drives the performance of our Growth and Specialist Brands. This, combined with effective cost management, delivers quality sales with high operating margins and generates the strong cash flows that are a hallmark of our business. We use this cash to reinvest to support growth, pay down debt or return to shareholders through dividends, which we are committed to growing by at least 10 per cent a year over the medium term.


Our Market Repeatable Model has become an integral component of our strategy, strengthening our ability to maximise the performance of our brands and markets. All six elements of the model are holistically applied to deliver quality market share growth. Click on the MRM wheel below to find out more about each element.


Our Market Repeatable Model starts with a simple market focused portfolio that is built around an optimal number of brands and stock keeping units that are aligned with consumer needs. Our strongest assets are our Growth and Specialist Brands and we focus on driving their performance to generate quality market share growth.