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Police officer wearing riot vest, helmet and respirator

Investment Case

We have strong foundations and extraordinary potential. Through our STAR strategy, we have developed strategic initiatives with a focus on protecting more lives through our innovative products and delivering improved margins, cash flow and returns on capital for our shareholders.

Addressing increasing global threats by protecting the lives of those who protect us

  • A major supplier of integrated protective solutions to the U.S. Department of Defense and other NATO countries
  • Supportive addressable markets growing at 2-4% CAGR
  • Global instability and current conflicts driving demand and emphasising the importance of soldier and first responder protection

Leading technology

  • Cumulative R&D of $34 million over the last 3 years
  • World leading, innovative protection provided by our helmets, respirators and rebreathers
  • Uniquely positioned to lead future technology programmes for head and respiratory protection
  • Deep material science, product design and manufacturing capability, aligned to customer priorities and future threats
  • Decades of experience protecting the lives of NATO militaries and first responders

Resilient competitive advantage 

  • Platform lifecycles support deep customer partnerships and long-term revenue visibility
  • Recertification and extensive qualification requirements provide strong barriers to entry
  • Brands represents trust and reliability - long-term reputation for product excellence essential given high cost of failure
  • Extensive installed product base and broad accessory offering provides stable after-market revenue

Well positioned for above market growth

  • Organic revenue growth underpinned by strong positions on multi-year programmes
  • Sole sourced or primary sourced on key programmes of record
  • Long history of partnering with customers on break-through technology
  • Strong channel to market allows for rapid commercialisation of new technology

Transformation driving accelerated financial and ESG performance

  • Robust plan to deliver mid-teens margins, improved ROIC and strong cash conversion
  • An innovative culture with a well-invested asset base and engaged workforce driving future growth
  • Disciplined approach to capital allocation
  • Focused on delivering responsibly for all stakeholders; new transformation plan and five-year targets reducing scrap and CO2 emissions


    • Focus on disciplined capital allocation in support of growth in core markets and maximisation of returns

    • Transformation initiatives and organic investment in R&D

    • Reduce debt

    • Sustainable through-cycle dividend payout ratio

    • Inorganic investment in bolt-ons

    • Deliver strong margin progression and revenue growth

    • Increase balance sheet flexibility and minimise interest cost to allow compounding of returns

    • 2.5-3.0x EPS cover through cycle

    • Only where value-creative and supportive of strategy acceleration

  • 1-2x

    net debt – EBITDA