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Business model and creating value

Imperial comprises many entrepreneurial units across its three broad pillars and the group continually seeks deep exploration of value within and between each area. Significant business relationships and key generic skills span the three pillars and help to maximise the value and returns achieved in each.

The addition of new businesses, aligned to our current profile, is an ongoing focus across the group in line with the strategy of enhancing returns on capital. The development of our industrial products and automotive parts businesses has, for example, significantly enriched our distribution and retailing pillar.

Such growth is underpinned by a focus on ensuring that our business mix remains relevant, and that we continue to command strong positions in all the industries in which we operate. When we acquire businesses, we maintain their entrepreneurial spirit and simultaneously mitigate the related acquisition risk by securing the existing management, often by retaining ongoing minority management shareholdings.

Our over-arching objective is to drive improving returns on capital as this is the ultimate generator of value for shareholders. To this end, shareholder objectives and management incentives are closely aligned, and our businesses strive to achieve maximum efficiency and profitability in their industries, within a framework of appropriate control and governance.

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