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Investment Case Summary

Market-leading business

We are the UK’s largest retailer of motoring and cycling products and services, allowing us to drive benefits in procurement, innovation and customer offering. In car servicing, the market is highly fragmented with no clear leader – with 2% share we have significant opportunity for growth.

Building a services-focused business

In the medium-term, half of our business will be in Services – which are essential in their nature – meaning we are a more resilient business with higher customer retention, lower risk profile and stronger and more sustainable returns on capital.

Value creating opportunities

Our strategy will see us develop into areas with good long-term growth prospects such as motoring services, B2B and electric mobility. We also have opportunities to significantly improve ROIC.

Cash generative business

The Group has always maintained a strong balance sheet and benefits from a cash generative business model, with good Free Cash Flow enabling investment in our plan and returns to shareholders.

Dividend returns

Up until the unprecedented global pandemic we have consistently maintained our dividend, supported by strong levels of free cash flow. In normal times we remain committed to paying a dividend.

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