Annual report

This year, in testing conditions, against

a backdrop of continued turbulence

and ever increasing competitive pressures,

we have not performed outstandingly well,

we did not continue to deliver

steady-if-unspectacular growth

and we were not gratified by the

resilience our business showed. Neither

did we conduct a major strategic review,

or invest substantially in our brand

(which is our most valuable asset),

or maintain our spending on R&D

(which is the lifeblood of our business),

or take a decision to refocus on

key markets and core capabilities.

We did not make a renewed commitment

to anything, or re-assess our priorities

going forward, or redouble our efforts to

squeeze maximum profit out of every sale.


No, this year we’ve done more important work.

This year, we’ve been learning to fail.