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
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.