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Our business model

We have a simple business model.

We work with our customers to understand their challenges and then design and manufacture products to solve them. Here's an overview of how our business model helps us focus our resources and strengths to deliver value for all our stakeholders.

Our resources

Customer relationships

Customer relationships

Our trusted relationships with customers help us to understand their needs and design solutions to solve their challenges.



Our 5,100 talented people around the world are committed to delivering our purpose, vision and strategy.



Our global suppliers provide us with the high-quality components and materials we need, as well as supporting our infrastructure and operations.

Research and development

Research & development

Our strong IP portfolio and significant commitment to R&D expenditure helps set us apart from competitors and delivers long-term value.

Financial resources

Financial resources

We've funded our growth and infrastructure by reinvesting our profits. We also have a strong cash position, helping us to fund future development and deliver our strategy.

Our business model

Delivering value for...

Our customers

  • £85.8m spent on developing new products and improving our existing products.
  • Live and on-demand webinars available in up to 13 languages.

Our suppliers

  • £166.5m spent on materials and services.
  • £88.4m committed to capital expenditure projects.

Our communities

  • £0.3m in charitable donations in the year.
  • 11,000 students taking part in our STEM outreach programmes.

Our people

  • £254.4m in salaries, bonuses, social security and pension contributions.
  • More than 200 new roles or vacancies filled by internal candidates this year.

Our planet

  • 5% reduction of our market‑based statutory greenhouse gas
    (GHG) emissions.
  • 10% increase in use of renewable energy.

Our shareholders

  • 37% increase in Adjusted profit before tax.
  • Total dividends of £52.8m for the year.

Figures as at date of 2022 Annual Report.

Find out more about our strategy.