DELIVERING OUR STRATEGY IN TOBACCO AND NGP
On Track to Deliver FY18
- Marketing investment delivering further share growth in Growth Brands and priority markets
- Total volumes continue to outperform industry; Growth Brand organic volumes up 1.6% and share up 100 bps
- Significant progress in NGP: roll-out of myblu and proprietary innovation in vapour and heated tobacco
- Adjusted results reflect difficult prior year trading environment; improving Q2 price/mix supports H2 growth
- Reported operating profit includes the impact of the administration of the UK distributor Palmer & Harvey
- Dividend growth of 10%, supported by cash conversion of 111%; expect 95% at FY
- Strategic focus highlights capital reallocation opportunities, targeting proceeds of up to £2 billion
