Strengthening our Portfolio
Excellent results from Growth Brands with underlying volumes up 7%, net revenue up 12%, share up to 6.6%
Success of brand migration programme continues to support Growth Brand development
Growth and Specialist Brands up to 57% of reported tobacco net revenue
Developing our Footprint
Positive momentum in Growth Markets; excluding Iraq and Syria1 underlying net revenue up 5%
Strong performance from ITG Brands; integration and commercial plans progressing well
Good progress in Returns Markets with adjusted operating profit up 1%
Overall Group market share broadly maintained at 13.3%
Cost Optimisation
Cost optimisation programme on track with incremental savings of £85m
Benefits of portfolio simplification and focused investment
Capital Discipline
Cash conversion up to 97%
Adjusted net debt increased by £3.5bn to £11.6bn; a reduction of £1.1bn before US acquisition debt
Dividend up 10%
