Ministers in the previous government stated they would not raise tobacco taxes, however the Senate voted to implement them last November, against the advice and wishes of the government
Continued strong cash delivery, and balanced capital allocation On track to deliver operating cash flow conversion 10 in excess of 95% in FY26 We expect to be within our 2.0-2.5x adjusted net debt/adjusted EBITDA target range 4 by year-end, while maintaining a progressive dividend and sustainable share buy-backs, with 1.3bn in 2026 Technical guidance for FY26: Global cigarette industry volume expected to be down c.2.5% (previously c.2%) Lower end of our medium-term guidance ranges: 3-5% revenue growth, mid-teens (previously low double-digit) New Category revenue growth 4-6% adjusted profit from operations 3 growth H2 weighted Expected c.1% transactional FX 11 headwind 5-8% adjusted diluted EPS 3 growth Translational FX 11 headwind of 2-3% on half-year and full-year adjusted diluted EPS growth Net finance costs 3 of c.1.75bn, (previously 1.8bn) subject to interest rate volatility Operating cash flow conversion 10 in excess of 95%, gross capital expenditure of c.750m Leverage 4 within our 2.0-2.5x adjusted net debt/adjusted EBITDA target corridor by year end Webcast and Conference call The conference call will begin at 8.30am ( BST) You can access the audio webcast via our website
In conformitate cu prevederile OUG 140/2021, produsele beneficiaza de garantie legala de conformitate de 24 de luni, cu exceptia continutului digital sau al serviciilor digitale, in cazul carora garantia legala de conformitate este de 60 de luni, potrivit OUG 141/2021
It takes time to optimise processes and perfect recipes
Moderate Democrats and Republicans block increases and reap campaign donations
