Diluted HEPS 156.8pps (-11.9% y-y).
Revenue decreased by -8.2% y-y to £12 340m, due to the sale of businesses in Russia and Belarus in September 2023 and translational FX headwinds.
Total expenses increased by 7.2% y-y while expense-to-sales rose from 57.6% to 67.3%.
OPM fell from 44.2% to 34.5%, on account of higher amortisation charges related to U.S. Combustibles brands and lapping comparator inclusive of Russia and Belarus.
Cash flow generated from operating activities decreased 6.2% y-y from £3 375m to £3 165m.
New Categories performance is expected to be weighted to the second half of 2024, driven by the phasing of innovation launches.
Strong growth in Modern Oral with revenues up 41.9% y-y and volume growth of 50.0% y-y.
Share of post-tax results of associates and JV’s up from £289m in 1H23 to £1 647m in 1H24.
