AGM UPDATE

7 February 2018

We remain on track to meet constant currency net revenue and earnings expectations for the full year.

As highlighted in November, delivery will be weighted to the second half. We continue to realise further share gains in our Growth Brands and in the majority of our priority markets, building on the success of last year’s marketing investment programme. This is delivering a robust volume performance, reflecting overall share growth. The first half though will reflect some negative price/mix impacts, particularly post EUTPD in UK and post excise increases in France. As also highlighted, we are significantly stepping up our level of activity in Next Generation Products (NGP), with multiple launches in the next few months. 

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