19 November 2024
Full Year Results Statement
Report for the year ended 30 Sept 2024
19 November 2024
Report for the year ended 30 Sept 2024
| Reported | Adjusted2 | |||||||
|---|---|---|---|---|---|---|---|---|
| Twelve months ended 30 September 2024 | 2024 | 2023 | Change | 2024 | 2023 | Actual | Constant currency3 |
|
| Revenue | £m | 32,411 | 32,475 | -0.2% | - | - | - | - |
| Tobacco & NGP net revenue1 | £m | - | - | - | 8,157 | 8,012 | +1.8% | +4.6% |
| Operating profit | £m | 3,554 | 3,402 | +4.5% | 3,911 | 3,887 | +0.6% | +4.6% |
| Earnings per share | p | 300.7 | 252.4 | +19.1% | 297.0 | 278.8 | +6.5% | +10.9% |
| Net debt | £m | (8,340) | (8,438) | - | (7,740) | (8,026) | - | - |
| Dividend per share | p | 153.42 | 146.82 | +4.5% | 153.42 | 146.82 | +4.5% | +4.5% |
1 Tobacco & NGP net revenue is reported revenue less duty and similar items, sale of peripheral products and Distribution (Logista) gross profit.
2 See page 3 for the basis of presentation and the supplementary section at the end of the financial statements for the reconciliation between reported and adjusted measures.
3 Constant currency removes effect of exchange rate movements on the translation of the results of our overseas operations.
These results demonstrate how we are fulfilling our role as an effective challenger for the industry, able to deliver consistently against operational and financial expectations.
“As we enter the final year of our current strategy, the investment we have made in consumer capabilities, cultural transformation and agile ways of working has supported another year of accelerated financial delivery and growing capital returns. These results demonstrate how we are fulfilling our role as an effective challenger for the industry, able to deliver consistently against operational and financial expectations.
“In tobacco, investment in our brands and sales force initiatives have delivered aggregate market share gains across our five priority markets, while delivering strong pricing. This was supported by an encouraging stabilisation in German market share for the first time under our strategy.
“In next generation products (NGP), we continue to build scale across our footprint with net revenues up 26.4% at constant currency driven by growth from all three regions and market share growth in all three categories. Our partnership approach to product innovation has enabled us to launch new products across all three categories during the year. This included our successful entry to the fast-growing modern oral category in the US with our brand ‘Zone’.
“Our operational delivery coupled with consistently strong cash flow generation has supported enhanced shareholder returns with increases to both our ordinary dividend and share buyback. We are on track to deliver five-year capital returns of c. £10bn, representing 67% of our market capitalisation in January 2021 when we launched our strategy. We look forward to presenting the next phase of our strategy at a Capital Markets Day on 26 March 2025.”
| Investor Contacts | Media Contacts | ||
| Peter Durman | +44 (0)7970 328 903 | Jonathan Oliver | +44 (0)7740 096 018 |
| Jennifer Ramsey | +44 (0)7974 615 739 | Simon Evans | +44 (0)7967 467 684 |
| Henry Dodd | +44 (0)7941 648 421 |
