Financial performance
Our strong operational and financial performance in fiscal year 2025 adds to our track record of consistent growth.
Our strong operational and financial performance in fiscal year 2025 adds to our track record of consistent growth.
Progress against our financial key performance indicators (KPIs) charts growing returns delivered to shareholders since 2021.
Tobacco & NGP net revenue
2024: £8,157m
Adjusted operating cash conversion
2024: 100%
NGP net revenue
2024: £329m
Group adjusted operating profit
2024: £3,911m
Free cash flow
2024: £2.4bn
Dividend per share
2024: 153.42p
Adjusted earnings per share
2024: 297.0p
Adjusted net debt/EBITDA
2024: 1.8x
| 2021 | 2022 | 2023 | 2024 | 2025 |
| £7.6bn | £7.7bn* | £8.0bn | £8.2bn | £8.3bn |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| £188m | £208m | £265m | £329m | £369m |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 43.5% | 44.4%* | 44.7% | 44.0% | 44.1% |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 246.5p | 264.8p* | 278.8p | 297.0p | 315.0p |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 139.08p | 141.17p | 146.82p | 153.42p | 160.32p |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 2.2x | 2.0x | 1.9x | 1.8x | 2.0x |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 83% | 102% | 92% | 100% | 97% |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 16.5% | 17.7% | 18.5% | 19.7% | 20.7% |
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 24.96% | 61.14% | 55.71% | 119.38% | 241.13% |
*Excluding Russia
Tobacco and NGP net revenue growth*
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 1.4% | 2.3% | 1.4% | 4.6% | 4.1% |
NGP net revenue growth*
| 2021 | 2022 | 2023 | 2024 | 2025 |
| -3.9% | 10.8% | 26.4% | 26.4% | 13.7% |
Adjusted earnings per share growth*
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 2.8% | 4.9% | 4.3% | 10.9% | 9.1% |
Group adjusted operating profit growth*
| 2021 | 2022 | 2023 | 2024 | 2025 |
| 4.8% | 1.9% | 3.9% | 4.6% | 4.6% |
Announced share repurchase
| 2023 | 2024 | 2025 | 2026 |
| £1.00bn | £1.10bn | £1.25bn | £1.45bn |
*At constant currency