19 November 2024

Full Year Results Statement

Report for the year ended 30 Sept 2024

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DELIVERING GROWTH, DRIVING RETURNS


Business highlights

  • Delivered a further acceleration with net revenue up 4.6% from tobacco & next generation products
  • Aggregate market share gains (+5bps) in our five priority markets with four out of five markets in share growth
  • Next generation product net revenue up 26% with growth from all three regions and improved gross margins
  • Growth at Logista reflected strong tobacco pricing and benefit of prior year acquisitions
  • Adjusted earnings per share up 10.9% driven by profit growth and share count reduction; reported EPS up 19.1%
  • Cash generation was strong; free cash flow of £2.4bn
  • Capital returns of c. £2.8bn underway for FY25 with £1.25bn buyback and FY24 dividend, up 4.5%

Financial summary

 

  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.


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    

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