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Interim Results for the year ended 31 March 2018

DELIVERING OUR STRATEGY IN TOBACCO AND NGP

On Track to Deliver FY18

  • Marketing investment delivering further share growth in Growth Brands and priority markets
  • Total volumes continue to outperform industry; Growth Brand organic volumes up 1.6% and share up 100 bps
  • Significant progress in NGP: roll-out of myblu and proprietary innovation in vapour and heated tobacco
  • Adjusted results reflect difficult prior year trading environment; improving Q2 price/mix supports H2 growth
  • Reported operating profit includes the impact of the administration of the UK distributor Palmer & Harvey
  • Dividend growth of 10%, supported by cash conversion of 111%; expect 95% at FY
  • Strategic focus highlights capital reallocation opportunities, targeting proceeds of up to £2 billion