Effective cash management has again added to the earnings delivery and our share buyback program will continue while we seek value-creating acquisitions, |
In the absence of acquisitions we could spend our annual free cash flow of around 450 million pounds on share buybacks, |
Smokers will continue to smoke after an initial dip and we see the overall effect as minimal, |
This is another strong set of results and I am particularly pleased with the continued improvement in our cigarette volumes. |