It is too early to tell whether this will impact full-year performance or whether the impact will be limited to the first half and we will benefit in the second half from restocking. |
North America is still performing very strongly. |
Operating profits from North America in the first six months (of its fiscal year) were up by 5.0 percent, but would have been nearer 7.0 percent if it had not been for the combined impact of the hurricanes and higher input costs. |
The terrible hurricanes in the US have had an impact on our performance in the south-eastern states, |
We don't see any real improvement in European markets this year. The threat of further smoking bans and increased alcohol legislation are likely to keep a lid on growth for the foreseeable future. |
We'll still be looking to grow our international operations and to complement our brand portfolio with selective acquisitions, while there are still some great opportunities in North America. |