Smokeless Revenue Growth
Smokeless accounts for 17.5% of group revenue, up 1 percentage point versus last year. Modern Oral category revenue grew 53% in 2024, with strong growth across all regions.
New Category Contribution Increase
New category contribution increased by GBP251 million with a 7 percentage point rise in category contribution margin on an organic constant rates basis.
Improved Financial Flexibility
Leverage reduced to 2.4 times, enabling the initiation of sustainable share buyback and a 2% growth in progressive dividend announced.
Operating Cash Conversion
Operating cash conversion exceeded 100% for the fifth year reflecting strong cash discipline.
Modern Oral Market Leadership
In AME, the company led the Modern Oral category with 65% volume share, and Velo captured 70% of category revenue growth.