Strong Portfolio Brands (Tennent's, Bulmers)A resilient brand portfolio with market-leading local positions and specific brand growth drives durable demand, pricing power and channel leverage. Strong brands reduce customer acquisition costs, support premiumisation and provide a structural advantage across on-trade and retail channels.
Improving Margins And Operating ProfitSustained margin improvement and rising operating profit reflect effective cost control and efficiency programs. Higher structural margins enhance cash flow resilience versus revenue volatility, enabling reinvestment and shareholder returns while reducing sensitivity to input-cost shocks.
Solid Cash Generation And Manageable LeverageRobust operating cash conversion and low net leverage provide financial flexibility to fund capex, dividends and buybacks. Strong cash generation supports strategic initiatives and balance sheet strength, lowering refinancing risk and enabling disciplined capital allocation over the medium term.