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FULL YEAR HIGHLIGHTS
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Revenue at constant rates of exchange grew by 4% with continued good pricing momentum. |
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Reported revenue was down 1% due to adverse currency movements. |
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Adjusted profit from operations at constant rates of exchange increased by 8%. |
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Reported profit from operations increased by 15%. |
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All four regions grew operating margin, contributing to the excellent growth of 160 basis points at Group level, to 37.4%. |
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Group volumes were 694 billion, down 1.6%, mainly due to industry contractions in some of our larger markets. |
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The four Global Drive Brands grew volume by 3%. Dunhill volumes were up 2%, Kent was up 1%, Lucky Strike grew 11%, and Pall Mall 3%. |
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Adjusted diluted earnings per share rose by 7% and at constant rates, adjusted diluted earnings per share would have been up by 12%, principally as a result of the growth in profit from operations. |
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Basic earnings per share were up 26% at 198.1p (2011: 157.1p). |
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Recommended final dividend of 92.7p, taking the total dividend in respect of 2012 to 134.9p, an increase of 7%. |
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Free cash flow was 81% of adjusted earnings. |
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38.9 million shares were bought back at a cost of £1.25 billion, excluding transaction costs. The Board agreed a £1.5 billion share buy-back programme for 2013. |
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New Management Board appointees announced. Des Naughton, currently Group Operations Director, appointed as Managing Director Next Generation Product, and Alan Davy to take over as Group Operations Director, effective 1 March 2013. |
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