Organic net sales in the half were broadly flat (-0.1%) with volume down 1.9%. Performance improved in Q2
· Continued strong performance of reserve brands, up 10%, was a key driver of positive overall price/mix
· Marketing spend was in line with net sales, as effective spend benefitted from procurement efficiencies worth 3% of total marketing investment
· Restructuring benefits drove operating margin improvement of 28bps with organic operating profit up 0.7%
· Free cash flow was £699 million, up £373 million on the first half last year
· Eps before exceptional items was 53.7 pence per share, down 8.9 pence per share driven by negative exchange impacts and lower income from associates and joint ventures
· Interim dividend up 9% to 21.5 pence per share
