2021 outlook:
· Global tobacco industry volume expected to be down around 3%. US market dependent on COVID-19 uncertainties.
· Constant currency revenue growth of 3%-5%, and continued progress towards our New Categories revenue target of £5bn in 2025.
· Mid-single figure constant currency adjusted EPS growth reflecting continued COVID-19 impacts. Expected FX headwind of around 7% on full year adjusted EPS growth.
· Operating cashflow conversion in excess of 90%, Adj Net debt/Adj EBITDA around 3.0x.
Post COVID-19, confident in our guidance of 3-5% revenue and high single-figure adjusted diluted EPS growth at constant currency.
** Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive