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Also in 2025, in line with IAS 33 Earnings Per Share, 87 million (2024: 42 million), net of tax, has been recognised as a deduction to EPS related to the perpetual hybrid bonds issued in 2021, as the coupons paid on such instruments are recognised in equity rather than as a charge to the income statement in net finance costs

$28 billion pounds in last 12-month revenue Gross margins are really high at ~80% 35% free cash flow margin Moving to the recent H1 Report: Total revenue was up 4.4% (they are helped by FX, it was 2.6% in constant currency) Combustibles revenue was up 2% on 6% volume declines New Category revenue was up 29% (vapour volumes were the weakest) Traditional oral revenue was down 9% on sharp volume declines

A sweet, deep cup, with hints of molasses and tobacco as it cools

This ensures his message is clear and leaves a lasting impression

Berman comes from a PTA familyhis mother was deeply involved in their local PTA growing up, and his wife is the PTA president at his sons school, a state-designated community school