The Lemon Fool

Highlights

Underlying Group sales growth1 of 5%, excluding OPM2 and the Strategic Review3 businesses.

Group adjusted operating profit of £573m, up 31% on an underlying basis compared to 2022 with significant expansion in adjusted operating profit margin from 11.9% to 15.6%, underpinned by sales growth and execution of £120m cost efficiency programme.

Operating cash conversion of 102% driving 74% headline increase in free cash flow.

Proposed final dividend of 15.7p, resulting in full year dividend up 6% to 22.7p.

Clear capital allocation priorities underpinning £300m share buyback launched last September and today announcing intention to extend share buyback programme by £200m.

Positive outlook for 2024 and 2025 in line with expectations and Group guidance unchanged. Free cash flow expected to further improve next year due to lower restructuring cash costs.

And later;

Dividend.

The Directors are proposing a final dividend of 15.7p per equity share, payable on 3 May 2024 to shareholders on the register at the close of business on 22 March 2024. This final dividend, which will absorb an estimated £107m of shareholders' funds, has not been included as a liability as at 31 December 2023.