In spite of covid, BAR made good progress towards its strategic goals in FY21 and delivered positive cash generation. Revised strategic priorities, operating disciplines and controls mean it has been positioned for a period of sustainable and margin accretive expansion. While Project 50 ambition has been extended a year given ongoing covid disruption, the potential for value creation over the next 4-5 years is largely unchanged, with a viable roadmap to 600p or more.