Minor bottom-line beat, but solid top-line indicates robust consumer demand Interim adj basic EPS of 100.9p is 1% above the Vuma consensus of 99.9p. Organic volumes +1.8% in H1 (consensus +2.5%) are slightly weaker than expected, but this is offset by much better price/mix. Organic net sales growth of +9.4% (consensus +7.9%) is comfortably ahead of expectations. Adj. EBIT of £3,194m (consensus £3,192m) is an in-line result. FCF was £817m (consensus £1,705) which was weaker than expected; this is mainly due to higher working capital outflows and higher cash tax. The interim dividend is nevertheless raised 5%, reflecting confidence in the balance sheet (leverage at 2.5x EBITDA) and growth prospects. US slowing a bit? By region, North America was a little low at just 3% organic growth in H1 (consensus +6.4%). Europe, Asia Pacific and LatAm & Caribbean all grew organic sales at a double digit rate. The US could potentially worry the market, but we note looking back that longer-term industry growth in the US has typically been 3-4%. Outlook unchanged The outlook is reiterated. As a reminder, the medium-term guidance is organic sales growth of 5-7% and organic underlying EBIT growth of 6-9%. Consensus currently expects FY23 organic sales +6.8% and organic EBIT +6.9%. We therefore expect consensus to move up only very slightly.