16 Jun 2015
Prelims in line, FX a drag
Prelims are in line/slightly ahead of our forecasts, with the EPS beat due mainly to a one off tax benefit. This year, as flagged, FX will have a negative impact of c.6% at the PBT level, offset by a slightly better tax rate, so we expect to put through a c.4% EPS downgrade. Overall though, excluding this short tem headwind, the underlying business is performing largely as expected. We expect this two-way pull to continue ahead of clarity on the launch of the nicotine product with BAT, now expec ....
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Prelims in line, FX a drag
Prelims are in line/slightly ahead of our forecasts, with the EPS beat due mainly to a one off tax benefit. This year, as flagged, FX will have a negative impact of c.6% at the PBT level, offset by a slightly better tax rate, so we expect to put through a c.4% EPS downgrade. Overall though, excluding this short tem headwind, the underlying business is performing largely as expected. We expect this two-way pull to continue ahead of clarity on the launch of the nicotine product with BAT, now expec ....