H1 update: tobacco net revenue was down -5.5% on constant currency (in line with consensus) and +9.3% on a reported basis (FX: +14.8%) with volumes down -5.7% and the price/mix 0.2% (industry volumes were down -4.3% in the period). Growth Brands volume rose by +3.2% and recorded +6.9% net revenue growth at constant FX. By market, Growth markets’ net revenue at constant FX grew by +1.7%, whereas Return markets recorded -7.7% (termination of PMI contracts in the UK and Morocco + investments). T ....