· Pro-forma and LFL growth in 2018 of +3%. +2% from volume and +1% from price / mix on a pro-forma basis. Growth was broad-based and innovation-led across both Business Units (BUs). Strong progress in e-commerce channels, contributing to 9% of the Health BU's net revenue.
· Balanced LFL growth in Q4 of +4%. In both Health and Hygiene Home, LFL growth was +4% - reflecting further progress in Health, and continued strong momentum in Hygiene Home.
· The RB2.0 operating structure is delivering and work to create two structurally independent business units remains on track for mid-2020.
· Accelerated delivery of MJN synergies. In-year synergies of £158m ($211m) delivered. We remain on track to achieve our increased synergy target of $300m.
· Adjusted operating margin was 26.7%. +20bps on a pro-forma basis and a decline of -60bps on a reported basis.
· Adjusted diluted EPS was 339.9p, benefitting by 10p from the resolution of various tax matters.
· The Board recommends a final dividend of 100.2p per share (2017: 97.7p), an increase of +3%. Total dividend for 2018 of 170.7p (2017: 164.3p), an increase of +4%.
· Free cash flow generation of £2,029m (2017: £2,129m), reflecting strong cash conversion.
· 2019 LFL net revenue growth targeted at +3-4%. Adjusted operating margin expected to be maintained in 2019.
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