In the absence of acquisitions we could spend our annual free cash flow of around 450 million pounds on share buybacks,

This is another strong set of results and I am particularly pleased with the continued improvement in our cigarette volumes.

Effective cash management has again added to the earnings delivery and our share buyback program will continue while we seek value-creating acquisitions,

Smokers will continue to smoke after an initial dip and we see the overall effect as minimal,

How can you know what is missing if you’ve never met it? You must know of something’s existence before you can notice its absence.

Our studies show these abilities are universal, and they develop in the absence of instruction. You don't need to take a class in geometry, and you don't need to learn from a teacher what a right triangle is in order to show this sensitivity.