TINA COOK | CHARLES STANLEY
These results are in line with expectations but it seems that volumes have disappointed while the economic headwinds which have put pressure on consumers have taken their toll. These factors seem to have outweighed the share buyback which the market usually likes.
KEITH BOWMAN | HARGREAVES LANSDOWN
Despite broadly progressive figures, the results appear to have reminded investors that even perceived inelastic demand for tobacco can be tested. Nonetheless, the fall in volumes has been offset by continued group cost cutting, and the reintroduction of the buyback scheme should soothe nerves.
JULIAN HARDWICK | RBS
The size of the buyback is sensible. The £750m effectively utilised their cash flow. Anything more than that, it would have been borrowing to fund its purchases.