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$28 billion pounds in last 12-month revenue Gross margins are really high at ~80% 35% free cash flow margin Moving to the recent H1 Report: Total revenue was up 4.4% (they are helped by FX, it was 2.6% in constant currency) Combustibles revenue was up 2% on 6% volume declines New Category revenue was up 29% (vapour volumes were the weakest) Traditional oral revenue was down 9% on sharp volume declines

Virginia's lower cigarette tax means better prices than you'll find in DC or Maryland

doi:10.1080/14622203710001649696