12 May 2020 – final results

Results for the year ended 31 March 2020 have been released.  Group revenue grew by 3.0% to €45.0bn, supported by improving commercial momentum in Europe.  Adjusted EBITDA grew by 2.6% to €14.9bn and free cash flow grew by 12.2% to €4.9bn.  Adjusted earnings per share fell from 6.27c to 5.60c.  Dividends per share were maintained at 9.00c.  This is a solid business which should be resilient despite current market conditions.  We keep our BUY rating.