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.