Trading Update – Group gross profit percentage held up well, slightly below both F2022 and F2019. In a few businesses, margins were sacrificed to maintain volumes. However most businesses were able to pass through inflation increases to date. Operating costs as a percentage of net revenue declined to 18.5%, somewhat lower than F2022 and the F2019. Operating expenditure increased by 20.8%. Australasia was strong with both Australia and New Zealand delivering excellent results. UK and Europe had a solid start to the financial year. Emerging Markets businesses, other than China, Hong Kong, and Macau), all performed better than the previous comparative period.

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