“As mentioned last quarter, I our H1 shipments include a Q1 shipment timing benefit of around one billion units which we expect to reverse in the fourth quarter.”

In context

“ct. Strong performance from both smoke-free and combustibles drove adjusted operating income growth of circa plus 15% in both organic and USD terms to reach $8 billion in total. H1 adjusted diluted EPS was up by plus 17.7% in constant currency and by plus 16.1% in dollar terms. Turning to shipment volumes. We delivered Q2 growth of plus 1.2% and plus 2.5% for the first half, driven by more than plus 13% growth from our smoke-free business. While adjusted in-market sales growth accelerated, Q2 HTU shipment volume grew plus 9.2% to 38.8 billion units including robust growth in Europe and Japan as well as promising growth from global market such as Indonesia, South Korea, and global travel retail. H1 HTU shipments increased by plus 10.5%, broadly in line with adjusted in-market sales growth. As mentioned last quarter, I our H1 shipments include a Q1 shipment timing benefit of around one billion units which we expect to reverse in the fourth quarter. Overall and e-vapor shipments again, grew significantly. Cigarette volumes declined modestly in Q2 following the except exceptional growth of recent quarters. This was primarily due to contraction in Indonesia and in Turkey where we experienced supply chain issues following a change in regulatory requirement. This resulted in a temporary loss of volume and share with some associated inventory write downs. We expect gradual recoveries for the remainder of the year, though two year on year comparison are still likely to be affected. In Indonesia, despite a good share performance, a growing illicit segment is impacting both the legal industry and our volumes within it. And this is also likely to extend into H2. We expect our cigarette volumes to decline around 2% for the year, more in line w”