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Annual Report 2023

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A year of resilience, delivering growth and margin improvement.

The Group delivered a strong operating margin in 2023. I am proud of the success our teams have had with margin management initiatives which have contributed to the margin performance, such as increasing the penetration of our own brand products, and continued strategic focus on operational efficiencies.

Read the CEO statement in full

Financial performance highlights



(2022: £12,039.5m)

Adjusted operating profit*


(2022: £885.9m)

Adjusted earnings per share*


(2022: 184.3p)

Dividend per share


(2022: 62.7p)


Change at constant exchange rates (Actual exchange rates (2.0%))


Growth at constant exchange rates (Actual exchange rates 6.6%)


Growth at constant exchange rates (Actual exchange rates 3.7%)


Growth at constant exchange rates (31st year of consecutive annual growth)

Record operating margin*


(vs 7.4% 2022)

Net debt: EBITDA* †


(2022: 1.2x)

Cash conversion*


Return on invested capital*



adjusted earnings per share CAGR since 2004


dividends paid to shareholders since 2004


committed spend on acquisitions between 2004 and 2023

* Alternative performance measure (see Note 3 to the consolidated financial statements in the 2023 Annual Report)
† At average exchange rates and based on historical accounting standards, in accordance with the Group’s external debt covenants.

Sustainability performance highlights


Reduction in absolute emissions since 2019


more carbon efficient since 2019 


of Group revenue is attributable to non-packaging products or packaging products made from alternative materials that are well suited to a circular economy


22% women in senior leadership roles compared to 19% in 2021


1,022 ethical audits completed 


Only 2% of Group revenue generated from consumables that are facing regulation

Annual Report 2023

Read our full report, as we set out our achievements from 2023 and most importantly why we are well set for the years ahead.

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