Group LFL net revenue growth of +7.6%
Growth was broad-based and led by our market-leading brands across the Auto Dishwash, Fabric Additives, OTC, Intimate Wellness, VMS and Nutrition categories. The positive impact on net revenue from the US Nutrition competitor supply issue is approximately +2.5%. On an IFRS basis net revenue grew by +9.2%.
The Group delivered a three-year CAGR of +8.2% on a LFL net revenue basis
This includes two consecutive years of mid-single digit growth from 70% of the portfolio less sensitive to Covid dynamics. During the year, these brands grew high-single digits. Excluding the positive impact from US IFCN, growth was mid-single digits.
Hygiene LFL net revenue decline of -3.1%, mostly due to tough comparatives in Lysol
Excluding Lysol, the business delivered mid-single digit growth.Lysol saw improving trends throughout the year, and delivered net revenue growth of around +45% above pre-pandemic levels. On an IFRS basis net revenue grew by +0.8%.
Health LFL net revenue growth of +14.7%
Driven by a combination of strong demand and share gains in our OTC portfolio, and continued momentum in our Intimate Wellness and VMS brands with a stable performance in Germ Protection, which remains around +40% ahead of pre-pandemic levels. On an IFRS basis net revenue grew by +18.6%.
Nutrition LFL net revenue growth of +22.9%
Driven by mid-single digit growth in our Developing Markets business and around +40% growth in the US with strong execution amidst temporary competitor supply issues. On an IFRS basis net revenue grew by +10.2%.
Double-digit adjusted operating profit (excluding IFCN China) growth of +16.8%
(+9.2% on a constant FX basis) driven by strong top line growth, productivity and positive product mix. Adjusted operating margin (excluding IFCN China) grew by +90bps to 23.8%. The benefit on adjusted operating profit in 2022 from the US Nutrition competitor supply issue is approximately +80bps. 2022 IFRS operating margin was 22.5%.
Double-digit adjusted EPS (diluted) growth +18.4% to 341.7p
Driven by net revenue growth, operating margin expansion, and foreign exchange tailwinds. On an IFRS basis total diluted EPS was 324.7p.
Strong balance sheet with net debt reduced to 2.1x adjusted EBITDA
Free cash flow generation of £2.0bn (2021: £1.3bn) and cash conversion of 83% (2021: 61%).
Full year dividend increased by 5% to 183.3p
(2021: 174.6p), with the aim to deliver sustainable dividend growth in future years.