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$28 billion pounds in last 12-month revenue Gross margins are really high at ~80% 35% free cash flow margin Moving to the recent H1 Report: Total revenue was up 4.4% (they are helped by FX, it was 2.6% in constant currency) Combustibles revenue was up 2% on 6% volume declines New Category revenue was up 29% (vapour volumes were the weakest) Traditional oral revenue was down 9% on sharp volume declines

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Although Lorillards traditional cigarette sales have increased as well, company CEO Murray Kessler still sees the tobacco industry as one thats declining

I said that I would consult with Bill and talk to Mosely as soon as I returned to London

and 10 p.m