... and profit have been reduced in organic terms in 1H17 by considerable price and marketing investments, largely aimed at defending its market share in its key markets. We believe these investments should deliver returns during the balance of FY17 and result in moderate profit growth in FY17, thanks in part to currency translation benefits from the company's overseas operations. Thereafter, we expect modest profit growth in the low single digits. The company's EBITDA margin (calculated against the company's economic net revenue of GBP8.0 billion) remains among the highest in the industry at 47% in the financial year to September 2016 (FY16) (FY15: 46%). Operating Efficiency: The company intends to spend GBP750 million over the next four years to reduce complexity, drive operational efficiencies and secure additional global procurement benefits. This should help deliver additional savings of GBP300 million annually by 2020 on top of the previously...
