Good summary from Madamswer (as usual - thanks!). A couple of...

Good summary from Madamswer (as usual - thanks!).

A couple of thoughts on marketing and advertising spending.
1. we're assuming the reduced marketing and advertising relates to "global products" segment - there must be a chance it relates to "distribution segment". Given the sales and earnings performance in that segment, we would hope they are reassessing (and maybe winding back) the marketing spend in that area. In this regard, note that "marketing" is one of the centralised functions provided to both functions (Note 2 in the annual report. A somewhat surprising approach I thought given the importance, value and growth of the global products segment).

2. More fundamentally, the presentation discusses "marketing and R&D" spending as part of the discussion of the transformation programme. It states, to the effect, that they are "on track to spend 9.5% of revenue on those activities (up from 8.4% in FY16). The transformation target is 12%+". So, they are working to a plan - with stated targets. All fine by me. Also, on a constant currency basis global products showed really good revenue growth IMHO - what marketing was done seems to have done the trick on where it matters most!