Excluding the impact of foreign currency exchange, revenue for the full year declined 7 percent compared with 2016. Decline in revenue was driven in part by clean-up of inventories across the value chain.
However, we ended the year in a better position. In 2018, we will stabilise the business and invest to build sustainable growth in the longer-term. This decline impacted our operating profits.
We also simplified and reduced the size of the organisation to meet current business requirements and these difficult actions are now complete.Being purpose-driven is important to children and parents who enjoy our products and to our colleagues around the world. It will also continue working towards its ambition to use 100% sustainable materials by 2030. Botanical elements, such as leaves and trees, made from plant-based plastic sourced from sugarcane will be introduced to sets during 2018.