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British American Tobacco H1 group revenues fall, smokeless revenue rises
(Sharecast News) - Tobacco group British American Tobacco said on Thursday that smokeless revenues had grown in H1 but stated overall revenues had fallen as a result of the divestment of its Russian and Belarusian business and FX headwinds. British American Tobacco said total revenues were down 8.2% at £12.34bn on a reported basis, while organic revenues were down 0.8% at constant currency rates, mainly due to its investment in US commercial actions and the negative impact of wholesaler inventory movements.
Reported profits from operations sunk 28.3% to £4.25bn, driven by higher amortisation charges related to its US combustibles brands and its exit from the Russian and Belarusian markets.
However, revenue from smokeless products grew 1.4% to make up 17.9% of group revenues. BAT's new categories contribution also increased, up by £165.0m on an organic, constant currency basis.
Reported diluted earnings per share were 13.8% higher at 200.3p.
As of 0930 BST, BAT shares were up 2.52% at 2,641.00p.
Reporting by Iain Gilbert at Sharecast.com
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