BAT sticks to forecast as demand for tobacco alternatives rises

Date:

British American Tobacco said it sees 2021 as a “pivotal year” as it backed its full-year profit and sales forecasts on Tuesday buoyed by strong demand for its “new categories” products.

Its shares, down 3% this year, rose 1.75% to 2,671 pence in morning trading after the FTSE-listed company also flagged a possible share buyback.

The company said an additional 3.6 million customers used its “new categories” products – e-cigarette, tobacco heating and oral nicotine – in the year to end-September, bringing its total non-combustible user base to 17.1 million.

“2021 is the pivotal year in our transformation journey,” CEO Jack Bowles said in a statement, highlighting that after years of losses, products from its new categories business would contribute to overall profits for the first time this year.

Read full article here.

Siddharth Cavale – Reuters – 2021-12-07.

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