Announcing a 2 billion-pound buyback, last Friday tobacco giant British American Tobacco reported a 7% rise in full-year adjusted revenue to 25.7 billion pounds ($34.8 billion).
British American Tobacco (BATS.L) reported a 7% rise in full-year adjusted revenue, and also a dividend increase of 1.0% to 217.8 pence and a 2 billion pound share repurchase programme for 2022.
The tobacco company has also reported a 51% rise to 2.05 billion pounds in adjusted sales of its “new categories” product line which includes e-cigarettes, heated tobacco and oral nicotine products. Despite the fact that this division has not generated any profit yet, BAT said that it was on track to report revenue of 5 billion pounds and profitability by 2025.
“Continued growth in new categories is a cornerstone of BAT’s long-term plans for success,” Third Bridge analyst Ross Hindle said. “With over 1.1 billion smokers still using combustibles, the opportunity to convert consumers towards New Categories is highly attractive.”
Diane Caruana – VapingPost – 2022-09-22.
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