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Interim Results

BATS revenues rise

27 July 2017 07:34

British American Tobacco's revenues rose to £7,717m in the six months to the end of June - 15.7% higher than the corresponding period last year at current exchange rates.

It said this reflected the translational foreign exchange tailwind due to the relative weakness of sterling.

Adjusted revenue, adjusted for excise on goods bought in from third parties, was up 2.5% at constant rates of exchange.

Profit from operations, at current rates of exchange, was 16.3% higher at £2,574 million.

Adjusted profit from operations, at current rates of exchange, grew 15.8%. At constant rates of exchange, adjusted profit from operations was up 3.2% at £2,531 million.

Excluding the adverse transactional impact of foreign exchange, the increase would have been approximately 6%.

Adjusted operating margin was ahead of prior year by 30 basis points (bps) at 37.1%.

Basic earnings per share were 15.3% lower at 121.8p (2016: 143.8p) due to the impact in 2016 of the sale by Reynolds American Inc of the international brand rights to Natural American Spirit.

Adjusted diluted earnings per share, at current rates of exchange, were 21.0% higher at 134.4p and, at constant rates, were up 6.2%.

The group said its cigarette market share in its Key Markets continued to grow, up 30 bps, driven by the Global Drive Brands which were higher by 50 bps.

Chaiarman Richard Burrows said: ""These are exciting times for the Group. In the first six months of 2017, the combustible business continued to perform well, against the backdrop of a strong volume comparator.

"The performance of glo continues to exceed expectations, with new market launches showing encouraging early signs.

"The Group is the largest vapour company in the world and the successful completion of the Reynolds acquisition bolsters our leading position in both NGPs and combustibles. We remain confident of delivering another year of good earnings growth at constant rates of exchange."

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