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(Sharecast News) - British American Tobacco increased its guidance for annual revenue growth as it attracted more non-combustible product customers and reported a solid performance for its tobacco brands.
The FTSE 100 group said it expected revenue to rise by more than 5% at constant currency this year - up from an earlier forecast of 3-5%. Adjusted, diluted earnings per share will rise by mid-single digits at constant currency, BAT predicted.
BAT said it acquired 1.4 million customers for vaping and other non-combustible products during the first half and that it gained market share across all three categories. Combustibles revenue was supported by a recovery in emerging markets such as Bangladesh and Pakistan and strong growth in the US.
Chief Executive Jack Bowles said: "We are accelerating our transformation with increased investment capitalising on our growing momentum in the new categories, and a record quarter for consumer acquisition. This, together with our strong business performance, is reflected in our upgraded group revenue growth guidance."
Cashflow conversion will be more than 90% and adjusted net debt to adjusted earnings will drop to about three times by the year end, BAT said.
17 Mar 2024 11:08
PRESS: BAT CEO dismisses idea of listing move from London - FT
(Alliance News) - British American Tobacco PLC's chief executive has dubbed the idea of a listing move to New York from London as a "distraction", the Financial Times reported on Sunday.
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