British
American
Tobacco
(BAT)
said
on
Thursday
its
first-half
performance
for
2024
was
in
line
with
its
expectations,
and
indicated
that
it
is
on
track
to
deliver
its
full-year
guidance.
The
London-based
cigarette
and
vaping
products
maker
reported
a
5.7%
rise
in
pretax
profit
to
£5.60
billion
for
the
first
half
of
2024
from
£5.30
billion
a
year
earlier,
boosted
by
profit
from
“associates
and
joint
ventures.”
Share
of
post-tax
results
of
associates
and
joint
ventures
surged
to
£1.65
billion
from
£289
million.
But
revenue
fell
8.2%
to
£12.34
billion
from
£13.44
billion,
driven
by
the
sale
of
businesses
in
Russia
and
Belarus
in
September
2023,
and
currency
headwinds.
Revenue
from
new
categories
was
down
0.4%
to
£1.65
billion.
BAT
expects
to
deliver
improvement
in
revenue
and
profitability
across
its
new
categories
for
the
full
year.
Combustibles
in
Africa
&
Middle
East,
and
Asia
Pacific,
the
Middle
East
and
Africa
reported
“resilient”
organic
performances,
with
solid
volume
share
growth.
These
were
offset
by
the
US,
with
combustibles
industry
volumes
in
that
country
remaining
under
pressure,
thanks
largely
to
macro
headwinds
and
the
continued
lack
of
effective
enforcement
against
illicit
single-use
vapour
products.
BAT
declared
an
interim
dividend
of
235.52
pence,
up
2.0%
from
230.90p.
The
company
said
it
has
agreed
to
buy
back
shares
from
Goldman
Sachs
International
from
Thursday
this
week
to
October
14.
It
repurchased
106,951
shares
at
an
average
2,569.63p
from
UBS
on
Wednesday.
BAT
said
it
welcomed
the
US
Food
&
Drug
Administration’s
marketing
authorisation
for
its
Vuse
Alto
device
and
tobacco
flavour
consumables.
However,
the
continued
lack
of
enforcement
against
illicit
single-use
vapour
products
in
the
US,
compounded
by
the
sale
of
its
businesses
in
Russia
and
Belarus,
means
that
new
category
revenue
is
likely
to
be
below
its
£5
billion
ambition
in
2025.
The
cigarette
maker
expects
the
second-half
acceleration,
driven
by
the
roll-out
of
product
innovations,
US
commercial
actions
gaining
traction
in
the
first-half
of
2024
and
the
unwind
of
wholesaler
inventory
movements.
BAT
expects
global
tobacco
industry
volume
to
fall
2%
in
2024,
with
continued
weakness
in
US,
France
and
Sudan,
offset
by
an
improving
outlook
in
Turkiye
and
Mexico.
For
the
2024
guidance,
the
company
guides
for
low-single
figure
organic
constant
currency
revenue
growth
and
also
low-single
figure
organic
adjusted
profit
from
operations
growth.
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