BAT: Business Update

June 2024: Vuse Pro PMTA Submission RJ Reynolds Vapor Company (RJRVC), an operating company of BAT's US subsidiary Reynolds American, completed the Pre-Market Tobacco Product Application (PMTA) submission for the Vuse Pro age-gated device. RJRVC provided the US FDA with nearly 80,000 pages of scientific data for review as part...

BAT: H1 2023 Results

Top-line1 - Revenue: £13.44Bn (vs. £13.3Bn expected) - Revenue up +2.8% (New Categories up +27.9%) - Revenue from New Categories: 12.3% of total Bottom-line - Adj. Operating Profit: £6.02Bn (vs. £5.9Bn exp.) - Adj. Operating Margin: 44.8% (vs. 44.4% exp.) - Contribution from New Categories: -£12Mn (break-even in sight) –...

BAT: Trading Update

Key Highlights - On track to meet FY23 guidance - Disappointing US combustibles performance: but, the volume share has grown sequentially since the start of the year - Underwhelming start to 2023 by glo: but, the recent momentum is more encouraging - 900k more non-combustible consumers in Q1: on track...

BAT: CEO Appointment

May 2023: New CEO The Board announces that1 - the current CEO is stepping down from the Board of Directors with immediate effect - the current CFO ("Group Finance Director") is appointed as the new CEO. Our takeaway We highlighted many times before that BAT is poorly managed and needs...

BAT: H2 & FY22 Results

Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +2.3% (New Category net revenue up +37%) Operating profit up +4.3%; operating margin +90 bps EPS up +5.8% Key Highlights New Categories (NC): - BAT now expects NC profitability in 2024, one year ahead of plan - NC revenue:...

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