BAT sees sales jump throughout the year and announces share buyback

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British American Tobacco has increased by 7% full-year adjusted revenue of £25.7 billion (€30.5 billion), helped by sales of e-cigarettes and oral nicotine.

The world’s second biggest tobacco company also announced a dividend increase of 1.0% to 217.8 pence and a £2bn share buyback program for 2022.

It recorded a 51% increase in adjusted sales of its “new categories” product line, which includes e-cigarettes, heated tobacco and oral nicotine.

“A pivotal year”

“It was a pivotal year,” commented general manager Jack Bowles. “We accelerated new category revenue, growing more than 50%* and reaching a total of 18.3 million consumers (+4.8 million) of our non-combustible products. New category losses were reduced for the first time, contributing to earnings growth, and we are reducing leverage to around 3x, while delivering strong financial results.”

Before adjusting items and including the dilutive effect of employee share plans, adjusted diluted earnings per share decreased by 0.8% to 329.0 pence from 331.7 pence.

Look forward

The maker of Lucky Strike and Camel cigarettes said it expects steady foreign currency revenue growth of 3% to 5% this year.

Shares of BAT are up more than 20% in the past year.

“The BAT of tomorrow will be a high-growth, consumer-centric, multi-category consumer goods company,” Bowles said. “We are confident in the ability to deliver faster transformation, continued strong financial performance and superior cash returns for shareholders. We are confident in delivering a better future.”

Last October, the company said it was exiting the Myanmar market, an exit it completed by the end of the year.

News by Reutersedited by ESM. For more A-Brands news, click here. Click subscribe to register ESM: European Supermarket Magazine.

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