Never miss an issue of Master Investor Magazine – sign-up now for free!
British American Tobacco (LON:BATS) said adjusted profit from operations fell 5.4% to £4.8 billion for the first half of the year due to currency swings and a fall in cigarette and tobacco heating product volumes, though underlying earnings remained solid and on track for the full year.
“Our strategy is to continue to grow our combustible business while investing in the exciting potentially reduced risk categories of THP, vapour and oral.” Commented CEO Nicandro Durante. “As the group expands its portfolio in these categories, we will continue to drive sustainable growth.”
“We anticipate another good year of adjusted earnings growth at constant rates of exchange.”
Shares in British American Tobacco climbed 184.5p to 4,157p (as at 11:25 BST).