British American Tobacco Raises 2021 Revenue Guidance -- Update
08 Junho 2021 - 4:05AM
Dow Jones News
By Matteo Castia
--British American Tobacco expects 2021 revenue to rise more
than previously thought
--The company targets revenue of GBP5 billion at its
new-category division by 2025
--The global travel retail business is unlikely to recover until
2022
British American Tobacco PLC on Tuesday raised its full-year
revenue guidance but said it doesn't expect its travel retail
business to recover from the coronavirus pandemic before next
year.
The FTSE 100 company said it expects revenue growth for 2021 to
be above 5% at constant currency, building on strong pricing and
volumes for combustible tobacco. This compares with previous views
of 3%-5% revenue growth for the year.
Adjusted diluted earnings per share for the year are anticipated
to increase at constant currency by mid-single digit, the company
said.
"We continue to expect 2021 to be a pivotal year for the
business, with accelerating New Category revenue growth [and] a
clear pathway to New Category profitability by 2025," the owner of
Camel and Lucky Strike cigarettes said. It said it aims to reach
revenue of 5 billion pounds ($7.09 billion) for that division by
2025.
So far in 2021, new-category revenue and volumes have
accelerated and the division has gained further market share, the
company said.
However, British American Tobacco said no recovery is expected
until 2022 for its global travel-retail unit.
The company also said it expects a 2% negative impact on
first-half and full-year adjusted profit due to transactional
headwinds.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
June 08, 2021 03:05 ET (07:05 GMT)
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