British American Tobacco Backs 2022 Guidance -- Update
09 Junho 2022 - 4:23AM
Dow Jones News
By Jaime Llinares Taboada
British American Tobacco PLC on Thursday reiterated 2022
guidance for revenue and earnings growth.
The FTSE 100 tobacco group maintained full-year
constant-currency guidance of revenue growth at 2%-4%, and
mid-single-digit adjusted diluted earnings-per-share growth, with
operating cash conversion of more than 90%.
Applying current foreign-exchange rates, BAT said that this
would translate into an adjusted EPS tailwind of 2% for the first
half and 5% for the full year.
Chief Executive Jack Bowles said the company is highly cash
generative and is on track to return two billion pounds ($2.51
billion) to shareholders through its 2022 share-buyback
program.
As for its new-category division, BAT said that it expects to
report strong revenue and volume growth with reduced losses and
continued investment this year, and that it is on track to deliver
on its 2025 new-category revenue and profit targets.
However, first-half group results will reflect a strong
prior-year comparator in the U.S. and the sale of its business in
Iran last year, it said.
BAT is working toward the transfer of its Russian business, and
said the conflict in Ukraine is exacerbating inflationary pressures
on supply chains, affecting consumer consumption and resulting in
increased finance costs.
"While we are not immune to these pressures, we are confident in
delivering on our current financial targets, irrespective of the
timing of the transfer of our Russian business," Mr. Bowles
said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 09, 2022 03:08 ET (07:08 GMT)
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