British American Tobacco 1st Half Pretax Profit Fell Despite Revenue Boost From New Categories
27 Julho 2022 - 4:03AM
Dow Jones News
By Michael Susin
British American Tobacco PLC said Wednesday that first-half
pretax profit fell on higher expenses, despite a robust increase of
new categories revenue.
The tobacco company posted a pretax profit of 3.06 billion
pounds ($3.68 billion) in the first half of 2022 compared with
GBP4.38 billion in the prior-year period and falling short of an
expectation of GBP5.15 billion from one analyst's forecast taken
from FactSet.
Revenue rose to GBP12.87 billion from GBP12.18 billion, in line
with market expectations. Revenue from the company's new categories
segment--which includes vaping products and oral tobacco--rose 45%
to GBP1.28 billion.
BAT said it is on track to meet 2022 guidance of revenue growth
in the range of 2% to 4% at constant currency, and mid-single-digit
growth in adjusted diluted earnings per share--which strips out
exceptional and other one-off items .
The company said it expects to deliver GBP5 billion new
categories revenue by 2025.
"We continued to invest in our transformation, with over GBP1
billion invested in new categories in the first half. In addition,
we improved the contribution from new categories, with losses down
for the second consecutive period, reducing by a further GBP281
million, at constant rates. Our new category business is already
delivering a positive financial contribution in nine markets," BAT
said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
July 27, 2022 02:48 ET (06:48 GMT)
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