British American Tobacco Backs 2023 Guidance, Existing Strategy
06 Junho 2023 - 3:44AM
Dow Jones News
By Joe Hoppe
British American Tobacco on Tuesday reiterated 2023 guidance for
revenue and earnings growth, and backed its existing strategy.
The FTSE 100 tobacco group maintained full-year
constant-currency guidance of revenue growth at 3%-5%, and
mid-single-digit adjusted diluted earnings-per-share growth, with
operating cash conversion of more than 90%.
Revenue performance is expected to be weighted toward the second
half, with reported growth affected by the timing of the transfer
of the Russian and Belarusian businesses, expected to close in
2023.
Foreign-exchange rates are expected to translate into an
adjusted EPS tailwind of 4% for the first half and 1% for the full
year.
Chief Executive Tadeu Marroco backed the company's existing
strategy and said he was confident in its execution.
In the New Category division, the company expects strong revenue
growth, with further improvements in category contribution along
with incremental investment.
"We are also making good progress towards de-leveraging our
balance sheet, supporting our ambition to sustainably return excess
cash to shareholders," Marroco said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
June 06, 2023 02:29 ET (06:29 GMT)
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