Dunhill maker BAT posts higher first-half profit on next gen product growth
Reuters
Published Jul 26, 2023 08:02
(Reuters) - Dunhill cigarette maker British American Tobacco (LON:BATS) reported a jump in half-yearly profit on Wednesday, supported by higher cigarette prices and fast-growing demand for tobacco alternatives.
With traditional smoking on the decline, BAT has been investing in next generation products like heated tobacco and vapes to sustain growth.
That, coupled with cigarette price hikes and a resumption of international travel helping duty-free trade, benefited the company.
BAT's profit from operations on a reported basis was up 61.4% at 5.94 billion pounds ($7.66 billion) for the six months ended June 30.
In the same period last year, the company had taken a 957 million pound impairment charge related to the transfer of its Russian business.
First-half revenue grew 4.4% to 13.44 billion pounds.
($1 = 0.7754 pounds)
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Written By: Reuters
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