British American Tobacco PLC - cigarettes, tobacco and other nicotine products maker - Chair Luc Jobin tells annual general meeting on Thursday that business continues to perform well amid ‘challenging’ conditions. Continues to expect full-year constant currency revenue growth of 2% to 4% and ‘mid-single figure’ constant currency adjusted diluted earnings per share growth.

BAT cut its guidance back in March after deciding to offload its Russian business, saying keeping the operation was ‘no longer sustainable in the current environment’. The firm’s revenue outlook for 2022 was revised lower from previously expected 3% to 5% growth.

‘As we enter our period of faster transformation, New Category performance will be an increasingly important driver of Group growth. In addition, while we are continuing to increase investment in our transformation, we also expect group profit growth to be driven by further reductions in New Category losses,’ Jobin says on Thursday.

Adds BAT is on track to deliver at least £1.5 billion of annualised savings from simplification programme Quantum by the end of 2022.

Current stock price in London: 3,295.00 pence

12-month change: up 23%

Current stock price in Johannesburg: R 659.60

12-month change: up 24%

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