British American Tobacco profits get boost from vaping sales
Source - SMW
British American Tobacco reported a rise in half-yearly operating profits as sales of its vaping products offset weaker cigarette sales.
First-half adjusted operating profit rose 5.9% at constant rates to £5.21bn and revenue rose 4.6% to 12.17bn.
Revenues were bolstered by its new category, which included smoking alternatives such as heated tobacco and vaping, rising 27%, below full-year guidance of 30% to 50%. The company, however, said it remained on track to meet the midpoint of that range.
Total cigarette and THP volume declined 3.5% to 336bn sticks.
'We are on track to deliver another good financial performance in 2019, including high single figure adjusted earnings growth, at constant rates of exchange,' the company said.
At 8:15am: (LON:BATS) British American Tobacco PLC share price was +31p at 2983p