![]() ![]() ![]() It is a challenging external environment. “Having been in my new role for 10 weeks, I’m pleased with the resilient performance of BAT in the first half of 2023 and the renewed sense of energy across the organisation. Further strengthened sustainability delivery, building on Double Materiality Assessment 1, including increased collaboration across our value chain to drive progress towards our sustainability targets, including Scope 3 emissions and biodiversity.Restructured Management Board - driving sharper execution, greater collaboration and agility.Reported diluted EPS up 118% to 176.0p adjusted diluted EPS up 5.3% at constant FX.Adjusted profit up 3.6% at constant FX, adjusted operating margin up 40 bps to 44.3%.Reported profit from operations up 61.4% (with reported operating margin up 1,560 bps to 44.2%) - as prior period impacted by charges related to Russia/Belarus, the U.S.premium combustibles volume share in 2023 - with sharper portfolio management driving early signs of stabilisation Sequential performance improvement in our U.S.Combustible pricing remains strong - good revenue performances in AME and APMEA offset the U.S., demonstrating the benefit of our global footprint.New Categories financial delivery significantly improved - contributing £201 million increase to Group profit as losses reduce, on track to achieve our New Category profitability target in 2024.Continued strong revenue performance of Vuse and Velo - commercial plans activated for glo, launch of glo Hyper X2 Air a first step in an enhanced innovation pipeline.Revenue from Non-Combustibles now 16.6% of Group revenue, up 180 bps vs FY22.Revenue up 4.4% (being +2.6% at constant FX), driven by New Categories (revenue up 26.6%, at constant FX) - good progress towards our £5 billion New Category target by 2025.Resilient performance, renewed energy, full-year guidance on track
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