BAT First-Half Profit Tops Estimates On Market Demand
British American Tobacco reported better-than-expected profits on Friday, as the company sold more high-priced cigarettes and saw strong demand for vaping products in the United States, its biggest market.
The Dunhill and Lucky Strike cigarette maker reported adjusted earnings of 157.8 pence per share for the first half of the year, higher than analysts' forecast of 154.5 pence, according to Refinitiv Data.
Total revenue rose 0.8% to £12.27 billion (€13.55 billion), slightly above analysts' expectations of £12.20 billion.
"The business is performing well in difficult circumstances as our continued focus on our three key priorities2 has enabled us to rapidly adapt to the current environment," said Jack Bowles, chief executive.
"We expect the coming months to bring continued uncertainty. Nevertheless, we will continue to invest in accelerating our strategy. Building on our excellent momentum, we are confident that we will exit this crisis as a stronger and better business”