British American Tobacco has reported a 7% rise in full-year adjusted revenue to £25.7 billion (€30.5 billion), helped by sales of e-cigarettes and oral nicotine.
The world’s second-largest tobacco company also announced a dividend increase of 1.0% to 217.8 pence and a £2 billion share repurchase programme for 2022.
It posted a 51% rise in adjusted sales of its 'new categories' product line, which includes e-cigarettes, heated tobacco and oral nicotine.
'A Pivotal Year'
" It has been a pivotal year," commented chief executive Jack Bowles. "We accelerated New Category revenue, with growth of over 50%* and reached a total of 18.3m consumers (up 4.8m) of our non-combustible products. New Category losses reduced for the first time, contributing to earnings growth, and we reduced leverage to c.3x, while at the same time delivering strong financial results."
Before adjusting items and including the dilutive effect of employee share schemes, adjusted diluted earnings per share declined 0.8% to 329.0 pence from 331.7 pence.
The maker of Lucky Strike and Camel cigarettes said it expects constant currency revenue growth of 3% to 5% this year.
BAT shares have risen more than 20% in the past year.
"The BAT of tomorrow will be a high-growth, consumer centric, multi-category consumer goods company," said Bowles. "We are confident in delivering a Faster Transformation, continued robust financial performance and superior cash returns to shareholders. We are confident of delivering A Better Tomorrow.”
Last October, the business said that it was exiting the Myanmar market, an exit it completed at the end of the year.