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British American Tobacco Reports Good Performance In H1; FY View Unchanged

British American Tobacco plc (BATS.L,BTI), in its first-half pre close trading update, reported Wednesday that its business continues to perform well. The Group full-year guidance remains unchanged.

The company said it is on track for constant currency revenue growth in the mid-upper half of long-term guidance range of 3-5%.

Constant currency adjusted operating profit growth is expected in the upper half of long-term guidance range of 5-7%.

The company noted that combustibles continue to perform strongly, benefited by the growth of the Strategic Brands and good pricing.

New Category revenue growth in the first half approached full-year guidance range. The company expects an acceleration in the second half resulting in FY growth around the middle of the 30-50% range, on a constant currency basis.

Further, the US business is performing well with good pricing and continued value share growth.

Looking ahead, British American Tobacco said it is confident of delivering high single figure constant currency adjusted earnings per share growth in the full year.

Jack Bowles, Chief Executive, said, "We are on track for a good performance in 2019 with revenue and adjusted operating profit growth in line with our guidance and delivery of high single figure FY adjusted diluted EPS growth at constant rates of exchange."

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