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British American Tobacco H1 Profit From Ops. Rises; Adj. Revenue Up 2.4% - Quick Facts

British American Tobacco (BATS.L,BTI) reported that its first half IFRS profit from operations was up 16.4% to 5.10 billion pounds. Reported earnings per share increased 22.7% to 150.7 pence. Adjusted profit from operations grew 3.1% to 5.37 billion pounds, or 3.3% to 5.38 billion pounds at constant rates of exchange. Adjusted earnings per share at constant rates of exchange increased 6.6% to 159.1 pence.

First half reported revenue increased 0.8% to 12.27 billion pounds. Total cigarette and THP volume declined 6.3% to 315 billion sticks with cigarette volume down 6.5% and THP volume up 9.1%. Adjusted revenue increased 2.4% at constant rates of exchange to 12.43 billion pounds.

For fiscal 2020, the company continues to expect constant currency adjusted revenue growth between 1-3%, and mid-single figure constant currency adjusted earnings per share growth. The company anticipates global cigarette and THP industry volume decline of approximately 7% in 2020.

The next quarterly interim dividend payment of 52.6 pence per share will be paid in August 2020, as part of the previously announced dividend of 210.4 pence per share which is payable in four equal instalments.

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