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British American Tobacco Maintains FY20 Earnings View; Now Sees Revenues At High End Of Range

British American Tobacco plc (BATS.L,BTI), in its second half pre-close trading update, said it continues to expect mid-single figure constant currency adjusted earnings per share growth for fiscal 2020.

Further, the company now expects constant currency adjusted revenue growth to be at the high end of the previously given 1 percent to 3 percent range.

The company said its expected revenue headwind from COVID-19 was reduced to about negative 2.5%, compared to previously expected around negative 3%.

The company said further spend on New Categories is expected to increase by about 200 million pounds in the second half, capitalising on investment opportunities and good momentum in the business.

Looking ahead, the company said, "While the environment remains uncertain, due to the continuing challenges of COVID-19, the business is performing strongly.... We are confident about the future for BAT and are committed to our 2025 New Category revenue ambition of £5bn."

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