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British American Tobacco Upgrades FY Revenue Growth Outlook

British American Tobacco plc. (BATS.L,BTI) said that it now expects fiscal year 2021 constant currency revenue growth to be more than 5%, compared to the prior guidance of 3% - 5% growth.

The company expects mid-single digit adjusted constant currency earnings per share growth, strong operating cashflow conversion in excess of 90% in fiscal year 2021.

Group cigarette volume for the fiscal year are expected to be ahead of the industry, with full year industry volume expected to be down 3%.

The company added more than 1.4 million non-combustible product consumers in the first-quarter, to reach a total of 14.9 million.

The company continues to expect 2021 to be a pivotal year for the business, with accelerating New Category revenue growth, a clear pathway to New Category profitability by 2025.

The company has set itself stretching targets of 5 billion pounds in new category revenue by 2025; 50 million consumers of non-combustible products and carbon neutrality across own operations by 2030.

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