British American Tobacco FY Adj. Profit From Operations Rises; Revenue Up 2.3%

British American Tobacco PLC (BATS.L,BTI) reported that its fiscal year profit before tax increased to 9.32 billion pounds from 9.16 billion pounds, prior year. Earnings per share was 291.9 pence compared to 295.6 pence.

Adjusted profit from operations at constant rates was up 4.3%, driven by revenue growth, an improvement in the financial performance of New Categories and productivity savings driven by Quantum. Before adjusting items and including the dilutive effect of employee share schemes, adjusted earnings per share increased 12.9% to 371.4 pence from 329.0 pence. On a constant translational foreign exchange basis, adjusted earnings per share increased 5.8% to 348.1 pence.

Fiscal year revenue increased to 27.65 billion pounds from 25.68 billion pounds, previous year. Revenue was up 2.3% driven by New Category growth and pricing.

"We continue to accelerate our A Better Tomorrow transformation at speed. Driven by our strong New Category momentum, we are confident in our 5 billion pounds revenue target by 2025, and now expect New Category profitability in 2024, one year ahead of plan," Jack Bowles, Chief Executive, said.

For 2023, British American Tobacco targets: 3-5% organic constant currency revenue growth; mid-single figure constant currency adjusted EPS growth; and an operating cash flow conversion in excess of 90%.

The Board has declared an interim dividend of 230.9 pence per ordinary share of 25 pence for the year ended 31 December 2022, payable in four equal quarterly instalments of 57.72 pence per ordinary share in May 2023, August 2023, November 2023 and February 2024. This represents an increase of 6.0% on 2021.

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