British American Tobacco plc (BATS.L,BTI), on Thursday, reported FY24 profit of GBP 3.18 billion or 136.0p per share compared to a loss of GBP 14.2 billion or 646.6p per share incurred a year ago.
Before adjusting items and including the dilutive effect of employee share schemes, adjusted earnings per share dropped 3.5% to 362.5p from 375.6p in 2023. On a constant translational foreign exchange basis, adjusted earnings per share were 1.7% higher at 381.9p, an increase of 3.6% on an adjusted, organic basis.
Revenue for the year declined 5.2% to GBP 25.9 billion from GBP 27.3 billion generated in the previous year, reflecting the sale of businesses in Russia and Belarus in September 2023 and translational FX headwinds.
Tadeu Marroco, Chief Executive, stated, "2024 was an investment year with delivery in line with our guidance. We continued our transformation this year, adding 3.6 million adult consumers (to a total of 29.1 million) of our Smokeless products, which now account for 17.5% of Group revenue, an increase of 1.0 ppts vs FY23… In 2025, while we expect significant regulatory and fiscal headwinds in Bangladesh and Australia to impact our combustibles performance, I am confident that we will progressively build on our delivery as we shift from investment to deployment and we remain committed to returning to our mid-term guidance of 3-5% revenue and 4-6% adjusted profit from operations growth on a constant currency in 2026."
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