BAT’s Chairman Luc Jobin has given an update at the company’s annual general meeting, calling 2021 “a year of accelerated delivery, important strategic progress and continued transformation”.

In 2021, BAT generated over GBP 2 billion in New Category revenues, ensuring BAT is on track to meet its 2025 target of GBP 5 billion. Having increased its consumer base of non-combustible products by 4.8 million to 18.3 million, BAT says it is on track to reach 50 million consumers of non-combustible products by 2030. Non-combustible products now account for 12 per cent of Group revenue, up from just 4 per cent in 2017.
“In vapour, we continued to further strengthen our global value share leadership position, with overall year-to-date value share up 1 percentage point, to 35.9 per cent, versus Full Year 2021. Vuse in the US is now value leader in 31 States, up from 26 at the end of 2021.” In THP, glo continues to gain strong traction, driven by the success of glo Hyper, growing category volume share 1.1 percentage points to reach 19.2 per cent year-to-date. In modern oral, Velo’s year-to-date volume share of the category is now 32.9 per cent, as BAT continues to extend its leadership position in Europe.
“Turning to our 2022 outlook, I am pleased to say that the business continues to perform well in the context of a challenging macro backdrop, as we are building on our strong momentum from 2021, a pivotal year in our transformation journey”. BAT continues to expect full year constant currency Group revenue growth of 2 to 4 per cent and mid-single figure constant currency adjusted diluted EPS growth, with growth second-half weighted. “With respect to our medium-term guidance, we remain confident of delivering 3-5 per cent constant currency Group revenue growth, and high-single figure EPS growth, along with delivering on our target of GBP 5 billion New Category revenue, and achieving profitability by 2025.”