British American Tobacco (BAT) has announced it raised its annual revenue growth forecast as its focus on e-cigarettes and tobacco-heating devices pays off, sending shares up 2 per cent, reports Reuters.

BAT said it expected revenue growth of more than 5 per cent at constant currencies, above its previous range of 3 to 5 per cent for the year to December. It stuck to its growth expectation for adjusted earnings per share in the mid-single digit range.
According to the report, BAT’s "new category" reduced risk products had gained share in all key markets, including the US and Japan, with the company adding 1.4 million new customers in the first quarter.
"We continue to expect 2021 to be a pivotal year for the business, with accelerating new category revenue growth [and] a clear pathway to new category profitability by 2025," BAT Chief Executive Jack Bowles said in a statement.
According to Reuters, BAT has invested nearly GBP 500 million (USD 707 million) in its new category products business last year and has set a target of achieving 5 billion in sales for the business by 2025 and 50 million customers by 2030.