UNITED KINGDOM
BAT reports half-year results

British American Tobacco (BAT) has announced that in the first half of the year, its adjusted revenue increased by 2.4 per cent and its adjusted profit from operations increased by 3.3 per cent, compared to the same period in 2019, despite lower cigarette shipment volumes, according to a recent press release.

Without adjustment, BAT’s revenue for the first six months of the year, ending June 30, grew to USD 16 billion and the company’s profit from operations grew to USD 6.6 billion, an increase of 16.4 per cent compared to 2019’s constant rates.
However, the number of cigarettes shipped was down 6.5 per cent, to 310.5 billion sticks, compared to 332.1 billion sticks the previous year. BAT attributes at least 1.1 per cent of this drop to the COVID-19 pandemic, which has directly affected the company’s Global Travel Retail business. Heated Tobacco Products, on the other hand, saw a shipment increase of 9.1 per cent, compared to 2019, with 4.2 million units being shipped the first half of the year. The Other Tobacco Products (OTP) category, which includes RYO and MYO tobacco, also saw a drop in shipment volume, with the equivalent of 9.9 billion sticks being shipped, a decrease of 1.8 per cent compared to the year previous.
New Category products also saw a significant increase in revenue, rising 14.7 per cent compared to the year previous, to achieve USD 820 million. Adjusted revenue for the same category rose by 12.7 per cent, to USD 806 million. This product portfolio is currently in the process of being simplified, with some vapour brands (including Vype, Chic and ViP) being migrated to Vuse, where possible. However, due to COVID-19, some migration plans have had to be deferred until 2021. 145 million Vapour units were shipped, an increase of 43 per cent compared to 2019, which translated to an adjusted revenue at constant currencies of USD 342 million, an increase of 39 per cent.
“The business is performing well in difficult circumstances as our continued focus on our three key priorities has enabled us to rapidly adapt to the current environment,” stated BAT’s Chief Executive Jack Bowles, “I would like to thank our staff, customers, partners and suppliers for working tirelessly through this difficult period. We expect the coming months to bring continued uncertainty. Nevertheless, we will continue to invest in accelerating our strategy. Building on our excellent momentum, we are confident that we will exit this crisis as a stronger and better business.”

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