BAT reports sales of £27.2 billion in 2023, down 1.3% on the same period a year earlier (+1.6% on an adjusted basis).

Sales of new category products (vaping-related) reached £3.3 billion, up 15.6% year-on-year.

Against this backdrop, BAT announces adjusted earnings of £12.4 billion, up 3.1%, or adjusted EPS of 375.6 pence (+4%).

For 2024, the Group expects a decline of around 3% in the volume of the global tobacco industry, and confirms its target of £5 billion in sales from new product categories.

BAT expects a weighted performance in the second half of the year, given the phasing of planned investments and the expected slow macroeconomic recovery in the United States.


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