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Share Name | Share Symbol | Market | Type |
---|---|---|---|
British American Tobacco (PK) | USOTC:BTAFF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.736 | 2.44% | 30.886 | 30.50 | 31.03 | 30.90 | 30.20 | 30.20 | 8,772 | 17:10:13 |
Exhibit
|
|
Description
|
|
||
Exhibit 2 |
British American Tobacco p.l.c.
|
||||
|
By:
|
/s/ Christopher Worlock
|
||
Name: |
Christopher Worlock | |||
Title: |
Assistant Secretary |
|||
Date of purchase:
|
03 June 2024
|
Number of ordinary shares of 25 pence each purchased:
|
41,100
|
Highest price paid per share (pence):
|
2449.00p
|
Lowest price paid per share (pence):
|
2432.00p
|
Volume weighted average price paid per share (pence):
|
2438.7747p
|
Issuer name
|
ISIN Code
|
Transaction date
|
Daily total volume
(in number of shares)
|
Daily weighted average
price of shares acquired
|
Platform
|
British American Tobacco p.l.c.
|
GB0002875804
|
03/06/2024
|
41,100
|
2,438.7747
|
LSE
|
British American Tobacco p.l.c.
|
GB0002875804
|
03/06/2024
|
0
|
0.0000
|
CHIX
|
British American Tobacco p.l.c.
|
GB0002875804
|
03/06/2024
|
0
|
0.0000
|
BATE
|
Number of shares purchased
|
Transaction price
(per share)
|
Market
|
Time of transaction
|
157
|
2,437.00
|
LSE
|
08:19:03
|
114
|
2,435.00
|
LSE
|
08:20:45
|
180
|
2,436.00
|
LSE
|
08:25:29
|
99
|
2,437.00
|
LSE
|
08:29:07
|
168
|
2,435.00
|
LSE
|
08:34:05
|
172
|
2,434.00
|
LSE
|
08:38:03
|
137
|
2,434.00
|
LSE
|
08:42:10
|
109
|
2,433.00
|
LSE
|
08:43:21
|
184
|
2,432.00
|
LSE
|
08:48:36
|
184
|
2,432.00
|
LSE
|
08:54:43
|
188
|
2,433.00
|
LSE
|
09:03:20
|
239
|
2,439.00
|
LSE
|
09:18:16
|
152
|
2,439.00
|
LSE
|
09:20:10
|
198
|
2,439.00
|
LSE
|
09:20:39
|
127
|
2,439.00
|
LSE
|
09:21:30
|
148
|
2,437.00
|
LSE
|
09:21:44
|
106
|
2,436.00
|
LSE
|
09:25:00
|
133
|
2,438.00
|
LSE
|
09:28:28
|
127
|
2,441.00
|
LSE
|
09:34:28
|
116
|
2,441.00
|
LSE
|
09:34:58
|
125
|
2,441.00
|
LSE
|
09:35:10
|
136
|
2,439.00
|
LSE
|
09:40:54
|
110
|
2,439.00
|
LSE
|
09:40:57
|
124
|
2,438.00
|
LSE
|
09:42:26
|
100
|
2,438.00
|
LSE
|
09:45:09
|
38
|
2,438.00
|
LSE
|
09:48:24
|
80
|
2,438.00
|
LSE
|
09:48:24
|
160
|
2,438.00
|
LSE
|
09:50:49
|
101
|
2,439.00
|
LSE
|
09:53:05
|
110
|
2,438.00
|
LSE
|
10:03:12
|
107
|
2,437.00
|
LSE
|
10:03:26
|
188
|
2,438.00
|
LSE
|
10:16:21
|
104
|
2,438.00
|
LSE
|
10:16:27
|
172
|
2,438.00
|
LSE
|
10:16:54
|
145
|
2,434.00
|
LSE
|
10:21:32
|
181
|
2,435.00
|
LSE
|
10:31:06
|
133
|
2,435.00
|
LSE
|
10:35:34
|
200
|
2,437.00
|
LSE
|
10:46:00
|
197
|
2,437.00
|
LSE
|
10:46:03
|
169
|
2,435.00
|
LSE
|
10:48:48
|
157
|
2,437.00
|
LSE
|
10:54:15
|
169
|
2,437.00
|
LSE
|
10:54:35
|
207
|
2,440.00
|
LSE
|
11:02:58
|
116
|
2,439.00
|
LSE
|
11:04:41
|
49
|
2,438.00
|
LSE
|
11:13:49
|
121
|
2,438.00
|
LSE
|
11:13:49
|
166
|
2,438.00
|
LSE
|
11:21:02
|
262
|
2,439.00
|
LSE
|
11:31:26
|
165
|
2,437.00
|
LSE
|
11:34:43
|
173
|
2,436.00
|
LSE
|
11:35:34
|
222
|
2,435.00
|
LSE
|
11:35:35
|
201
|
2,435.00
|
LSE
|
11:51:40
|
167
|
2,434.00
|
LSE
|
11:55:40
|
142
|
2,435.00
|
LSE
|
11:56:07
|
162
|
2,435.00
|
LSE
|
11:56:13
|
143
|
2,436.00
|
LSE
|
12:03:52
|
119
|
2,436.00
|
LSE
|
12:04:49
|
207
|
2,439.00
|
LSE
|
12:08:21
|
221
|
2,439.00
|
LSE
|
12:21:05
|
270
|
2,439.00
|
LSE
|
12:26:15
|
18
|
2,441.00
|
LSE
|
12:28:09
|
364
|
2,441.00
|
LSE
|
12:28:09
|
236
|
2,441.00
|
LSE
|
12:28:11
|
134
|
2,441.00
|
LSE
|
12:29:05
|
144
|
2,441.00
|
LSE
|
12:30:35
|
26
|
2,444.00
|
LSE
|
12:45:58
|
55
|
2,444.00
|
LSE
|
12:45:59
|
191
|
2,444.00
|
LSE
|
12:46:01
|
120
|
2,444.00
|
LSE
|
12:47:15
|
161
|
2,444.00
|
LSE
|
12:47:15
|
163
|
2,444.00
|
LSE
|
12:49:24
|
6
|
2,444.00
|
LSE
|
12:49:26
|
12
|
2,444.00
|
LSE
|
12:50:47
|
230
|
2,444.00
|
LSE
|
12:54:34
|
249
|
2,444.00
|
LSE
|
12:55:20
|
172
|
2,444.00
|
LSE
|
12:57:33
|
122
|
2,444.00
|
LSE
|
13:00:54
|
114
|
2,444.00
|
LSE
|
13:02:03
|
29
|
2,444.00
|
LSE
|
13:02:07
|
134
|
2,444.00
|
LSE
|
13:02:12
|
33
|
2,444.00
|
LSE
|
13:02:15
|
65
|
2,444.00
|
LSE
|
13:02:15
|
151
|
2,444.00
|
LSE
|
13:02:20
|
104
|
2,444.00
|
LSE
|
13:04:05
|
52
|
2,445.00
|
LSE
|
13:13:36
|
223
|
2,445.00
|
LSE
|
13:13:36
|
442
|
2,445.00
|
LSE
|
13:29:09
|
474
|
2,445.00
|
LSE
|
13:44:19
|
474
|
2,445.00
|
LSE
|
13:46:00
|
146
|
2,445.00
|
LSE
|
13:48:51
|
211
|
2,445.00
|
LSE
|
13:48:51
|
123
|
2,444.00
|
LSE
|
13:59:10
|
251
|
2,445.00
|
LSE
|
13:59:10
|
358
|
2,445.00
|
LSE
|
13:59:42
|
240
|
2,445.00
|
LSE
|
14:00:59
|
298
|
2,444.00
|
LSE
|
14:11:11
|
425
|
2,443.00
|
LSE
|
14:15:22
|
146
|
2,442.00
|
LSE
|
14:15:46
|
331
|
2,441.00
|
LSE
|
14:15:53
|
428
|
2,442.00
|
LSE
|
14:29:37
|
426
|
2,442.00
|
LSE
|
14:29:49
|
392
|
2,445.00
|
LSE
|
14:30:28
|
304
|
2,443.00
|
LSE
|
14:30:37
|
254
|
2,442.00
|
LSE
|
14:31:07
|
328
|
2,442.00
|
LSE
|
14:32:05
|
321
|
2,440.00
|
LSE
|
14:32:30
|
302
|
2,449.00
|
LSE
|
14:35:22
|
81
|
2,449.00
|
LSE
|
14:35:46
|
162
|
2,449.00
|
LSE
|
14:35:46
|
267
|
2,447.00
|
LSE
|
14:36:50
|
110
|
2,446.00
|
LSE
|
14:37:11
|
23
|
2,445.00
|
LSE
|
14:37:26
|
187
|
2,445.00
|
LSE
|
14:37:26
|
211
|
2,445.00
|
LSE
|
14:41:17
|
227
|
2,447.00
|
LSE
|
14:42:35
|
30
|
2,447.00
|
LSE
|
14:43:04
|
147
|
2,447.00
|
LSE
|
14:43:04
|
63
|
2,447.00
|
LSE
|
14:44:15
|
150
|
2,447.00
|
LSE
|
14:44:15
|
240
|
2,447.00
|
LSE
|
14:45:01
|
156
|
2,448.00
|
LSE
|
14:45:35
|
199
|
2,448.00
|
LSE
|
14:45:47
|
127
|
2,444.00
|
LSE
|
14:46:03
|
113
|
2,442.00
|
LSE
|
14:48:03
|
106
|
2,441.00
|
LSE
|
14:48:04
|
133
|
2,441.00
|
LSE
|
14:49:23
|
56
|
2,442.00
|
LSE
|
14:50:55
|
106
|
2,442.00
|
LSE
|
14:50:55
|
179
|
2,444.00
|
LSE
|
14:51:51
|
109
|
2,444.00
|
LSE
|
14:52:44
|
25
|
2,442.00
|
LSE
|
14:53:08
|
132
|
2,442.00
|
LSE
|
14:53:08
|
171
|
2,441.00
|
LSE
|
14:54:11
|
202
|
2,441.00
|
LSE
|
14:54:56
|
133
|
2,441.00
|
LSE
|
14:55:02
|
28
|
2,440.00
|
LSE
|
14:56:32
|
26
|
2,440.00
|
LSE
|
14:56:33
|
44
|
2,440.00
|
LSE
|
14:56:33
|
50
|
2,441.00
|
LSE
|
14:57:58
|
73
|
2,441.00
|
LSE
|
14:57:58
|
109
|
2,441.00
|
LSE
|
14:57:58
|
217
|
2,441.00
|
LSE
|
14:59:21
|
190
|
2,440.00
|
LSE
|
15:00:35
|
393
|
2,439.00
|
LSE
|
15:06:30
|
453
|
2,438.00
|
LSE
|
15:08:48
|
792
|
2,437.00
|
LSE
|
15:09:00
|
208
|
2,437.00
|
LSE
|
15:10:05
|
317
|
2,437.00
|
LSE
|
15:10:05
|
1,219
|
2,437.00
|
LSE
|
15:10:05
|
314
|
2,437.00
|
LSE
|
15:10:12
|
650
|
2,437.00
|
LSE
|
15:10:12
|
1,278
|
2,436.00
|
LSE
|
15:11:00
|
170
|
2,435.00
|
LSE
|
15:11:33
|
322
|
2,434.00
|
LSE
|
15:12:40
|
230
|
2,434.00
|
LSE
|
15:13:01
|
245
|
2,434.00
|
LSE
|
15:13:01
|
1,321
|
2,434.00
|
LSE
|
15:13:01
|
1,084
|
2,435.00
|
LSE
|
15:13:51
|
21
|
2,435.00
|
LSE
|
15:14:00
|
764
|
2,435.00
|
LSE
|
15:14:08
|
247
|
2,435.00
|
LSE
|
15:15:36
|
932
|
2,435.00
|
LSE
|
15:15:36
|
961
|
2,435.00
|
LSE
|
15:15:50
|
891
|
2,435.00
|
LSE
|
15:18:38
|
3,560
|
2,435.00
|
LSE
|
15:20:17
|
100
|
2,435.00
|
LSE
|
15:21:44
|
296
|
2,435.00
|
LSE
|
15:21:44
|
419
|
2,435.00
|
LSE
|
15:21:44
|
92
|
2,437.00
|
LSE
|
15:27:32
|
31
|
2,438.00
|
LSE
|
15:50:30
|
29
|
2,437.00
|
LSE
|
15:53:40
|
40
|
2,436.00
|
LSE
|
15:56:56
|
● |
On track to deliver FY24 guidance with H1 delivery in line with our expectations
|
● |
Expected H2 acceleration driven by the phasing of innovation in New Categories, and the benefits of H1 investment in U.S. commercial actions and related wholesaler inventory movements
|
● |
We are driving a further improvement in New Category profitability1 through our Quality Growth focus on a more balanced top-line and bottom-line delivery
|
● |
In Combustibles, U.S. commercial plans continue to gain traction despite a challenging macro-economic backdrop; in AME and APMEA we gained volume and value share, with robust H1 pricing
|
● |
Good AME performance reflecting the benefit of our multi-category portfolio; H2 weighted APMEA performance due to the phasing of New Category launches, and a strong H1 comparator
|
● |
Partial monetisation of our ITC stake enabled the initiation of a sustainable share buy-back
|
● |
Strong cash conversion with our leverage2 expected to be within our narrowed target range of 2.0-2.5x by year-end 2024.
|
● |
Strong performance of Newport soft-pack in key investment states, which together with further share gains in Natural American Spirit, has driven our volume share of the premium segment up 40 bps; and
|
● |
Lucky Strike continues its strong growth record, maintaining its position as the fastest growing combustibles brand in the U.S., with the branded value segment now gaining volume share and deep discount share gains
slowing.
|
● |
Proposed vapour directory and enforcement bills in 20 states, enacted in 3 states to date; and
|
● |
Encouraging early signs of illicit products volume decline in Louisiana, the first state to implement a vapour directory and enforcement legislation in October 2023, with Vuse Alto capturing the majority of the
volume outflow back into the legal segment.
|
● |
Category volume share stabilisation versus the prior year in our focus markets of Japan and Italy
|
● |
Continued strong performances in key AME markets, Poland and Czech Republic
|
● |
veo, our non-tobacco consumables range, now launched in 17 markets, strongly outperforming competing products with further roll-outs planned through the remainder of the year.
|
● |
In AME we maintained our leadership position, reflecting our strength in both established oral markets like Sweden, Denmark and Norway, and our strong momentum in newer launch markets including the UK and Poland
|
● |
In the U.S. we are encouraged by early results from the phased roll-out of our refreshed Velo brand expression, with volume share of Modern Oral stabilising at 4.5%, driven by 13.5% volume share in our New York
pilot, up 280 bps
|
● |
In addition, following positive consumer testing, we have started to roll out Grizzly Modern Oral nationally in the U.S., building on the growing trend of Traditional Oral consumers moving to Modern Oral
|
● |
Global tobacco industry volume expected to be down c.3%
|
● |
Low-single figure organic3 constant currency revenue growth, with H2 weighted New Category growth
|
● |
Low-single figure organic3 adjusted profit from operations growth, including a c.2% transactional FX headwind
|
● |
H2 weighted Group revenue and profit growth
|
● |
Translational FX headwind on adjusted profit from operations growth is expected to be c.4% for half year and c.4% for full year10
|
● |
Operating cash flow conversion in excess of 90%
|
Reported
|
Adj Items1
|
Adjusted
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For six months to 30 June 2023
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||
Revenue
|
||||||||||||||||||||
U.S.
|
5,910
|
—
|
5,910
|
—
|
5,910
|
|||||||||||||||
AME
|
4,730
|
—
|
4,730
|
(385
|
)
|
4,345
|
||||||||||||||
APMEA
|
2,801
|
—
|
2,801
|
—
|
2,801
|
|||||||||||||||
Total Region
|
13,441
|
—
|
13,441
|
(385
|
)
|
13,056
|
||||||||||||||
Profit from Operations
|
||||||||||||||||||||
U.S.
|
3,168
|
137
|
3,305
|
—
|
3,305
|
|||||||||||||||
AME
|
1,767
|
(119
|
)
|
1,648
|
(160
|
)
|
1,488
|
|||||||||||||
APMEA
|
1,000
|
67
|
1,067
|
—
|
1,067
|
|||||||||||||||
Total Region
|
5,935
|
85
|
6,020
|
(160
|
)
|
5,860
|
||||||||||||||
Net finance costs
|
(921
|
)
|
23
|
(898
|
)
|
(15
|
)
|
(913
|
)
|
|||||||||||
Associates and joint ventures
|
289
|
15
|
304
|
—
|
304
|
|||||||||||||||
Profit before tax
|
5,303
|
123
|
5,426
|
(175
|
)
|
5,251
|
||||||||||||||
Taxation
|
(1,268
|
)
|
2
|
(1,266
|
)
|
39
|
(1,227
|
)
|
||||||||||||
Non-controlling interests
|
(76
|
)
|
—
|
(76
|
)
|
—
|
(76
|
)
|
||||||||||||
Coupons relating to hybrid bonds net of tax
|
(22
|
)
|
—
|
(22
|
)
|
—
|
(22
|
)
|
||||||||||||
Profit attributable to shareholders
|
3,937
|
125
|
4,062
|
(136
|
)
|
3,926
|
||||||||||||||
Diluted number of shares (m)
|
2,237
|
2,237
|
2,237
|
|||||||||||||||||
Diluted earnings per share (pence)
|
176.0
|
181.6
|
175.5
|
Reported
|
Adj Items1
|
Adjusted
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For year ended 31 December 2023
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||
Revenue
|
||||||||||||||||||||
U.S.
|
11,994
|
—
|
11,994
|
—
|
11,994
|
|||||||||||||||
AME
|
9,791
|
—
|
9,791
|
(479
|
)
|
9,312
|
||||||||||||||
APMEA
|
5,498
|
—
|
5,498
|
—
|
5,498
|
|||||||||||||||
Total Region
|
27,283
|
—
|
27,283
|
(479
|
)
|
26,804
|
||||||||||||||
Profit from Operations
|
||||||||||||||||||||
U.S.
|
(20,781
|
)
|
27,602
|
6,821
|
—
|
6,821
|
||||||||||||||
AME
|
3,194
|
266
|
3,460
|
(193
|
)
|
3,267
|
||||||||||||||
APMEA
|
1,836
|
348
|
2,184
|
—
|
2,184
|
|||||||||||||||
Total Region
|
(15,751
|
)
|
28,216
|
12,465
|
(193
|
)
|
12,272
|
|||||||||||||
Net finance costs
|
(1,895
|
)
|
96
|
(1,799
|
)
|
(21
|
)
|
(1,820
|
)
|
|||||||||||
Associates and joint ventures
|
585
|
(8
|
)
|
577
|
—
|
577
|
||||||||||||||
Profit before tax
|
(17,061
|
)
|
28,304
|
11,243
|
(214
|
)
|
11,029
|
|||||||||||||
Taxation
|
2,872
|
(5,488
|
)
|
(2,616
|
)
|
55
|
(2,561
|
)
|
||||||||||||
Non-controlling interests
|
(178
|
)
|
(1
|
)
|
(179
|
)
|
—
|
(179
|
)
|
|||||||||||
Coupons relating to hybrid bonds net of tax
|
(45
|
)
|
—
|
(45
|
)
|
—
|
(45
|
)
|
||||||||||||
Profit attributable to shareholders
|
(14,412
|
)
|
22,815
|
8,403
|
(159
|
)
|
8,244
|
|||||||||||||
Diluted number of shares (m)
|
2,229
|
2,237
|
2,237
|
|||||||||||||||||
Diluted earnings per share (pence)2
|
(646.6
|
)
|
375.6
|
368.5
|
1. |
Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence.
|
2. |
In 2023, the Group reported a loss for the year. Following the requirements of IAS 33, the impact of share options would be antidilutive and is therefore excluded, for 2023, from the calculation of diluted earnings
per share, calculated in accordance with IFRS, for that year.
|
Reported
|
Adj Items
|
Adjusted
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For six months to 30 June 2023
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||
New Categories
|
1,656
|
(66
|
)
|
1,590
|
||||||||||||||||
Vapour (10ml units/pods mn)
|
866
|
—
|
866
|
|||||||||||||||||
HP (sticks bn)
|
550
|
(62
|
)
|
488
|
||||||||||||||||
Modern Oral (pouches mn)
|
240
|
(4
|
)
|
236
|
||||||||||||||||
Traditional Oral (stick eq bn)
|
571
|
—
|
571
|
|||||||||||||||||
Total Non-Combustibles
|
2,227
|
(66
|
)
|
2,161
|
||||||||||||||||
Total Combustibles
|
10,967
|
(317
|
)
|
10,650
|
||||||||||||||||
Other
|
247
|
(2
|
)
|
245
|
||||||||||||||||
Total
|
13,441
|
(385
|
)
|
13,056
|
Reported
|
Adj Items
|
Adjusted
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For year ended 31 December 2023
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||
New Categories
|
3,347
|
(87
|
)
|
3,260
|
||||||||||||||||
Vapour (10ml units/pods mn)
|
1,812
|
(1
|
)
|
1,811
|
||||||||||||||||
HP (sticks bn)
|
996
|
(78
|
)
|
918
|
||||||||||||||||
Modern Oral (pouches mn)
|
539
|
(8
|
)
|
531
|
||||||||||||||||
Traditional Oral (stick eq bn)
|
1,163
|
—
|
1,163
|
|||||||||||||||||
Total Non-Combustibles
|
4,510
|
(87
|
)
|
4,423
|
||||||||||||||||
Total Combustibles
|
22,108
|
(389
|
)
|
21,719
|
||||||||||||||||
Other
|
665
|
(3
|
)
|
662
|
||||||||||||||||
Total
|
27,283
|
(479
|
)
|
26,804
|
Volume | Revenue | |||||||||||||||||||
Reported
|
Organic
|
Reported
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For six months to 30 June 2023
|
Unit
|
Unit
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||||||
New Categories
|
1,656
|
(66
|
)
|
1,590
|
||||||||||||||||
Vapour (10ml units/pods mn)
|
319
|
319
|
866
|
—
|
866
|
|||||||||||||||
HP (sticks bn)
|
12.1
|
10.0
|
550
|
(62
|
)
|
488
|
||||||||||||||
Modern Oral (pouches mn)
|
2,348
|
2,312
|
240
|
(4
|
)
|
236
|
||||||||||||||
@ New Categories contribution1
|
(17
|
)
|
(29
|
)
|
Volume | Revenue | |||||||||||||||||||
Reported
|
Organic
|
Reported
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For year ended 31 December 2023
|
Unit
|
Unit
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||||||
New Categories
|
3,347
|
(87
|
)
|
3,260
|
||||||||||||||||
Vapour (10ml units/pods mn)
|
654
|
654
|
1,812
|
(1
|
)
|
1,811
|
||||||||||||||
HP (sticks bn)
|
23.7
|
21.0
|
996
|
(78
|
)
|
918
|
||||||||||||||
Modern Oral (pouches mn)
|
5,360
|
5,324
|
539
|
(8
|
)
|
531
|
||||||||||||||
@ New Categories contribution1
|
(17
|
)
|
—
|
Reported
|
Adj Items
|
Adjusted
|
Inorganic
adjustments
|
Organic Adjusted
adjusted
|
||||||||||||||||
For six months to 30 June 2023
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||
Profit from Operations (PfO)
|
5,935
|
85
|
6,020
|
(160
|
)
|
5,860
|
||||||||||||||
Operating Margin
|
44.2
|
%
|
44.8
|
%
|
44.9
|
%
|
||||||||||||||
@PfO delivered by
|
||||||||||||||||||||
New Categories contribution1
|
(12
|
)
|
(17
|
)
|
(29
|
)
|
||||||||||||||
Rest of the Business
|
6,032
|
(143
|
)
|
5,889
|
Reported
|
Adj Items
|
Adjusted
|
Inorganic
adjustments
|
Organic adjusted
|
||||||||||||||||
For year ended 31 December 2023
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|||||
Profit from Operations (PfO)
|
(15,751
|
)
|
28,216
|
12,465
|
(193
|
)
|
12,272
|
|||||||||||||
Operating Margin
|
-57.7
|
%
|
45.7
|
%
|
45.8
|
%
|
||||||||||||||
@PfO delivered by
|
||||||||||||||||||||
New Categories contribution1
|
17
|
(17
|
)
|
—
|
||||||||||||||||
Rest of the Business
|
12,448
|
(176
|
)
|
12,272
|
1 Year British American Tobacco (PK) Chart |
1 Month British American Tobacco (PK) Chart |
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