British American Tobacco 1st Half Profit Fell, Revenue Down Despite New Categories Growth
July 28 2021 - 2:56AM
Dow Jones News
By Joe Hoppe
British American Tobacco PLC said Friday that first-half pretax
profit fell on the back of reduced revenue and a strong comparative
period.
The tobacco company posted a pretax profit of 4.38 billion
pounds ($6.08 billion) in the first half of 2021, compared with
GBP4.59 billion the prior-year period.
Revenue fell to GBP12.18 billion from GBP12.27 billion. New
Categories revenue rose 50% to GBP942 million, and the company
expects full-year losses from the segment to reduce.
BAT backed its earlier guidance of a rise in fiscal 2021 revenue
to be above 5% at constant currency, and said it was on track to
making GBP5 billion in revenue in its New Categories segment in
2025.
The company said that it expects the second half of the year
will reflect the negative effect of its geographic and portfolio
mix, and a strong prior year comparator which offsets the progress
from New Categories.
BAT said it plans extra investment into its New Categories
segment in the second half, and said it was on track to achieve
operating cash flow conversion in excess of 90%.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 28, 2021 02:42 ET (06:42 GMT)
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