British American Tobacco Backs 2021 Revenue Growth Guidance

By Kyle Morris

British American Tobacco PLC backed its revenue growth guidance on Tuesday, and said that it recognizes the value of a share buyback.

The tobacco company said it continues to expect revenue growth for 2021 to be above 5% at constant currency as it is benefiting from strong new-category revenue growth. New categories will contribute to profit growth for the first time as their losses start to reduce, it said.

BAT said it is on track to deliver its revised cost-savings target of 1.5 billion pounds ($1.99 billion) by the end of 2022, as set out at its first-half results.

"Benefitting from a continued strong new-category performance, which is now a sizeable contributor to group revenue growth, we are making excellent progress towards our GBP5 billion revenue target by 2025," Chief Executive Jack Bowles said.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

December 07, 2021 02:41 ET (07:41 GMT)

British American Tobacco (NYSE:BTI)
Historical Stock Chart
From Mar 2024 to Apr 2024