British American Tobacco Pretax Profit Rises in 2020
February 17 2021 - 1:54AM
Dow Jones News
By Adria Calatayud
British American Tobacco PLC said Wednesday that pretax profit
for 2020 rose, driven by better-than-expected organic revenue
growth and cost savings, and that it expects a continuing impact
from the coronavirus pandemic this year.
The FTSE 100 cigarette maker--which houses the Kent, Dunhill and
Lucky Strike brands--said pretax profit for last year was 8.67
billion pounds ($12.06 billion), compared with GBP7.91 billion in
2019.
Adjusted profit from operations was GBP11.37 billion, up 4.8%,
BAT said.
Revenue for the full year was GBP25.78 billion, compared with
GBP25.88 billion. On a constant-currency adjusted basis, revenue
was up 3.3%, ahead of the company's expectations for organic
revenue at the high end of its 1% to 3% range, it said.
BAT said it expects constant-currency revenue growth of 3% to 5%
this year, and constant-currency adjusted earnings-per-share growth
in the mid-single figures, reflecting continued coronavirus
impacts.
The company said it is ahead of schedule in its plan to deliver
GBP1 billion of annualized cost savings by 2022 to fund investment
in new categories.
The board declared a full-year dividend of 215.6 pence a share,
up 2.5% on year.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 17, 2021 02:39 ET (07:39 GMT)
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