British American Tobacco

Prelim. Results ended 31 Dec 2023: Revenue -1.3% (+3.1% organic, constant rates). New Categories organic revenue +21%. Adj. organic operating margin +40 bps to 45.6%. Adj. organic diluted EPS +5.2%. Dividend +2% to 235.52p. £27.6 bn impairment (acquired US brands). Strong volumes led by New Category revenue growth, driven by Vuse & Velo, with revenue from Non-Combustibles now 16.5% of Group revenue, ↑ 1.7% vs FY22. Strong performances from AME & APMEA.
Click here to read the SENS