Salem Radio Network News Tuesday, September 21, 2021

Business

British American Tobacco first-half sales beat estimates on strong demand for e-cigarettes

(Reuters) – British American Tobacco on Wednesday reported better-than-expected revenue for the first half of the year as the Lucky Strike cigarette maker added a record number of new customers for its vaping products.

Total adjusted revenue came in at 12.18 billion pounds ($16.90 billion) for the six months ended June 30, ahead of the 12.02 billion pounds analysts had expected, according to a company-supplied estimate.

The company also kept its full-year forecast for over 5% sales growth in constant currency terms.

The London-listed company said it added 2.6 million more customers in the first half, bringing its total user base of non-combustible products to 16.1 million, a new record.

Adjusted earnings per share for the first half came in at 154.2 pence, ahead of the 151.5 pence average estimate.

The Vuse e-cigarettes and glo tobacco heating products maker also stuck to growth expectation for constant currency adjusted earnings per share in the mid-single digit range for the full-year.

($1 = 0.7209 pounds)

(Reporting by Siddharth Cavale in Bengaluru; Editing by Sriraj Kalluvila)

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