British American Tobacco Continues To Perform Well; Backs FY View - Quick Facts

(RTTNews) - British American Tobacco plc (BATS.L, BTI) Wednesday said its business continues to perform well and full year guidance remains unchanged.

In its pre-close trading update, the company reported continued good market share growth in combustibles, driven by the Strategic Brands. The company recorded strong growth across THP, Vapour and Oral (PRRP) categories.

The US is performing well with volume in line with expectations. The company also remains well placed to manage US regulatory proposals.

Looking ahead, full- year adjusted earnings per share growth is expected to be impacted by a currency translation headwind, around 6% for FY18, at current exchange rates.

The company expects to exceed high single figure constant currency adjusted earnings per share growth target.

Nicandro Durante, CEO, said, "We remain on track for a strong performance in 2018 - driven by both our combustible and PRRP businesses. In the US, we are performing well, with positive pricing and continued value share growth. Our de-leveraging remains on track and we remain committed to a dividend pay-out ratio of at least 65%. We expect to exceed our high single figure adjusted diluted EPS growth at constant rates of exchange."

Separately, British American announced that Lionel Nowell, III is retiring from the Board with effect from December 12. Nowell has served as a Non-Executive Director since July 2017 and has been a member of the Audit and Nominations Committees since October 2017.