British American Tobacco H1 Pre-tax Profit Down; On Track For Good FY Results

(RTTNews) - British American Tobacco plc (BATS.L, BTI) reported Thursday that its first-half pre-tax profit declined to 3.87 billion pounds from 3.97 billion pounds last year.

Attributable profit, however, grew to 2.81 billion pounds from 2.69 billion pounds last year. Earnings per share improved to 122.8 pence from 117.4 pence a year ago.

Adjusted profit from operations increased 5.9 percent to 5.21 billion pounds. Adjusted earnings per share were 149.3 pence, compared to 146.9 pence last year.

Revenue increased 4.6 percent to 12.17 billion pounds from 11.64 billion pounds a year ago. Adjusted revenue was 12.14 billion pounds, compared to 12.00 billion pounds a year ago.

Total cigarette and THP volume declined 3.5 percent to 336 billion sticks, in line with the industry.

Looking ahead, Jack Bowles, Chief Executive said, "We are on track to deliver another good financial performance in 2019, including high single figure adjusted earnings growth, at constant rates of exchange."

Separately, British American Tobacco announced that Jeremy Fowden will join its Board as an independent Non-Executive Director and member of the Audit Committee and Nominations Committee with effect from September.