Business
Pre-Close Trading Update and Strategy Update
Pre-Close Trading Update and Strategy Update.
About this update from British American Tobacco P.l.c.
[{"type":"text","content":"\n\nThis announcement contains inside information\n06 December 2023\n \nReiteration of FY23 Delivery In Line with Guidance and Strategy Update\n· Confirming full year 2023 EPS delivery in line with our guidance\n· Continued strong volume and revenue growth in New Categories, led by Vuse and Velo\n· New Category contribution expected to be broadly breakeven, two years ahead of our original target\n· Strong AME and APMEA growth, reflecting the resilience of our global, multi-category strategy\n· Macro-economic pressures in the U.S. impacting combustibles performance\n· Group organic1 revenue now expected at the low end of our 3-5% guidance range at constant rates\n· Now committing to 'Building a Smokeless World', with 50% revenue from Non-combustibles by 2035\n· 2024 investment to accelerate our transformation and secure long-term sustainable growth\nTadeu Marroco, Chief Executive\n\"In 2023 we continue to expect another year of delivery in line with our guidance. I am encouraged by the strong performances of Vuse and Velo, delivering strong volume led revenue growth, and increased profitability. As a result, we now expect New Categories to be broadly breakeven in 2023, two years ahead of our original target.\nIn combustibles, while the U.S. macro-economic environment remains challenging, I am encouraged that our commercial plans are starting to deliver early signs of portfolio recovery. In AME and APMEA we expect to deliver another strong revenue and profit performance, driven by the strength of our well-balanced portfolio of global brands. Together, this performance demonstrates the benefit of our global footprint, and multi-category strategy.\nTo accelerate the next phase of our transformation journey, we are now committing to 'Building a Smokeless World'. We will deploy our global multi-category portfolio to actively encourage smokers to 'Switch to Better' nicotine products, realising the multi-stakeholder benefits of 'A Better TomorrowTM'.\nThis commitment is demonstrated by our new ambition to become a predominantly smokeless business, with 50% of our revenue from non-comb...