British American Tobacco has released an interim management statement for the three months to 31 March 2013 (release). The company saw revenue growth of five per cent at constant exchange rates while cigarette volumes from subsidiaries decreased by 3.7 per cent to 160bn. The firm said that volumes declined as a result of excise-driven trade inventory movements in Brazil, the leap year comparator and industry volume decline.
Nicandro Durante, chief executive, commented:
This is a good performance against a backdrop of fragile economic conditions persisting in many parts of the world. We have grown revenue, our pricing momentum remains strong and our Global Drive Brands continue to perform well. It is a good start and I remain confident of another year of earnings growth in line with our long term strategic goals.