BAT enjoys profit rise despite tough trading conditions
Tobacco giant British American Tobacco (BAT) has reported a rise in profits before tax of £207m to £5.7bn for the year ended 31 December.
The group's revenue was up four per cent at constant rates of exchange while basic earnings per share rose by five per cent to 205.4p.
BAT saw a fall in of 2.7 per cent to 676bn but international brands grew volume of which global drive brands grew by 1.9 per cent.
2013 was challenging year globally for BAT, with tough trading conditions but it invested heavily in key high growth markets and introduced a series of new product categories
Chairman Richard Burrows commented on the figures:
British American Tobacco continued to perform strongly in 2013, with another year of excellent earnings growth and cash flow, partially offset by currency headwinds. The Group's Global Drive Brands also achieved outstanding growth in market share and volume. Difficult trading conditions persist in some parts of the world, notably southern Europe, but these results demonstrate that the Group's strategy continues to deliver robust profit and dividend growth