British American Tobacco (BAT) smashed half-year profit expectations for as premium cigarette sales soared and it enjoyed strong demand for vaping products in the US, it said today.
The Lucky Strike brand owner posted an 18.8 per cent jump in pre-tax profit to £4.59bn for the six months to the end of June.
Adjusted earnings per share of 157.8p beat analyst expectations of 154.5p, according to Refinitiv data.
Meanwhile, revenue inched up 0.8 per cent to £12.27bn, above expectations of £12.2bn.
Adjusted net debt shrank slightly from £45.53bn to £44.23bn.
What did BAT say?
Chief executive Jack Bowles said:
“The business is performing well in difficult circumstances as our continued focus on our three key priorities has enabled us to rapidly adapt to the current environment.
“I would like to thank our staff, customers, partners and suppliers for working tirelessly through this difficult period. We expect the coming months to bring continued uncertainty.
“Nevertheless, we will continue to invest in accelerating our strategy. Building on our excellent momentum, we are confident that we will exit this crisis as a stronger and better business.”