BATS British American Tobacco Plc

By Sabela Ojea

British American Tobacco PLC said Wednesday that the business is performing strongly, and added that it is confident about its prospects and is therefore committed to delivering its 2025 new-category revenue ambition of 5 billion pounds ($6.68 billion).

"We are continuing to increase investment in our three new categories of potentially reduced-risk cigarette alternatives, capitalizing on our momentum, while continuing to deliver on our financial commitments," Chief Executive Jack Bowles said.

BAT--which houses a number of electronic and vape products as well as traditional cigarettes--said it now expects 2020 constant currency adjusted revenue growth at the high end of the 1%-3% range.

The company added that the expected revenue headwind from the pandemic has reduced to around 2.5% from the previous 3%. The improved global cigarette industry and tobacco-heating product industry is expected to be broadly flat when it was anticipated to decline around 2.5%, BAT added.

Regarding its U.S. market, the company said it performed strongly there despite flat cigarettes volume, "with accelerating value share gains from Vuse and an excellent combustible performance benefiting from robust volume and good pricing driving continued value share growth."

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 09, 2020 02:42 ET (07:42 GMT)

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