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British American Tobacco beats on revenue; expects revenue growth above 5%

  • British American Tobacco (NYSE:BTI): 1H Non-GAAP EPS of 154.2p; GAAP EPS of 141.6p.
  • Revenue of £12.18B (+8.1% Y/Y) beats by £40M.
  • Adjusted operating profit £5.24B, estimate £5.25B.
  • Operating margin 40.3%.
  • Operating cashflow conversion of 67% (30 June 2020: 80%), reflecting phasing of excise payments

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British American Tobacco p.l.c.