- 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 in U.S. in 2020.
- "This has been an exciting period of growth in New Categories, with New Category constant currency revenue up by 50% in the first half. We added 2.6m consumers, our highest ever increase, to our non-combustible product consumer base, to reach 16.1m," said Jack Bowles CEO.
- The company is on track for FY 2021 guidance:
- Global tobacco industry volume now expected to be down c.-1.5% (from c.-3%), driven by strong EM recovery.
- Constant currency revenue growth above 5% and continued strong progress towards £5B New Categories revenue in 2025.
- Mid-single figure constant currency adjusted EPS growth.
- Operating cashflow conversion in excess of 90%, Adjusted Net debt/Adjusted EBITDA around three times.
- Commitment to 65% dividend pay-out ratio and growth in sterling terms.
- Press Release