Shares in British American Tobacco (BATS) dipped 4 per cent this morning after the cigarette maker announced a new buyback programme behind the 拢1.5bn expected by analysts. The company will buy back 拢1.3bn in shares, its second such programme in recent months.
The FTSE 100 company also said it expects to achieve its targets for 2025, which include total revenue growth of 2 per cent on a constant currency basis. The board indicated full-year adjusted profit from operations growth should land at 2 per cent.
BATS reported 鈥渟tronger double-digit revenue growth鈥 in its new categories division over the second half, driven by higher volumes. New categories include its 鈥榮moke-free鈥 Velo nicotine pouches and Vuse vape brands.
Meanwhile, its cigarettes unit 鈥 which still makes up four-fifths of group revenue 鈥 delivered a robust performance, with volumes broadly flat. The board reaffirmed its target of increasing revenue by 3 to 5 per cent for 2026, and boosting adjusted earnings per share growth to between 5 and 8 per cent. EW




