Cigarette group British American Tobacco (BAT) says it expects robust volume growth and further market share gains in the half-year to June. A trading update issued on Wednesday before the closed period indicated BAT was trading in line with expectations with continued market share gains driven by the company’s Global Drive Brands (GDBs). The GDBs comprise Lucky Strike, Pall Mall, Dunhill and Kent. BAT emphasised, however, that profit growth was expected to be weighted to the second half of the year. This is due to the phasing of volume shipments, new generation products (NGP) investments as well as spending on marketing. First-half earnings were expected to benefit from a substantial currency translation tailwind of about 14%. BAT directors also said that first-half revenue was expected to benefit from good pricing. They said first-half volumes were lapping a strong comparative figure in the previous financial year and would be affected by the phasing of shipments in a number of ke...
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