Marc Hasenfuss Editor-at-large

Cigarette giant British American Tobacco (BAT) failed to ignite market sentiment on Thursday despite dividends for the year to end-December increasing 15% to £1.95 a share and a blazing outlook for the group’s new products for smokers. BAT shares weakened 5.86% to R683.90 in intraday trade before recovering to close 4.31% down at R695.22. Market watchers said there was nothing in particular in the results to spook the market, other than perhaps a perception that bottom line might have been slightly short of expectations. Revenue for the year was up 38% to £20.3bn after the acquisition of Reynolds America, with earnings about 10% higher at £2.84 a share. BAT CEO Nicandro Durante said BAT’s investments were coming to fruition and the company boasted a range of new-era products in the “reduced-risk categories”, such as vapour, tobacco-heated products, oral tobacco, tobacco-free nicotine pouches and moist snuff. BAT was confident of leading the new-generation products category, he said,...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.