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British American Tobacco PLC said on Tuesday it remains on track to meet its full-year guidance. The London-based cigarette and vaping products maker expects to deliver low-single digit organic revenue and adjusted profit from operations growth in 2024. In an outlook that comes ahead of its capital markets day on Wednesday, the group said it will progressively improve its delivery to 3% to 5% organic revenue growth, and mid-single figure adjusted profit from operations growth, on an organic, constant currency basis by 2026. Extrapolating current spot rates, BAT anticipates currency translation to be a 5% headwind on adjusted profit from operations. The company said its ‘well-established multi-category strategy, global footprint, and deep consumer insights’ are crucial drivers of its journey to build a ‘smokeless world’. Early in June, BAT said it expected its performance to be ‘second-half weighted’, mainly driven by ‘wholesaler inventory movements’ related to continued investment in the US, as well as the phasing of new product launches. BAT Chief Executive Officer Tadeu Marroco said at the time the group’s annual guidance reflects ongoing macro-economic pressures, particularly in the US market and continued lack of effective enforcement against the growing illicit vapour trade. Shares in BAT were up 0.2% to 2,705.00 pence each on Tuesday afternoon in London, while in Johannesburg, shares traded 1.2% higher at R 624.78 each. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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