BAT holds guidance, despite struggling US market

Cigarette and vaping products maker British American Tobacco held full-year revenue and profit guidance on Tuesday, with trading weighted towards the second half.

The company on Tuesday said it expected a 3 - 5% rise in organic revenue on a constant currency basis for 2023 and mid-single digit growth in adjusted earnings, although it warned the timing of the transfer of its Russian and Belarusian businesses would have an impact.

The company said the number of consumers of non-combustible products grew by 900,000 in the first quarter, but growth in the US combustibles market was tougher.

"Our performance in US combustibles has been disappointing," newly chief executive Tadeu Marroco said.

However, he added that the US industry premium segment "shows early signs of stabilisation with our premium volume share sequentially growing since the start of the year".

Reporting by Frank Prenesti for Sharecast.com