23rd Oct 2013 06:16
LONDON (Alliance News) - British American Tobacco Plc (BTI, BATS.L) reported that Group revenue for the nine months, at constant rates of exchange, grew by 3.5%, driven by strong pricing. At current exchange rates, revenue grew by 0.7%, as movements in some of the Group's key trading currencies continued to adversely impact reported revenues.
Cigarette volume from subsidiaries was 501 billion, down by 3.2%, with underlying cigarette volume declining 2.4%. Growth in many markets, including Bangladesh, Pakistan, Vietnam, the Middle East and the Philippines, was more than offset by lower volumes in Brazil, Russia, Turkey, Ukraine, Egypt and Western Europe, the company said.
In its interim management statement for the nine months ended 30 September 2013, the company said that it performed well in the nine-month with continued growth in revenue, market share and the Global Drive Brands. The Group's reported results were adversely impacted by exchange rate movements. Volume was lower than last year as a result of industry volume declines, excise-driven trade inventory movements in Brazil and the leap year comparator.
Nicandro Durante, Chief Executive, said, "The Group continued its good performance against a backdrop of adverse exchange rate movements, lower industry volume and instability in some parts of the world.... During the period, the Group launched its first next generation product, Vype, and early signs are encouraging. We remain on track for a year of solid earnings growth."
Copyright RTT News/dpa-AFX
Related Shares:
British American Tobacco