11th Mar 2022 16:17
(Alliance News) - British American Tobacco PLC late Friday said it is offloading its Russian business as it "is no longer sustainable in the current environment".
"Today, we have initiated the process to rapidly transfer our Russian business in full compliance with international and local laws. Beyond continuing to pay our 2,500 employees, we will do our utmost to safeguard their future employment," the tobacco and nicotine products maker said.
Upon completion, BAT will no longer have a presence in Russia.
BAT revised its 2022 guidance, with constant currency group revenue growth of 2% to 4% and mid-single figure constant currency adjusted diluted earnings per share growth now expected.
Revenue was revised lower from the previously expected 3% to 5% growth.
BAT shares were down 0.4% to 3,089.00 pence each in London in late trade. The stock closed down 0.3% to ZAR615.24 each in Johannesburg.
By Greg Roxburgh; [email protected]
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