BAT grows revenue amidst enhanced 2013 strategy - CNBC Africa

BAT grows revenue amidst enhanced 2013 strategy


by admin 0

Nicandro Durante is the chief executive officer of British American Tobacco. PHOTO: British American Tobacco

The global tobacco group saw revenue increase to 15.26 million pounds for the year ending 31 December 2013 from 15.19 million pounds for the same period in 2012.

(WATCH VIDEO: BAT Q1 revenue up 5%)

“British American Tobacco had another very good year in 2013, again meeting or exceeding our financial metrics. Revenue and market share continued to grow. We also adopted a new vision in 2013, along with an enhanced strategy that better reflects the evolving needs of our consumers,” said [DATA BTI:British American Tobacco] (BAT) chief executive, Nicandro Durante.

“This strategy is enabling us to respond even more rapidly to the opportunities and challenges we believe are important to a 21st century tobacco company committed to investing in its future. Our strategy is delivering today and I firmly believe it will continue to deliver long-term value to shareholders and a wide group of stakeholders.”

Profit from operations grew by three per cent from 5.37 million pounds in the 2012 period to 5.52 million pounds in 2013 while free cash flow also rose three per cent to 3.37 million pounds from 3.25 million pounds.

However, group cigarette volumes, excluding associates, dropped 2.7 per cent to 676 billion in 2013 from 694 billion in 2012.

(READ MORE: Proposed tobacco regulation could hurt burley farmers)

Basic earnings per share increased by five per cent from 195.8 pence in 2012 to 205.4 pence in 2013 and dividends per share grew by six per cent to 142.4 pence from 134.9 pence.

“Challenges persist in 2014. Economic recovery is still fragile, particularly across southern Europe. However, we have shown a consistent ability to improve our operating margin and grow market share. The pricing environment also remains good,” said Durante.

“We have the expertise, the talented people and the global reach to succeed. Consumers have always been core to our success. We will continue to meet their needs by providing them with the superior and innovative products they want. We have a compelling strategy and proven capabilities in place to make this happen.”