BAT outperforming

British American Tobacco expects its full-year volume to be down about four percent.

In its second-half pre-close trading update for 2017, the company said it had again outperformed the industry, driven by continued good share growth.

Second-half organic volume was expected to benefit from the phasing of shipments in a number of key markets, including Pakistan, partly offset by the impact of a significant excise increase in the GCC.

‘The national rollout of glo in Japan is complete and glo has continued its excellent performance with national share now at 2.7 percent,’ said BAT.

‘glo has also been successfully launched in Canada, Switzerland, South Korea and Russia, and is now available in a total of five countries.

‘In vapour, our share in Western Europe continues to grow and the performance of VUSE in the US remains strong.’

Meanwhile, the company said the integration of Reynolds American Inc. was on track, ‘with the businesses performing strongly, driven by good share growth and pricing’.