‘Progress in all areas’

British American Tobacco (BAT) reported an increase in revenue of 5.7 percent to £25.88 billion ($33.3 billion) for the year ending Dec. 31, 2019.

Profit from operations declined 3.2 percent to £9.02 billion from the previous year. However, adjusted profit from operations rose by 7.6 percent to £11.13 billion from 2018.

BAT’s new product categories revenue grew by more than one-third to £1.21 billion at constant rates with strong growth in all categories, despite the slowdown in the U.S. vapor market. Excluding U.S. vapor, new categories grew by 39 percent at constant rates.

“I am delighted with the progress we have made in all areas,” said Jack Bowles, CEO of British American Tobacco. “We have delivered value growth from our combustible business and grown our new categories business, now providing potentially reduced-risk products to close to 11 million consumers.

“In September, we announced a significant restructuring and simplification program, which is largely complete. This will create the capabilities and resources to continue investing in new categories and allow us to deliver on our financial commitments. Looking into 2020, we are confident of another year of high single-figure adjusted constant currency earnings growth.”