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Category: Business & Finance

  • BAT Extends £1.3B Share Buyback for 2026

    BAT Extends £1.3B Share Buyback for 2026

    British American Tobacco extended its 2024 share buyback program by up to £1.3 billion for 2026. The company has entered an irrevocable, non-discretionary agreement with UBS AG London Branch to execute the next tranche, expected to run from January 2 to February 11, 2026, during the company’s closed period.

    UBS will act independently in making trading decisions. All repurchased shares will be cancelled to reduce the company’s share capital, with purchases carried out under existing shareholder authority and in line with UK market regulations.

  • U.S. Momentum Keeps BAT FY25 On Track

    U.S. Momentum Keeps BAT FY25 On Track

    BAT released its 2025 full-year pre-close trading update today (December 9), saying it expects around 2% revenue and adjusted operating profit growth in FY25, with New Category revenues accelerating to double-digit growth in H2 to deliver mid-single-digit growth for the full year. Performance is being led by the U.S., where stronger combustibles results and Velo Plus momentum are driving revenue and profit, with Velo Plus on track to be profitable for the full year. Early federal and state enforcement efforts against illicit vapor products are also supporting recent improvements in Vuse volumes and revenues.

    Growth in New Categories is being driven primarily by Velo, now the “fastest-growing Modern Oral brand globally,” with strong share gains across priority markets and accelerating U.S. performance. While glo revenue remains broadly flat due to competitive pressure and platform transitions, the company is launching glo Hilo in premium heated tobacco markets. Vuse is showing improving H2 trends, supported by enforcement against illicit products, and early traction for the premium Vuse Ultra platform in Canada, Germany, and France, despite ongoing headwinds in the U.S. and Canada.

    Looking ahead, the company remains confident in its mid-term growth targets from 2026, guiding for 3–5% revenue growth, 4–6% profit growth, and 5–8% EPS growth, with 2026 likely at the lower end of the range. Strong cash generation continues, with operating cash flow conversion expected to exceed 95% and leverage targeted to fall to 2.0–2.5x by end-2026. Capital returns remain a priority, with progressive dividends and an expanded £1.3bn share buyback program for FY26.

  • Zyn Launches 1.5 Mg Option in UK

    Zyn Launches 1.5 Mg Option in UK

    Zyn launched Zyn X-Low, its lowest-strength nicotine pouch at 1.5mg, positioning it as an entry-level option for adult users new to the category, according to Talking Retail. The product expands Zyn’s UK and Ireland portfolio and is available in spearmint, black cherry, and cool mint via grocery, convenience, and wholesale channels, including Philip Morris’ Open retailer platform.

    “Expanding the range in this way allows us to meet a broader spectrum of adult nicotine preferences, strengthen the role of modern oral products in the marketplace, and further our ambition of achieving a smoke-free future,” said Dor Matot, head of Zyn UK and Ireland.

    The launch is backed by a nationwide marketing campaign aimed at highlighting strength choice and attracting first-time pouch users.

  • Drew Estate Tabs New Dutch Distributor

    Drew Estate Tabs New Dutch Distributor

    Drew Estate announced that it appointed Small Batch Traders B.V. as its new distributor in the Netherlands, effective January 1, 2026, as part of its overhaul of international operations. The move follows changes to its global distribution strategy.

     “Partnering with Small Batch Traders allows us to expand our presence with a distributor that truly understands the premium segment and shares our commitment to quality, innovation, and craftsmanship,” said David Cruz Tortora, Drew Estate’s GM of International Brand Development.

  • China Boton Suspends Stock Trading

    China Boton Suspends Stock Trading

    Shares of China Boton Group Company Limited were temporarily suspended from trading on the Hong Kong Stock Exchange today (December 2025), pending the release of an announcement concerning a “very substantial disposal” under listing rules. The company said the halt is required to comply with disclosure obligations and will remain in place until further notice. Details of the proposed transaction have not yet been disclosed.

    The announcement came from board chairman Wang Mingfan, who said further information will be published once the transaction announcement is ready. Boton is one of China’s largest extract and fragrance companies, and supplies flavorings for the global tobacco and nicotine sector.

  • BAT Completes $420M Block Trade of ITC Hotel Shares

    BAT Completes $420M Block Trade of ITC Hotel Shares

    On December 4, British American Tobacco announced that its subsidiaries planned to sell between 7% and 15.3% of their shares in ITC Hotels through an accelerated bookbuild, with the exact number of shares to be determined by optimal pricing. Proceeds from the sale, CEO Tadeu Marroco said, would help BAT move toward its “target 2–2.5x net debt/EBITDA leverage” by the end of 2026.

    On December 5, the trade was completed, with 187.5 million ordinary shares going to investors by way of an accelerated bookbuild process. The Block Trade Shares represent 9% of ITC Hotels’ issued ordinary share capital, and amounted to INR 38.2 bn ($420 million). Following the trade, BAT still retains a 6.3% holding in ITC Hotels.

    Established in 1975, the business of ITC Hotels has grown to encompass over 140 hotels across more than 90 destinations in the Indian subcontinent.

  • SKE Launches 15K Puff Vape in UK

    SKE Launches 15K Puff Vape in UK

    SKE introduced its first 15,000-puff device, the SKE BAR 15K, to the UK market, aiming to drive soaring sales amid rising demand for refillable products. The launch follows the success of SKE’s 6,000-puff model, SKE CL6000, which the company said has sold tens of millions of units globally.

    The rechargeable 15K device “features a 2ml pod and 10ml e-liquid container, 16 popular flavors, a long-lasting 48-hour battery, transparent pods for monitoring e-liquid, and a smart display for user convenience.” Retailing at £12.99, with a 12ml refill at £7.99, one device “provides the equivalent of roughly 1,000 cigarettes, making it significantly more cost-effective than traditional packs.”

    Chris Dong, SKE Regional Sales Director, highlighted that the device helps smokers transition from disposables and conventional cigarettes while offering affordability. The rechargeable design also reduces environmental impact, with a single device lasting 1.5–5 months depending on usage.

  • Pakistan’s Pouch Market Reshaping Tobacco Landscape

    With a smoking rate of 19.5% and high instances of smoking-related illnesses, Pakistan is beginning to embrace the shift to lower-risk alternative products, including a quickly expanding nicotine pouch market that is not only good news for health advocates but is creating business opportunities as well.

    Philip Morris (Pakistan) Limited recently began local production of ZYN at its Sahiwal facility, following British American Tobacco’s early entrance with Velo in 2019, solidifying Pakistan as a key growth market for modern oral nicotine products. Industry momentum is being driven by strong demand from adult tobacco users seeking alternatives to cigarettes and traditional oral products such as paan, naswar, and gutka. A recent LMIC case study cited Pakistan as having the world’s largest consumer base for nicotine pouches, noting toxicant levels far lower than in conventional oral tobacco.

    Local production is boosting jobs, tax revenue, and regulatory oversight, but authorities are expected to weigh stricter age controls, product standards, and monitoring as the category scales.

  • BAT to Sell Stake in ITC Hotels to Reduce Debt

    BAT to Sell Stake in ITC Hotels to Reduce Debt

    British American Tobacco announced that its subsidiaries plan to sell between 7% and 15.3% of their shares in ITC Hotels through an accelerated bookbuild. The exact number of shares will be set to optimize pricing. Established in 1975, the business of ITC Hotels has grown to encompass over 140 hotels across more than 90 destinations in the Indian subcontinent.

    Proceeds from the sale will help BAT move toward its “target 2–2.5x net debt/EBITDA leverage” by the end of 2026. BAT’s stake in ITC Hotels arose from a recent demerger and is not considered a strategic holding, CEO Tadeu Marroco said. Final sale details will be disclosed after the transaction closes.

  • Swedish Pouch Manufacturer Opening U.S. Facility

    Swedish Pouch Manufacturer Opening U.S. Facility

    Swedish pouch manufacturer WiJo Pouches NA announced that is has been approved to establish its first U.S. manufacturing site, investing $13.5 million in Lexington County, South Carolina. WiJo Pouches North America, Inc. is expected to add 170 new jobs when it becomes operational by March 2026. The company provides contract manufacturing for nicotine, caffeine, and functional pouches.

    Lexington County Council and the South Carolina Department of Commerce supported the project, which passed council approval unanimously and faced no public opposition.

    Lexington County officials said the project strengthens the region’s international business profile, following other recent manufacturing investments from Cardiff Products, AllTape Adhesive, and Techo-Bloc, all currently under construction.