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BAT keeps puffing

Changeable economic and regulatory conditions had no visible effect on BAT 's results as the maker of Lucky Strike, Kent and Pall Mall cigarettes continues to grab market share in emerging economies. This helped to slow down the decline of cigarette sales volumes, which fell by only 0.4 per cent last year – better than the rest of the industry. A doubling of share buy-backs to £1.25bn looks well supported by annual free cash flow of £3.3bn and underlines how BAT's global presence gives it immense earnings power.

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By Julian Hofmann,
23 February 2012

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