The weakness of the Russian rouble and Ukrainian hryvnia clouded reported figures from British American Tobacco (BATS). But strip out currency shifts and revenue rose 2.4 per cent to nearly £7bn, driving adjusted operating profit up 1.3 per cent to £2.7bn.
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As usual, the growth was all about higher prices. Chief executive Nicandro Durante reported that volumes were down 2.9 per cent to £322bn, but that was better than the industry decline of roughly 3.5 per cent. The market is shrinking, in part due to duty-related price increases in Russia, Australia and South Korea.