- Significant growth in non-traditional categories
- First half sees margin pressure
Jacek Olczak, chief executive of Philip Morris International (NYSE: PM), recently urged the UK government to ban cigarettes within a decade, as he seeks to reposition the tobacco giant as a ‘wellness’ company – whatever that is. It’s a curious position to take, but it is linked to the change in the group’s product offering in favour of a smoke-free portfolio.
That dynamic is well understood by bosses at British American Tobacco (BATS). The group has just posted better-than-expected revenue for the first half of the year after adding a record number of new customers for its vaping products.