Income Majors 2019 

British American Tobacco: puffed-up returns

British American Tobacco: puffed-up returns

British American Tobacco (BATS) disappointed investors in June when it announced that it had lost some of its share of the American cigarette market for the first time in years. The US business was said to be “performing well” despite the fact its market share by volume had declined by 10 basis points in the first half of its financial year. The news sent the shares tumbling on the day.

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