Half Year Results 

BATS sticks to dividend ratio pledge

BATS sticks to dividend ratio pledge

British American Tobacco (BATS) has maintained its outlook for 2020, including its commitment to a 65 per cent dividend payout ratio. For the first half, consumption trends in developed markets – which constitute three-quarters of group revenues – were “robust”, in a sign that the virus-induced financial crisis has not yet prompted customers to trade down to cheaper products. Cigarette volume share rose by 0.5 percentage points overall.

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