On February 9, British American Tobacco (BAT) released its full-year 2022 financial results, reporting a total revenue of £27.7 billion for the year, which marks a 7.7% year-over-year growth. The adjusted operating profit amounted to £12.4 billion.
Image source: Official websites of BAT (Baidu, Alibaba, Tencent)
The "New categories" division, comprising of electronic cigarette products, heated tobacco products, and nicotine pouches, contributed £2.9 billion in revenue in 2022, representing a 40.9% growth.
The CEO of BAT, Jack Bowles, has stated that he anticipates the "New Category" division to reach profitability in 2024, a year earlier than previously estimated.
Jack Bowles stated, "Our new category business has achieved strong growth in sales, revenue, and market share, and has become an important contributor to the group's performance. In 2022, we have invested more than £2 billion in this category to drive long-term sustainable growth, while making excellent progress in reducing operating losses by 62%.
Stay tuned for an analysis of the BAT annual report, coming soon.
Reference:
2022 Full Year Results" in journalistic English would be "The full-year financial performance of 2022".
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