According to industry media outlet Journalnow's recent report, British American Tobacco expressed confidence once again on Wednesday in its product portfolio consisting of no-smoke nicotine and tobacco products led by the American e-cigarette brand Vuse.
According to the financial update for the tobacco company's 2023 fiscal year, it is expected that the new product category will achieve "rough breakeven" in 2023, two years ahead of the initial projections.
The confidence of British American Tobacco in e-cigarettes, glo heated tobacco, and oral products is increasing, and it is expected that the sales of these products will account for 50% of its revenue by 2035. Currently, Vuse products are already available in 50 global markets.
British American Tobacco has also confirmed that it expects to achieve its projected earnings growth guidance of 3% to 5% in the fiscal year 2023. The company intends to release its financial report for the 2023 fiscal year in February 2024.
Tadeu Marroco, who was promoted to President and CEO of British American Tobacco in May, expressed his encouragement at the strong performance and significant revenue and profit growth driven by sales of Vuse and Velo. Additionally, the company is continuing to drive the recovery of its traditional cigarette sales in the United States.
He stated, "We have clearly stated that the recovery of the incendiary products in the United States will take time." However, he is confident in the actions to be taken, believing that this will strengthen the company's product portfolio in the long term.
Marlboro stated that British American Tobacco has completed a thorough and comprehensive review of its business in the United States.
He stated, "As a result, we have already started and will continue to invest in improving our investment portfolio management, strengthening our market channels, and further expanding our extensive, digitally-driven revenue growth management capabilities. We believe this will bring greater resilience during economic cycles."
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