British American Tobacco PLC released its trading statement for the first half of 2025, highlighting its performance and outlook. The company is on track to meet its financial goals for the year, with a slight improvement in revenue guidance. The US market is expected to return to growth in revenue and profit, driven by combustibles and Velo Plus performance. Velo, a modern oral product, is experiencing strong global growth, especially in the US. However, the New Categories revenue growth is impacted by illicit vapor products in the US and Canada. The company expects to accelerate revenue growth in the second half with innovations in key markets. The financial performance is supported by strong cash generation and balanced capital allocation, with a commitment to reducing leverage. The company has also partially monetized its ITC stake, increasing financial flexibility. The outlook is positive, with expected revenue growth of 1-2% and adjusted profit from operations growth of 1.5-2.5% for the full year.
| Year | Revenue | Profit from Operations | Net Finance Costs | Associates and Joint Ventures | Profit Before Tax | Taxation | Non-controlling Interests | Coupons relating to hybrid bonds net of tax | Profit attributable to shareholders |
|---|
| 2025 (Projected) | N/A | 1.5-2.5% growth | ยฃ1.8 billion | N/A | N/A | N/A | N/A | N/A | N/A |
| 2024 (Half Year) | N/A | ยฃ4,258 million | ยฃ305 million | ยฃ1,647 million | ยฃ5,600 million | ยฃ1,041 million | ยฃ67 million | ยฃ21 million | ยฃ4,471 million |
| 2024 (Full Year) | ยฃ25,867 million | ยฃ2,736 million | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The table presents a comparison of key financial metrics for British American Tobacco PLC for the projected year 2025 (as of June 2025) and the year 2024. The data for 2025 is based on projections and technical guidance provided in the trading statement, while the data for 2024 includes both half-year and full-year figures. The table includes metrics such as revenue, profit from operations, net finance costs, associates and joint ventures, profit before tax, taxation, non-controlling interests, coupons relating to hybrid bonds net of tax, and profit attributable to shareholders.