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News Release

Half-yearly report to 30 June 2011

27 July 2011

Six months results - unaudited
  2011 2010 Change
Revenue £7,438m £7,298m +2%
Profit from operations £2,691m £2,271m +18%
Adjusted profit from operations £2,760m £2,460m +12%
Basic earnings per share 94.5p 76.9p +23%
Adjusted diluted earnings per share 96.1p 87.1p +10%
Interim dividend per share 38.1p 33.2p +15%

  • The Group’s organic revenue at constant rates of exchange grew by 7 per cent with continued good pricing momentum. Reported Group revenue was up 2 per cent.

  • Adjusted Group profit from operations increased by 12 per cent. All the regions contributed to this good profit result. The reported profit from operations was 18 per cent higher at £2,691 million. The adjusting items are explained on pages 23 to 24.

  • Group volumes were 344 billion, down 1 per cent as the overall market share of the Group increased and industry volume decline moderated.

  • The four Global Drive Brands achieved good overall volume growth of 11 per cent. Dunhill was up 1 per cent, Kent 16 per cent, Lucky Strike 8 per cent and Pall Mall grew by 14 per cent.

  • Adjusted diluted earnings per share rose by 10 per cent, principally as a result of the growth in profit from operations, reduced by a higher tax charge. Basic earnings per share were up 23 per cent at 94.5p (2010: 76.9p).

  • The Board has declared an interim dividend of 38.1p, a 15 per cent increase on last year, to be paid on 28 September 2011.

  • 13 million shares were bought back at a cost of £335 million.

  • The Chairman, Richard Burrows, commented “With continued pricing momentum, an increase in market share and the rate of volume decline moderating, we are on track for another very good year.”

Half-yearly report to 30 June 2011 - full announcement (240 kb)


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