Delivering today
Investing in

Shop keeper reaching for a cigarette packet
Scientist in a laboratory
Worker handling dried tobacco leaves

2015 overview

Chairman Richard Burrows

Excellent underlying

"Your Company continued to perform very strongly in 2015, despite challenging conditions persisting across many markets"

Richard Burrows

Chairman’s introduction (PDF 0.5mb)
CE Nicandro Durante

A strategy that
consistently delivers

"We delivered outstanding results in 2015, against a very challenging external environment"

Nicandro Durante
Chief Executive

Chief Executive’s review (PDF 0.5mb)

Our year in numbers


  1. Constant currency provides the information based on a re-translation, at prior year exchange rates, of the current year information.
  2. Adjusted profit from operations is derived after excluding the adjusting items from the profit from operations. These items include restructuring and integration costs, amortisation and impairment of trademarks and similar intangibles, a gain on deemed partial disposal of a trademark and a payment and release of provision relating to non-tobacco litigation.
  3. Estimate to exclude transactional foreign exchange.

Our global business

British American Tobacco was founded in 1902 and was first listed in 1912. Today, we are one of the top 10 companies on the London Stock Exchange. We also have a secondary listing on the Johannesburg Stock Exchange.

We make the cigarettes chosen by around one in eight of the world’s one billion adult smokers and are market leaders in more than 55 countries.

We continue to deliver value to shareholders today while investing in our markets, our brands, our new product categories and our people to ensure a sustainable future for our business.

Our products

Worker inspecting cigarettes
Traditional tobacco range

Our core tobacco product range comprises cigarettes, Fine Cut (roll-your-own and make-your-own tobacco), Swedish-style snus and cigars. Utilising insights from our consumers, we continue to develop high-quality products and market-leading innovations to differentiate our brands.

Person removing e-cigarette from packet
Next Generation Products

Investment in building a portfolio of innovative new tobacco and nicotine-based products continues alongside our traditional tobacco business. These Next Generation Products include: Vapour Products (e-cigarettes), battery-powered electronic devices which heat a solution to create a vapour which can be inhaled; Tobacco Heating Products, devices designed to work with specifically engineered cartridges, containing tobacco, to deliver a real tobacco taste and aroma; and Licensed Medicinal Products, licensed nicotine products to help smokers reduce, replace or stop.

Our Global Drive Brands in 2015

Our five Global Drive Brands (GDBs) had another successful year in 2015, growing volume and share in Key Markets.

Share and volume

Dunhill logo


Dunhill’s roots date back to 1907 when Dunhill Tobacco of London Limited was established on Gentlemen’s Row. More than a century later, Dunhill is our premium international brand, embodying perfect taste, always.




2014: 55bn

Market Share

+30 bps



Number of markets
where Dunhill is sold

Kent logo


Kent symbolises progress through technology in the cigarette category and stands out as the most innovative and forward-looking brand in the industry. It is a pioneering brand, which has led the way since 1952.




2014: 64bn

Market Share




Number of markets
where Kent is sold

Lucky Strike logo

Lucky Strike

Based on its rich legacy dating back to 1871 when the brand was created by its founder RA Patterson, Lucky Strike stands for the true and original American cigarette.




2014: 31bn

Market Share

+10 bps



Number of markets
where Lucky Strike is sold

Pall Mall logo

Pall Mall

Pall Mall is the third biggest cigarette brand in the world. For more than 115 years its core proposition has been centred on offering adult smokers round the world a combination of value and high quality.




2014: 92bn

Market Share

+10 bps



Number of markets
where Pall Mall is sold

Rothmans logo


Rothmans is an iconic brand established in London in 1890. A timeless classic with high-quality standards, Rothmans is finding increasing appeal among adult smokers worldwide thanks to a contemporary proposition.




2014: 36bn

Market Share

+70 bps



Number of markets
where Rothmans is sold

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Our global performance

Adjusted profit from operations grew strongly at constant rates of exchange. As reported profit can be materially affected by exchange rate movements, the regional performance is presented at constant rates of exchange.






2014: 131bn

Revenue at CC2



2014: £2,990m




2014: £1,286m

Profit1 at CC2



2014: £1,286m


Western Europe




2014: 112bn

Revenue at CC2



2014: £3,359m




2014: £1,189m

Profit1 at CC2



2014: £1,189m


Eastern Europe, Middle East and Africa




2014: 227bn

Revenue at CC2



2014: £3,749m




2014: £1,380m

Profit1 at CC2



2014: £1,380m






2014: 197bn

Revenue at CC2



2014: £3,873m




2014: £1,548m

Profit1 at CC2



2014: £1,548m


  1. Profit refers to adjusted profit from operations and is derived after excluding the adjusting items from the profit from operations. These items include restructuring and integration costs, amortisation and impairment of trademarks and similar intangibles, a gain on deemed partial disposal of a trademark and a payment and release of provision relating to non-tobacco litigation.
  2. Constant currency (CC) provides the information based on a re-translation, at prior year exchange rates, of the current year information.

Our people

Two people looking at a laptop screen

We employ more than 50,000 people worldwide who work in an array of environments, from city offices to factories, from remote farms to research laboratories.

The international nature of our business is reflected in the diverse range of nationalities of our people – in 2015, for example, 69 nationalities were represented at our London head office.

We are also proud to partner with some 90,000 independent tobacco farmers worldwide. Whilst we do not employ them directly, they represent an important part of our business.

Our sustainable approach

Worker in a tobacco field

Our Sustainability Agenda is about creating shared value for both our shareholders and our stakeholders in wider society, focusing on the three key areas which have the greatest significance to our business and our stakeholders:

  • Harm reduction: We are committed to researching, developing and commercialising potentially less risky alternatives to regular cigarettes.

  • Sustainable agriculture and farmer livelihoods: We are committed to working to enable prosperous livelihoods for all farmers who supply our tobacco leaf.

  • Corporate behaviour: We are committed to operating to the highest standards of corporate conduct and transparency.

Our vision and strategy

Our strategy enables our business to deliver growth today, while ensuring we generate the funds to invest in our future. Tobacco remains at the core of our business and will continue to provide us with opportunities for growth. We are also committed to leading the Next Generation Product category globally.

Freedom through responsibility Strength from diversity Open minded Enterprising spirit
Growth Sustainability Winning organisation Productivity
Champion informed consumer choice Delivering our commitments to society
World's best
at satisfying consumer
moments in tobacco and beyond

Our vision

World’s best at satisfying consumer moments in tobacco and beyond.

Satisfying consumer moments

We believe that by being the world’s best at satisfying consumer moments, we will become the leader in our industry. Consumers are at the core of everything we do and our success depends on addressing their evolving concerns, needs and behaviours.

Tobacco and beyond

The second part of our vision – tobacco and beyond – recognises the strength of our traditional tobacco business and the opportunities we see in Next Generation Products. This is a great potential business opportunity because consumers are looking for choices and product categories in which we are uniquely placed to succeed.

Our mission

Delivering our commitments to society, while championing informed consumer choice.

Champion informed consumer choice

We need to continue to ensure that our adult consumers are fully aware of the choices they are making when they purchase our products. We recognise that we have a responsibility to offer a range of products across the risk continuum, but we will also defend people’s right to make an informed choice.

Deliver our commitments to society

As society changes and priorities and needs shift, we must be ready to meet new challenges and take advantage of new opportunities. We are a major international business and with this status comes responsibilities such as developing less risky products, being open about the risks of all our products, supporting agricultural communities in leaf-growing areas worldwide and minimising our impact on the environment.

Strategic focus areas

The foundations upon which our strategy is built have been in place for many years, but we continue to refocus our activities in all four areas and constantly review our ways of working.


Developing brands, innovations and new products to meet consumers’ evolving needs.


Effectively deploying resources to increase profits and generate funds for investment.

Winning organisation

Ensuring we have great people, great teams and a great place to work.


Ensuring a sustainable business that meets stakeholders’ expectations.

Guiding principles

Our Guiding Principles provide clarity about what we stand for. They form the core of our culture and guide how we deliver our strategy.

Enterprising Spirit

We value enterprise from all of our employees across the world, giving us a great breadth of ideas and viewpoints to enhance the way we do business. We have the confidence to passionately pursue growth and new opportunities while accepting the considered entrepreneurial risk that comes with it. We are bold and strive to overcome challenges. This is the cornerstone of our success.

Open Minded

Our corporate culture is a great strength of the business and one of the reasons we have been, and will continue to be, successful. We are forward-looking and anticipate consumer needs, winning with innovative, high- quality products. We listen to, and genuinely consider, other perspectives and changing social expectations. We are open to new ways of doing things.

Freedom Through Responsibility

We give our people the freedom to operate in their local environment, providing them with the benefits of our scale but the ability to succeed locally. We always strive to do the right thing, exercising our responsibility to society and other stakeholders. We use our freedom to take decisions and act in the best interest of consumers.

Strength from Diversity

Our management population comprises people from approximately 140 nations, giving us unique insights into local markets and enhancing our ability to compete across the world. We respect and celebrate each other’s differences and enjoy working together. We harness diversity – of our people, cultures, viewpoints, brands, markets and ideas – to strengthen our business. We value what makes each of us unique.

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