British American Tobacco - FYR 2022: accelerating progress towards
A Better Tomorrow™

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10 February 2023

FYR 2022: accelerating progress towards
A Better Tomorrow™

10 February 2023

BAT's 2022 Full-Year Results demonstrate how we are accelerating the transformation of our business.

That was the view of our Chief Growth Officer Kingsley Wheaton as he spoke to the media following our results announcement yesterday.

Talking to Times Radio in the UK (see link below), Kingsley highlighted how we had brought our New Category profitability targets forward a year to 2024. This followed results that showed our New Categories revenue grew by 37%*, while we added a further 4.2 million consumers of our non-combustible product consumers to reach 22.5m. Non-combustible products now make up 14.8% of Group revenue.

Kingsley told Times Radio Business Presenter Dominic O’Connell: “We’ve made great progress. We’re investing heavily in R&D and innovation and our portfolio of products gets better and better.”

Soon after, on the Ian King Show on Sky News (see video above), Kingsley pointed to how we had grown our New Category business from £2bn revenue to nearly £3bn in 2022.

And he called on regulators and governments around the world to work together to boost progress on Tobacco Harm Reduction.

Kingsley said: “As you go around the world, you’ll find that some regulatory regimes are more positive towards THR than others. But if the world wants to reduce the amount of cigarettes smoked, then that progressive regulation needs to come to the fore.”

* at constant rates of exchange