Half-yearly report to 30 June 2012

• The Group’s organic revenue at constant rates of exchange grew by 4 per cent as a result of continued good pricing momentum. Reported Group revenue was in line with last year as a result of adverse exchange rate movements.
•  Adjusted Group profit from operations increased by 3 per cent and 6 per cent at constant rates of exchange.
•  The reported profit from operations was 2 per cent higher at £2,740 million. The adjusting items are explained on pages 24 to 25.
•  Group volumes were 344 billion, in line with last year. This strong performance was achieved against a comparator period which benefited from one-off events in Japan.
•  The four Global Drive Brands achieved good volume growth of 4 per cent. Dunhill was up 3 per cent, Kent 2 per cent, Lucky Strike 19 per cent and Pall Mall grew by 3 per cent.
•  Adjusted diluted earnings per share rose by 7 per cent, principally as a result of the growth in profit from operations. Basic earnings per share were up 5 per cent at 98.9p (2011: 94.5p).
•  The Board has declared an interim dividend of 42.2p, an 11 per cent increase on last year, to be paid on 26 September 2012.
•  18 million shares were bought back at a cost of £553 million, excluding transaction costs.
•  The Chairman, Richard Burrows, commented “Despite the global economic uncertainty and the adverse impact of exchange rates, British American Tobacco has delivered another good set of results. The underlying business continues to perform well and we are confident of another year of good earnings growth.”
   

Half-yearly report to 30 June 2012 - Full announcement (400 kb)