British American Tobacco Plc Thursday released the Interim Management Statement for the three months ended 31 March 2012, stating that the Group Revenue witnessed a 6 percent growth during the period in review, at constant exchange rates.
The company attributed volume growth, improving mix and good pricing as the primary reason for the increase in Group Revenue during the three-month period.
The tobacco company stated that, at current exchange rates, organic revenue grew by 4%, as movements in some of the Group’s trading currencies adversely impacted revenues.
British American Tobacco further added that it had esumed an on-market share buy-back programme from the end of February 2012, and for the quarter ended 31 March 2012, it had bought 5 million shares at a total cost of 150 million pounds.
Nicandro Durante, Chief Executive, commented “We have grown volumes and Global Drive Brands and have achieved good growth in revenue, with continued pricing momentum, although currency headwinds have adversely affected results. It is a strong start to another year of anticipated good earnings growth.”
- BAT posts US$2m profit
- British American Tobacco profits increase amid higher prices
- Societe Generale Analysts Downgrade British American Tobacco Shares to “Hold” (BTI)