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British American Tobacco PLC: Interim Report To 30 June 2008

Contributor:
Fuseworks Media
Fuseworks Media
British American Tobacco PLC: Interim Report To 30 June 2008

LONDON, July 31 /PRNewswire-AsiaNet/ -

SUMMARY

SIX MONTHS RESULTS 2008 2007 Change

- unaudited

Revenue GBP5,457m GBP4,725m +15%

Profit from GBP1,724m GBP1,492m +16%

operations

Basic earnings per 62.48p 52.94p +18%

share

Adjusted diluted 62.02p 53.51p +16%

earnings per share

Interim dividend 22.1p 18.6p +19%

per share

- The reported Group revenue increased by 15 per cent to

GBP5,457 million as a result of favourable exchange,

improved pricing and a better product mix. Revenue would

have increased by 6 per cent at constant rates of

exchange.

- The reported profit from operations was 16 per cent

higher at GBP1,724 million with a similar increase if

exceptional items are excluded. All regions except Latin

America contributed to this strong result. Profit from

operations, excluding exceptional items, would have been

7 per cent higher at constant rates of exchange.

- Group volumes from subsidiaries were 334 billion, an

increase of 1 per cent, mainly as a result of the good

performances by the four Global Drive Brands, which

achieved overall volume growth of 20 per cent with around

a third of the rise coming from brand migrations.

- Adjusted diluted earnings per share rose by 16 per cent,

principally as a result of the strong growth in profit

from operations and favourable exchange movements.

- The Board has declared an interim dividend of 22.1p, a 19

per cent increase on last year, to be paid on 17

September 2008.

- The acquisitions of Tekel and Skandinavisk Tobakskompagni

were completed on 24 June 2008 and 2 July 2008

respectively and neither had any material impact on the

profit from operations for the six months to 30 June

2008.

- The Chairman, Jan du Plessis, commented "These very good

interim results demonstrate the strength of British

American Tobacco's business, as a result of the excellent

growth from our Global Drive Brands, our leading market

positions and our broad geographic spread. While not

immune from the consequences of an economic slowdown, we

can certainly look to the future with more confidence

than most."

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