BAT first-half sales hurt by currency moves | Fin24
 
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BAT first-half sales hurt by currency moves

Jul 29 2015 08:58

London - British American Tobacco, the world's No 2 cigarette company, reported lower revenue for the first half of the year, hurt by currency fluctuations and people cutting back on smoking.

All big tobacco companies are grappling with falling sales in many markets due to increasing regulation, higher taxes, economic weakness and growing health consciousness.

While cigarettes remain a highly profitable business, most of the large players now also sell e-cigarettes, which heat nicotine-laced liquid into an inhalable vapour.

BAT, which makes Dunhill and Lucky Strike cigarettes, said on Wednesday revenue fell 5.9% to £6.40bn.

Excluding the impact of currency moves, revenue rose 2.4%. That compared with a rise of 1.7% in the first quarter.

Volume, which measures the amount of tobacco sold, fell 2.9%.


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