BATS Half Yearly Report.

[idpickering]

We are on track to deliver another good financial performance in 2019, including high single figure adjusted earnings growth, at constant rates of exchange.
Highlights at constant rates of exchange unless otherwise stated include:
• Group adjusted revenue grew 4.1% driven by price/mix and growth in New Categories;
• Value share1 grew 10 bps, with volume share2 recovering to be in line with 2018, while reducing portfolio complexity to realise efficiency gains;
• New Categories adjusted revenue grew 27% to £531 million with growth in all categories, and is on track, in 2019, to reach the middle of the Group’s stated 30-50% growth range per annum through 2023/24;
• Adjusted profit from operations up 5.9%, with growth in all regions, and adjusted operating margin (at current rates) higher by 110 bps while significantly increasing the investment in New Categories;
• In the US, adjusted revenue grew 3.7% and adjusted profit from operations was 11.2% higher, with the roll-out of Velo progressing well and the US$400 million of synergies arising from the acquisition of RAI expected to be fully realised in 2019, 12-months ahead of schedule;
• Adjusted diluted earnings per share (EPS) up 7.1%, or 8.8% at current rates; and
• Operating cash flow conversion of 66%, at current rates.”

https://www.bat.com/group/sites/uk__9d9 ... penelement

[Walrus101]

We are on track to deliver another good financial performance in 2019, including high single figure adjusted earnings growth, at constant rates of exchange.
Highlights at constant rates of exchange unless otherwise stated include:
• Group adjusted revenue grew 4.1% driven by price/mix and growth in New Categories;
• Value share1 grew 10 bps, with volume share2 recovering to be in line with 2018, while reducing portfolio complexity to realise efficiency gains;
• New Categories adjusted revenue grew 27% to £531 million with growth in all categories, and is on track, in 2019, to reach the middle of the Group’s stated 30-50% growth range per annum through 2023/24;
• Adjusted profit from operations up 5.9%, with growth in all regions, and adjusted operating margin (at current rates) higher by 110 bps while significantly increasing the investment in New Categories;
• In the US, adjusted revenue grew 3.7% and adjusted profit from operations was 11.2% higher, with the roll-out of Velo progressing well and the US$400 million of synergies arising from the acquisition of RAI expected to be fully realised in 2019, 12-months ahead of schedule;
• Adjusted diluted earnings per share (EPS) up 7.1%, or 8.8% at current rates; and
• Operating cash flow conversion of 66%, at current rates.”

https://www.bat.com/group/sites/uk__9d9 ... penelement

I know we all prefer discussing doom and gloom But are these not a pretty impressive set of results?

[Darka]

I know we all prefer discussing doom and gloom But are these not a pretty impressive set of results?

They are indeed very good and I'm happy to hold.

[idpickering]

They are indeed very good and I'm happy to hold.

Me too. In fact I’ve topped up three times over recent months, although I’m not intending on buying more at the moment, as I’ve spent enough there already. FWIW, I’ve topped up Imperial Brands four times in the last year or so too.

Ian.

[Darka]

I already have a full holding of BATS already, but did buy some more Imperial Tobacco this morning.

[csearle]

I'm in Zurich and feel able to report that, based on the stench outside every restaurant, the dividends from tobacco firms are assured for at least a generation.

Chris

[Walrus101]

I'm in Zurich and feel able to report that, based on the stench outside every restaurant, the dividends from tobacco firms are assured for at least a generation.

Chris

Funny you should mention that. I was there in March and thought exactly the same.