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BAT INDUSTRIES QUARTERLY REPORT TO JUNE 30, 1993

 LONDON, July 28, /PRNewswire/ --
 BAT INDUSTRIES
 SUMMARY
 SIX MONTHS RESULTS (pnds sterling)
 1993 1992 Change
 (pct)
 Continuing operations
 revenue 11,965m 10,422m +15
 (inc. exchanges managed by Farmers)
 Continuing operations
 trading profit 1,080m 777m +39
 Pre-tax profit 906m 672m +35
 Earnings per share 19.6pence 11.8p(a) +66
 Dividends per share 7.9p 7.3p(a) +8
 (a) adjusted for the 1:1 bonus issue in May 1993
 Record Group pre-tax profit of pnds 906 million up 35 per cent, with a strong performance from financial services, and tobacco benefiting from the strategic exchange of certain cigarette brands with American Brands Inc.
 Financial services total trading profit from continuing operations increased by pnds 102 million to pnds 360 million. Net written premiums, including the exchanges managed by Farmers, were higher at pnds 4,426 million.
 In the general business both Farmers and Eagle Star made further progress and trading profit from continuing operations rose to pnds 205 million (1992 pnds 117 million). The life companies, Allied Dunbar, Eagle Star and Farmers all recorded good increases in premium income and profits were 10 per cent higher at pnds 155 million.
 Tobacco trading profit amounted to pnds 623 million, which included a pnds 135 million profit from the exchange of brands. Good performances from BATCo and Souza Cruz. B and W's profit was adversely affected by developments in the highly competitive U.S. domestic market. BATCF continued to face challenging conditions.
 Chairman Sir Patrick Sheehy commented that, "For the Group as a whole, the current year is demonstrating the strategic value of having a strong position in financial services as well as in tobacco. The Board has declared an interim dividend of 7.9 pence per share, which provides shareholders with a significant increase over the current rate of inflation whilst rebuilding dividend cover."
 -0- 7/28/93
 /CONTACT: David Allvey, Group Finance Director; or Michael Prideaux, Group Public Affairs, both of BAT Industries, (From 1430-1830hrs), tel London +44 71-222 7979/


CO: BAT Industries ST: IN: SU: ERN

MC -- NYON1 -- 6542 07/28/93 05:23 EDT
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