British American Tobacco p.l.c :Quarterly Report to 30 September 2008.LONDON, October 30 /PRNewswire-FirstCall/ --
SUMMARY NINE MONTHS RESULTS - 2008 2007 Change unaudited Revenue GBP8,704m GBP7,312m 19% Profit from operations GBP2,714m GBP2,304m 18% Basic earnings per share 95.49p 82.67p 16% Adjusted diluted earnings 95.97p 82.00p 17% per share
The reported Group revenue increased by 19 per cent to GBP GBP
In currencies, this is the abbreviation for the British Pound.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 8,704m as a result of favourable exchange rate movements, improved pricing, better product mix and the acquisitions of Tekel and Skandinavisk Tobakskompagni (ST) mid year. Revenue would have increased by 9 per cent at constant rates of exchange.
The reported Group profit from operations was 18 per cent higher at GBP2,714 million, up 20 per cent if exceptional items are excluded, with all regions contributing to this strong result. Profit from operations, excluding exceptional items, would have been 10 per cent higher at constant rates of exchange, with Latin America the only region lower.
Group volumes from subsidiaries were 524 billion, up 4 per cent, a combination of organic volume growth of over 1 per cent and the benefits from the two acquisitions. The four Global Drive Brands continued their strong performance and achieved overall volume growth of 17 per cent with around a quarter of the rise coming from brand migrations.
Adjusted diluted earnings per share diluted earnings per share
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of rose by 17 per cent, principally as a result of the strong growth in profit from operations and favourable exchange movements. Basic earnings per share was 16 per cent higher at 95.49p (2007: 82.67p).
The Chairman, Jan du Plessis Jan du Plessis (born 1954) is the non-executive Chairman of British American Tobacco's board of directors, and a non-executive director of the Lloyds TSB Group. , commented, "Although there is general concern about the prospects for the world economy and consumer behaviour over the next couple of years, these results demonstrate that there has been no discernable effect on British American Tobacco British American Tobacco Plc (LSE: BATS, AMEX: BTI, KLSE: BAT) is the second largest listed tobacco company in the world. It is based in London, England and is a constituent of the FTSE 100 Index with a market capitalisation of over £29 billion as of June 2005. . Moreover, the impact of any consumer downturn on our business should be mitigated by our balanced and innovative brand portfolio covering all consumer price points. In addition, we continue to benefit from the extent of our geographic diversity, which will also help to protect shareholders from the impact of volatility in the foreign exchange markets."
CONTACT: Enquiries: Investor Relations Investor relations
The process by which the corporation communicates with its investors. : Ralph Edmondson/Rachael Brierley, +44(0)20-7845-1180, +44(0)20-7845-1519; Press Office: David Betteridge/Kate Matrunola/Catherine Armstrong, +44(0)20-7845-2888