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B.A.T. INDUSTRIES ANNOUNCES PRELIMINARY RESULTS

 B.A.T. INDUSTRIES ANNOUNCES PRELIMINARY RESULTS
 LONDON, March 18 /PRNewswire/ -- B.A.T. Industries plc (AMEX: BTI)


today issued their results for the year ended Dec. 31, 1991. A summary follows:
 B.A.T. INDUSTRIES PLC
 (In millions of pounds sterling, except per share values)
 Year ended Dec. 31: 1991 1990 Percent change
 Continuing operations
 - Revenue (A) 19,569 18,170 + 8
 Pre-tax profit 1,050 945 +11
 Earnings per share (pence) 27.9p 23.0p +21
 Dividends per share (pence) 33.6p 31.1p + 8
 (A) -- Including exchanges managed by Farmers
 -- 1991 was a year of recovery. The 8 percent growth in revenue was particularly pleasing in a testing year for business worldwide.
 -- Pre-tax profit was up 11 percent and earnings per share were up 21 percent.
 -- Tobacco trading profit was up 14 percent at 1,075 million pounds sterling and broke the 1 billion pounds barrier for the first time. Cigarette volumes increased by 3 percent with buoyant sales of international brands. Exports were up 24 percent.
 -- Financial services showed a trading profit of 232 million pounds from continuing operations, with good performances from Farmers, Allied Dunbar and Eagle Star Life. There was a profit of 254 million pounds from the group's life businesses. In the general businesses, total losses amounted to 22 million pounds from continuing operations and 91 million pounds from discontinued operations, due to problems at Eagle Star.
 -- The company's financial strength was maintained with net debt/equity ratio of 52 percent at year end.
 -- The board recommend a final dividend of 11.2 pence, making a total for the year of 33.6 pence, up 8 percent. This demonstrates the board's continuing commitment to dividend increases substantially in excess of the rate of inflation.
 -0- 3/18/92
 /CONTACT: Martin Broughton, senior finance director, or David Allvey, finance director of B.A.T. Industries, in London: 44-71-222-7979/
 (BTI) CO: B.A.T. Industries plc ST: IN: TOB SU: ERN


TS -- NY005 -- 9014 03/18/92 06:17 EST
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Date:Mar 18, 1992
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