British American Tobacco: results of 2022

#industry news

«…We continue to accelerate our A Better Tomorrow™ transformation at speed.

Driven by our strong New Category momentum, (with revenue approaching £3bn), we are confident in our £5bn revenue target by 2025, and now expect New Category profitability in 2024, one year ahead of plan…

…Our New Category business delivered strong volume, revenue and market share growth and has become a significant contributor to the Group's financial delivery. In 2022, we invested more than £2bn in New Categories to drive long-term sustainable growth, while making excellent progress in reducing operating losses by 62%...

After a comprehensive strategic analysis, we decided to further simplify the Group by reducing the number of regions and business units.

At the same time, our new operating model based on market archetypes will allow us to intelligently prioritize our investments and focus our activities and resource allocation on maximizing profits.

In addition, we expect to sell at least 20 billion fewer cigarettes after completing our phased withdrawal from about 30 markets, which will further advance our goal of A Better Tomorrow™…

...I am also pleased to confirm that we are conducting preliminary negotiations with a joint consortium of managers and distributors with a view to completing the transfer of our Russian and Belarusian business in 2023...»