Underlying medium-term group targets were broadly unchanged, with BAT reiterating its expectations for 3-5% revenue growth and 4-6% operating profit growth.
The framework assumes 1-2% annual combustibles revenue growth with New Category growth now expected in the mid-teens. By the end of the decade New Category margins are expected to reach at least 30%.
The shares ended the day down 1.9%.
Our view
HL view to follow.
British American Tobacco key facts
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