LONDON, April 29 -- PRNewswire / AsiaNet
SUMMARY
2003 2002 Change
Operating profit
pre-goodwill amortisation 612m pounds 617m pounds -1%
Pre-tax profit 464m pounds 463m pounds --
Adjusted earnings per share 14.54p 13.95p +4%
-- Operating profit, excluding goodwill amortisation, was 1 per cent lower at 612 million pounds sterling reflecting very competitive conditions in the US and the weakness of a number of currencies. At comparable rates of exchange, operating profit would have risen by 2 per cent.
-- The growth in volume for the Group's global drive brands has continued, with Dunhill, Kent, Lucky Strike and Pall Mall up a combined 15 per cent. International brands as a whole grew 4 per cent, while the Group's total volumes were fractionally ahead.
-- Adjusted diluted earnings per share rose by 4 per cent to 14.54p, benefiting from reduced net interest costs and a lower effective tax rate.
-- The Group has initiated an on-market share buy-back programme. Until the beginning of a close period at the end of March, some 18 million shares were bought at a cost of around 108 million pounds, representing a solid start to the programme. It is intended to continue the programme following today's announcement.
-- The Chairman, Martin Broughton, commented, "Bearing in mind the state of the world economy and the difficult trading environment in the US, this is a very resilient performance. There is no doubt that 2003 will be a challenging year for businesses generally. We entered the year in a strong competitive position and are performing in line with expectations."
SOURCE British American Tobacco p.l.c.
CONTACT: Investor - Ralph Edmondson, +44-20-7845-1180, Rachael Cummins,
+44-20-7845-1519; Press - David Betteridge, Sarah Corbey, or Ann Tradigo,
+44-20-7845-2888, all of British American Tobacco p.l.c.
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