LONDON, March 2 --PRNewswire-AsiaNet/InfoQuest
2004 2003 Change
Operating profit before
goodwill amortisation and
exceptionals GBP2,830m GBP2,781m +2%
Pre-tax profit GBP1,886m GBP1,567m +20%
Adjusted earnings per share 75.83p 69.21p +10%
Dividends per share 41.90p 38.80p +8%
Operating profit, before goodwill amortisation and exceptional items, was 2
per cent higher at GBP2,830 million. The results were adversely affected by
sterling average rates strengthening against almost all currencies. At
comparable rates of exchange, operating profit, before goodwill and exceptional
items, would have risen by 7 per cent. This reflected the benefit from the ETI
acquisition and a good performance in all regions except America-Pacific.
Group volumes, including make-your-own cigarette "stix", grew by 8 per cent
to 853 billion, mainly due to additional volumes from acquisitions and the
Reynolds American transaction. Volumes include the whole of the Reynolds
American volume, as is the case with our other associated companies. Global
drive brands were 2 per cent ahead of last year.
Pre-tax profit was up 20 per cent at GBP1,886 million, reflecting higher
total operating profit and a gain on the disposal of subsidiaries compared to a
loss in 2003, while basic earnings per share rose to 52.20pence (2003
26.93pence).
Adjusted diluted earnings per share at 75.83pence were up 10 per cent,
benefiting from higher operating profit, the reduced effective tax rate, lower
minority interests and the impact of the share buy-back programme.
The Board is recommending a final dividend of 29.2pence up 8 per cent,
which will be paid on 4 May 2005.
This will take the growth in dividends for the year as a whole to 8 per
cent.
The Chairman, Jan du Plessis commented, "It has been a good year for the
Group, with all regions apart from America-Pacific achieving organic growth at
comparable rates of exchange. This demonstrates the fundamental strength
provided by British American Tobacco's successful strategy and geographical
diversity. Our goal remains to grow earnings per share, on average, by high
single figures and to pay out at least half of our earnings in dividends. Our
success over the last three years has enabled us to deliver an average total
shareholder return of 20.8 per cent a year, compared to 2.4 per cent for the
FTSE 100."
SOURCE: British American Tobacco
CONTACT: Investor Relations:
Ralph Edmondson,
+44-207-845-1180, or
Rachael Cummins,
+44-207-845-1519, or
Press Office:
David Betteridge, Teresa La Thangue or Emily Brand,
+44-207-845-2888
all of British American Tobacco
--Distributed by AsiaNet (www.asianetnews.net)--