Earnings Estimates Confirmed
British American Tobacco PLC
5 December 2001
CONFIRMATION OF EARNINGS ESTIMATES
British American Tobacco will shortly be meeting analysts and investors prior
to the end of its financial year and is therefore making the following
statement. The Board is re-affirming its confidence in delivering high single
figure earnings growth in line with market estimates for 2001 and, at current
exchange rates, for 2002.
This continued growth should be achieved despite an expected reduction of some
2-3% in volumes in 2002. Economic conditions will have an impact on Group
performance in the coming year and the Group's operational management have
reviewed their procedures and decided to apply even more stringent criteria
for the supply of products to trade customers, especially in the area of
duty-free sales.
The net impact is that the rate of operating profit growth is likely to be
lower than market estimates. As mentioned above, however, adjusted diluted
earnings per share should still increase in line with market expectations of
high single figure growth, as a result of improvements in the net interest,
minorities and tax charges.
The business remains buoyant and the Board is confident of continuing to
generate similar growth in earnings per share over the medium term and expects
dividend growth to continue at current levels.
Enquiries:
Investor Relations:
Ralph Edmondson
Tel: 020 7845 1180
Press Office:
Dave Betteridge
Tel: 020 7845 2888
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