- Here is a summary of regulatory releases from the London Stock Exchange on Wednesday, 27th November. Please refresh for updates.
Tobacco giant British American Tobacco (LON:BATS) said it’s “on track for a strong year”, with adjusted revenue growth and operating profit both in the upper half of their respective target ranges.
- Earnings per share are expected to rise by just under 10%, helped by a 120-basis point contribution from currency effects. That will reverse into a headwind of 200 basis points next year, it said.
- In a pre-close trading statement, the company shaved its forecasts for growth in its new-generation tobacco products but was unfazed by recent moves in the U.S. to crack down on various new forms of nicotine consumption.
- “We believe that the issues around vaping in the U.S. should lead to a better and stronger regulatory environment in which we are well placed to succeed.”
- It still expects U.S. consumption of tobacco to fall around 5.5% this year, and by 4%-6% next year, but has managed to keep its own sales declining at a slower rate. It has raised its market share in the U.S. by 30 basis points so far this year.
- Pub owner and brewer Marston’s (LON:MARS) said it's on track to meet its target of cutting debt by 200 million pounds ($258 million) by 2023 after reporting a pretax loss of 20 million pounds in the year through September. Underlying earnings per share fell to 13.5 pence but the company held its dividend at 4.8p.
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The brewer has been reshuffling its asset portfolio against a background of steady decline in the pub business and has benefited more than many from direct sales of its beers to supermarkets and off-licenses. Total volumes in brewing rose 1% on the year.
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Marston’s also said its sharpened focus on food-led pubs is starting to bear fruit, adding that it’s “well prepared” going into the crucial holiday season.
Drinks maker Britvic (LON:BVIC) raised its dividend by 6.4% to 30 pence a share after a 2.8% rise in revenue and a 20 basis point improvement in operating margins.
Net profit fell to 80.9 million pounds, while adjusted earnings per share rose 6.2% to 59.8p, slightly below estimates.
“While the current macro-economic environment remains uncertain, we do expect to make further progress in 2020,” Chief Executive Simon Litherland said in a statement.
