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British American Tobacco (BAT) reported a drop in revenue in the first half of the year, offset by the continued growth of new categories. New-category revenue is expected to be weighted to the second half of 2024, driven by the phasing of new launches.
Recently, the company received US Food and Drug Administration (FDA) marketing authorisation for its Vuse Alto device and tobacco-flavour consumables. “However, the continued lack of enforcement against illicit single-use vapour products in the US, compounded by the sale of our businesses in Russia and Belarus in 2023, means that new category revenue is likely to be below our £5 billion ambition in 2025,” said CEO Tadeu Marroco.
