Good but could be better – 2018 no longer looks quite as rosy for BAT

British American Tobacco (BAT) has lowered its expectations of its heated tobacco and vaping products this year – but still anticipates continuing growth.

The Big Tobacco company issued an investor update report ahead of analyst and investor meetings this week. It said it now expected its 2018 revenue from heat-not-burn (HnB) and vapour products to be $900m, rather than the previously predicted $1bn.

BAT CEO Nicandro Durante said: “I am delighted with the progress we are making with our Potentially Reduced Risk Products business and we have a great pipeline of new product launches over the coming months which will build on this success. We remain on track for a strong performance in 2018.”