British American Tobacco (BAT) saw its new category products achieve profitability two years ahead of schedule supported by rapid growth in its Velo nicotine pouch, though the company also saw some cannibalisation of sales of its Glo heated tobacco brand by disposable vaping products.
Overall, BAT’s alternative products contributed £398m to group profits (at constant rates of exchange) last year, the company said during the presentation of its 2023 full-year results.
