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.
In particular, the company increased its organic new-category contribution by £165m (at constant rates) in the first half of 2024, with significant growth of modern oral – a category with a fast-developing global footprint. The London-based company expects to deliver further improvements in revenue and profitability across its new categories for the full year.
