BAT blames strong pound for half year profits

Manufacturing News, Source : TheManufacturer.com
Published : 28 Jul 2004 9:33

The world's second-biggest cigarette manufacturer BAT, has announced first half pretax profits at well below the expected figure.

BAT reached £941 million, compared to the same time last year when it reached £755 million. Analysts' forecasts believed it would reach more than £1 billion.

It seems the strong pound is the biggest contributing factor.

First half operating profit, before exceptionals, was up by just one per cent at £1.346 billion and adjusted earnings per share amounted seven per cent ahead, at 33.91 pence.

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