This announcement contains inside
information
For
immediate release
BAT PLC
Response to Recent
Speculation
BAT PLC ("BAT") notes the recent
press speculation relating to a potential disposal of part of its
shareholding in ITC Limited ("ITC"). BAT confirms that it is
evaluating a possible disposal of a small part of BAT's
shareholding in ITC by means of an on-market block trade. There can
be no certainty that any such transaction will proceed, nor can
there be any certainty as to the terms of any potential
transaction. A further announcement will be made if and when
appropriate.
The person responsible for arranging
for the release of this announcement on behalf of BAT PLC is
Caroline Ferland, Group Company Secretary.
ENQUIRIES
Media Centre
+44 (0) 20 7845 2888 (24 hours) | press_office@bat.com
| @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012 | IR_team@bat.com
About BAT
BAT is a leading, multi-category
consumer goods business. Our purpose is to create A Better
Tomorrow™ by Building a Smokeless World. This commitment is
demonstrated by our ambition to generate 50% of our revenue from
non-combustible products by 2035.
The company continues to be clear
that combustible cigarettes pose serious health risks, and the only
way to avoid these risks is not to start or to quit. To help Build
a Smokeless World, BAT encourages those who would otherwise
continue to smoke to switch completely to
scientifically-substantiated alternatives.
BAT aims to have 50 million
consumers of its non-combustible products by 2030 and to generate
£5 billion of New Categories revenue by 2025. BAT has a range of
Sustainability targets, including a 50% reduction in Scope 1 and 2
GHG emissions and a 50% reduction in Scope 3 GHG emissions by 2030
(vs 2020 baseline), and 100% of packaging to be reusable,
recyclable or compostable by 2025.
BAT employs over 46,000 people and,
in 2023, the BAT Group generated revenue of
£27.28 billion, with an adjusted profit from operations of £12.46
billion.
The company's Strategic Portfolio is
made up of its global cigarette brands and a growing range of
nicotine and smokeless tobacco products. These include our Vapour
brand Vuse; our Heated Product brand glo; and Velo our Modern Oral
(nicotine pouch) brand. These New Category products have delivered
more than £3 billion in annual revenue since their introduction a
decade ago.
We currently have 24 million
consumers of non-combustible products, the revenue from which
accounted for 16.5% of Group revenue in 2023.
* Based on the weight of evidence
and assuming a complete switch from cigarette smoking. These
products are not risk free and are addictive.
† Our vapour product Vuse
(including Alto, Solo, Ciro and Vibe), and certain products,
including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in
the U.S., are subject to FDA regulation and no reduced-risk claims
will be made as to these products without agency
clearance.
Further
information
This announcement contains inside information in relation to
BAT PLC for the purposes of Article 7 of the Market Abuse
Regulation.
The securities referred to herein will not be, and have not
been, registered under the United States Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in
the United States absent registration or an applicable exemption
from the registration requirements of the Securities
Act.
Forward-looking statements
This release contains certain forward-looking statements,
including "forward-looking" statements made within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements are often, but not always, made through the use of words
or phrases such as "believe," "anticipate," "could," "may,"
"would," "should," "intend," "plan," "potential," "predict,"
"will," "expect," "estimate," "project," "positioned," "strategy,"
"outlook", "target" and similar expressions. These include
statements regarding our customer target ambition, New Categories
revenue targets and our ESG targets.
All such forward-looking statements involve estimates and
assumptions that are subject to risks, uncertainties and other
factors. It is believed that the expectations reflected in this
release are reasonable but they may be affected by a wide range of
variables that could cause actual results to differ materially from
those currently anticipated. A review of the reasons why actual
results and developments may differ materially from the
expectations disclosed or implied within forward-looking statements
can be found by referring to the information contained under the
headings "Cautionary Statement" and "Group Principal Risks " in the
2023 Annual Report and Form 20-F of British American Tobacco p.l.c.
(BAT).
Additional information concerning these and other factors can
be found in BAT's filings with the U.S. Securities and Exchange
Commission ("SEC"), including the Annual Report on Form 20-F and
Current Reports on Form 6-K, which may be obtained free of charge
at the SEC's website, http://www.sec.gov and BAT's Annual Reports,
which may be obtained free of charge from the BAT
website www.bat.com.
Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this release and BAT
undertakes no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise. Readers are cautioned not to place undue reliance on
such forward-looking statements.