British American Tobacco (BTI) 1H23 – Results Snapshot

Diluted HEPS 177.9pps (+36.2% y-y)
Revenue growth up by +4.4% y-y.
Expense growth down -16.1% y-y with expense to sales ratio decreasing from 71.7% to 57.6%.
OPM increased to 44.2% from 28.6% in 1H22.
No Dividend.
Gross debt down to £42.2bn (1H22: £44.9bn) with cash £3.5bn (1H23: £3.2bn).
Vapour product, Vuse, value share up 240bps to 38.3% in key Vapour markets, with modern disposables accelerating total category growth. Extended leadership in value share by 570bps to 46.7% in the U.S.