British American Tobacco (BTI) FY22 Results Snapshot

HEPS 330.8pps (+4.9% y-y). Turnover growth up by 7.7% y-y. GPM down 43bps from 72.4% to 72.8%. Expense growth 10.9% y-y with expense to sales ratio up from 60.2% to 61.9%. OPM fell to 38.1% from 39.8% LY. Dividend of 230.9pps (FY21: 315.3pps). Gross debt up to £43.1bn (LY: £38.8bn) with cash £3.3bn (LY: £2.5bn). Net finance costs £ 1.6bn, due to rising interest rates and US Dollar strength. BTI maintained device leadership in New Categories, up 890bps to reach 89.5% volume share (LY: 57.4%).