LONDON (dpa-AFX) - British American Tobacco Plc (BTI), a U.K.-based tobacco company, on Thursday reported lower first-half profit, as higher adjustment items offset an increase in revenue.
Profit before tax fell 27.3% to £4.052 billion from £5.574 billion a year ago.
The decline primarily reflected the absence of one-off gains recognized in the prior-year period, including a £333 million gain from the demerger of the hotels business of Indian associate ITC and a £904 million gain from the partial sale of BAT's stake in ITC.
Excluding one-time items, adjusted pre-tax profit rose 3.3% to £4.821 billion from £4.711 billion.
Profit attributable to shareholders decreased to £3.162 billion or 145.3 pence per share in the first half of 2026 from £4.490 billion or 203.6 pence per share a year earlier.
On an adjusted basis, profit attributable to shareholders increased 2.2% to £3.650 billion, with adjusted earnings per share rising 3.5% to 167.7 pence.
Other operating expenses increased to £3.048 billion from £2.413 billion last year, and share of profit from associates and joint ventures declined to £189 million from £1.481 billion.
Profit from operations decreased 15.8% to £4.266 billion from £5.069 billion, while adjusted profit from operations increased 0.6% to £5.426 billion from £5.396 billion.
Revenue grew 1.4% to £12.235 billion.
Looking ahead, the company expects adjusted EPS growth to be in the middle of its medium-term guidance range of 5% to 8%. Revenue is expected to grow by 3% to 5% at constant exchange rates.
On the LSE, British American Tobacco shares were down 0.42% at 4,716 pence.
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