StockMarketWire.com - Cigarette maker British American Tobacco (BAT) said organic revenue at constant rates of exchange grew by 7% in the year to end-December. Reported Group revenue was up 3% at £15.399bn (2010: £14,883bn).
Adjusted Group profit from operations increased by 11%. The reported profit from operations was 9% higher at £4.721bn.
Adjusted diluted earnings per share rose by 11%, principally as a result of the growth in profit from operations. Basic earnings per share were up 8% at 157.1p (2010: 145.2p).
The Board is recommending a final dividend of 88.4p, payable on 3rd May 2012. The total dividend in respect of 2011 is 126.5p, an increase of 11%.
Free cash flow increased by 3% to £3.326bn, 86% of adjusted earnings.
28 million shares were bought back at a cost of £750m, excluding transaction costs. A continuation of the share buy-back to a value of £1.25bn has been agreed by the Board.
Group volumes were 705 billion, down 0.4% as the overall market share of the Group increased and industry volume decline moderated.
The four Global Drive Brands achieved excellent volume growth of 9%. Dunhill volumes were slightly higher, Kent was up 10%, Lucky Strike 14% and Pall Mall grew by 11%.
Chairman, Richard Burrows, commented: "2011 has been a very successful year for your Company and we carry momentum in market share growth and margin improvement into 2012. The economic climate around the world is far from settled but we remain confident that our strategy should continue to generate growth for our shareholders in the years ahead."
Story provided by StockMarketWire.com
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