- Tobacco giant British American Tobacco said it expected annual revenue at the high end of its guidance range amid an improved outlook on volumes.

Constant currency adjusted revenue growth was now expected to be at the high end of the 1-to-3% range as 2020 global industry cigarette and THP volume was forecast to decline by 5%, an improvement on the 7% decline previously estimate.

The US industry was expected to be broadly flat versus a previous estimate for a 2.5% decline.

The adjusted diluted EPS guidance of mid-to-single figure constant currency growth was maintained, with the impact from a strong pound expected to be 3.3% in 2020 and 2% to 3% for 2021.

The company said it continued to grow its new category business including vaping products and had around 13 million non-combustible product consumers.

'We are confident about the future for BAT and are committed to our 2025 new category revenue ambition of £5 billion,' it added.

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