BAT triggers buyback but shares drop

first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Show Comments ▼ BAT triggers buyback but shares drop Thursday 24 February 2011 8:30 pm Tags: NULLcenter_img whatsapp BRITISH American Tobacco’s (BAT) resumption of its share buyback programme and an upbeat 2011 outlook yesterday failed to offset concerns about declining cigarette volumes.Shares in the London-based maker of Kent, Dunhill, Lucky Strike and Pall Mall cigarettes, fell 1.5 per cent despite the £750m share buyback plan and BAT saying the worst of the recession was behind it.BAT, the world’s second-biggest cigarette maker and most globally spread of the big tobacco groups, said it had gained from raising prices, the purchase of Indonesia’s PT Bentoel and a weak pound as it posted a 15 per cent rise in annual earnings.However, underlying cigarette volumes are still in decline and likely to stay weak in 2011. BAT has suffered as smokers switch to cheaper – and sometimes smuggled – cigarettes as they have been hit by excise tax rises and high unemployment levels.BAT has sought to offset this with price rises and cost savings. The group’s global cigarette volumes fell two per cent to 708bn cigarettes in 2010, but after price rises annual revenues rose five per cent to £14.9bn. On an underlying basis BAT volumes fell three per cent in line with industry declines.However, rival Imperial has seen a rebound in volumes. The share buyback scheme also disappointed some analysts who had suggested it would be worth £1bn rather than £750m. BAT chief executive Paul Adams said: “Some emerging markets are now showing strong economic growth and even developed markets are returning to growth, yet unemployment remains stubbornly high in many parts of the world and disposable incomes are still under pressure.” Operating officer Nicandro Durante will succeed Adams, who is retiring, as chief next month. Share KCS-content More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *