British American Tobacco revenues take an FX drag
British American Tobacco, the owner of the Pall Mall and Lucky Strike cigarette brands, has reported increased revenues and volumes but cautions that currency effects are affecting results.
British American Tobacco, the owner of the Pall Mall and Lucky Strike cigarette brands, has reported increased revenues and volumes but cautions that currency effects are affecting results.
In the first three months of 2012, organic revenues grew by 6% on a constant currency basis: "driven by volume growth, improving mix and continued good pricing". The trouble for BAT is that foreign exchange (FX) movements have made life rather difficult, with revenues up just 4% after taking account of current exchange rates.
Group volumes from subsidiaries were 166bn, up 1.3% including the acquisition of Colombian firm Protabaco in October 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Organic volumes increased by 0.7% principally driven by growth in Brazil, the Gulf Cooperation Council, Denmark, Bangladesh and Vietnam. Italy and South Korea saw lower volumes which dented the figures somewhat.
Across the four main "global drive" brands, Kent was up 7%, Dunhill was flat, Lucky Strike gained 26%, while Pall Mall was 4% ahead of the same period of 2011.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
RICS: homebuyers are returning after stamp duty shock
The housing market has been subdued since stamp duty thresholds dropped in April, but there are signs of a recovery
-
Reducing cash ISA limit will make lending difficult and expensive, warn providers
An open letter from the Building Societies Association has urged the chancellor to keep the cash ISA limit at £20,000. We look at whether a smaller cash ISA allowance will make it harder to get a mortgage or loan