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.
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