The H1 results (in line with expectations) were led by New Category growth (up by +50%) and the partial recovery from the pandemic impact. We see the outlook as good, with annual sales revised upwards and even though margins may be challenged by increased New Category investments. This is definitely good for the long term, but could be (unfairly) misinterpreted by the market at the moment.

28 Jul 2021
Don't be scared off by the greater investment in the New Category

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Don't be scared off by the greater investment in the New Category
British American Tobacco p.l.c. (BATS:LON) | 3,570 928.1 0.7% | Mkt Cap: 78,355m
- Published:
28 Jul 2021 -
Author:
Laura Parisot -
Pages:
3 -
The H1 results (in line with expectations) were led by New Category growth (up by +50%) and the partial recovery from the pandemic impact. We see the outlook as good, with annual sales revised upwards and even though margins may be challenged by increased New Category investments. This is definitely good for the long term, but could be (unfairly) misinterpreted by the market at the moment.