BAT released its Q4 and FY results. Cigarette volumes decreased by 0.5% (cons -1.8% and against the industry decline of c. -2.3%) and were up +3.0% in Q4. Total tobacco volumes were down 0.8%. Price/mix was up 5.9%. The FY revenue grew +5.4% on a constant currency basis (cons +4.3%, +9% in Q4) and was down 6.4% on a reported basis due to currency headwinds. The adjusted operating profit was up +4% at constant currency and -7% on a reported basis. Excluding transactional headwinds, the operati ....