British American Tobacco (BATS.L) raised its annual revenue growth forecast on Tuesday as the cigarette maker's focus on e-cigarettes and tobacco-heating devices pays off, sending its shares up 2%.
Lucky Strike cigarettes are seen during the manufacturing process in the British American Tobacco Cigarette Factory in Bayreuth, Germany, April 30, 2014. REUTERS/Michaela Rehle/File Photoraised its annual revenue growth forecast on Tuesday as the cigarette maker's focus on e-cigarettes and tobacco-heating devices pays off, sending its shares up 2%.
The maker of Lucky Strike and Newport cigarettes said its "new category" reduced risk products had gained share in all key markets, including the United States and Japan, with the company adding 1.4 million new customers in the first quarter. "The upgrade and delivery around reduced risk products is particularly encouraging", Jefferies analyst Owen Bennett wrote.
The outlook for the U.S. industry volumes remained unclear, BAT said, blaming "macro-economic and fiscal" uncertainties.
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