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Reading: UK cigarette giant BAT takes shock £25billion hit
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BGTN > International > UK cigarette giant BAT takes shock £25billion hit
International

UK cigarette giant BAT takes shock £25billion hit

AFP
Last updated: December 6, 2023 12:13 pm
By AFP
2 Min Read
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Signage is pictured on the front of the headquarters quarters of British American Tobacco at Temple Place in central London on January 17, 2017. British American Tobacco agreed on January 17, 2017 to pay almost 50 billion USD for control of US peer Reynolds American in a move which targets the lucrative United States market and the fast-growing e-cigarette sector. (Photo by Isabel Infantes / AFP)
Signage is pictured on the front of the headquarters quarters of British American Tobacco at Temple Place in central London on January 17, 2017. British American Tobacco agreed on January 17, 2017 to pay almost 50 billion USD for control of US peer Reynolds American in a move which targets the lucrative United States market and the fast-growing e-cigarette sector. (Photo by Isabel Infantes / AFP)
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British American Tobacco on Wednesday announced a shock £25-billion ($32 billion) impairment charge on US cigarette brands, citing a slowing economy and shift away from traditional products, sending group shares sliding.

Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up or switch to other controversial smoking products.

The maker of Lucky Strike and Dunhill cigarettes has sought to capitalise on the fast-growing vaping market, which is clouded by health concerns.

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BAT said such a shift “in combination with the current macro-economic headwinds impacting the US combustibles industry, in 2023 we will take an accounting non-cash adjusting impairment charge of around £25 billion”.

“This accounting adjustment mainly relates to some of our acquired US combustibles brands, as we now assess their carrying value and useful economic lives over an estimated period of 30 years.”

The London-listed company added that its overall revenue growth for the current year was set to be at the “low end” of its previous guidance of between three and five percent.

Wednesday’s shock impairment charge sent BAT shares sinking 7.6 % to £22.98 on London’s FTSE 100 index, which was up 0.4 & in mid-morning deals.

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