british american tobacco yield Restructuring drives BAT rally (BAT) climbed on Friday after investors welcomed its Fit2Win restructuring programme, which will cut about 20% of its global corporate workforce and is expected to British American Tobacco: Is This

Non-combustibles are growing at a blistering pace Big tobacco companies are slowly transitioning their product portfolios toward non-combustibles, which are seen as reduced-harm products

If they have real success with new categories, it should be margin accretive over time

$28 billion pounds in last 12-month revenue Gross margins are really high at ~80% 35% free cash flow margin Moving to the recent H1 Report: Total revenue was up 4.4% (they are helped by FX, it was 2.6% in constant currency) Combustibles revenue was up 2% on 6% volume declines New Category revenue was up 29% (vapour volumes were the weakest) Traditional oral revenue was down 9% on sharp volume declines

Ultimately, the end result from both their more sophisticated schemes and their dalliances with illicit trade are the same monies lost to the state, and us as taxpayers having to bear more of the tax burden

The FDA ban is still in the proposal stage, which means it will likely take several years to take effect

A company spokesperson told Tobacco Asia on condition of anonymity that more markets would be added in the run-up to the big 2025 goal