Volumes down but profits up at BAT

By: Michael Barker

Favourable exchange rates and good prices helped British American Tobacco to strong sales growth in 2009 despite overall volumes falling. Volumes down but profits up at BAT

Group turnover for the year rose 17% to £14.2bn, while operating profits were up 15% to £4.1bn.

Volumes were up 10% on Pall Mall and 4% for the company’s Dunhill and Lucky Strike brands, although Kent saw volumes fall 4%. Overall volumes on an organic basis slipped 3%, which the company blamed on tough global economic conditions.

“There are signs that the global economy is beginning to improve, although unemployment – which is an important influence on our business – may continue to rise in developed markets,” said chairman Richard Burrows.

via http://www.thegrocer.co.uk/

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