BTI beat estimates for the top and bottom lines. Revenue was down 2.2% due to currency moves but growing 1.8% at constant FX, driven by a return to growth in the US and smokeless products rising to 18.2% of revenue. Adjusted operating profit rose 1.9% at constant FX, while adjusted EPS gained 1.7%, supported by pricing and a stronger product mix. The company increased its share buyback programme by £200 m to £1.1 bn and maintained its dividend plan, reiterating full year guidance.
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