British American Tobacco Swings to Pretax Loss on U.S. Cigarette Write-Down -- 2nd Update
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British American Tobacco reported a pretax loss of £17.06 billion in 2023, compared to a profit of £9.32 billion the previous year, due to a write-down of its U.S. cigarette brands. The write-down of £27.6 billion was largely driven by pressure on traditional cigarette brands in the U.S. as the company shifts focus to smokeless products. Adjusted profit from operations increased slightly to £12.465 billion. The company plans to divest at least part of its 29.02% stake in Indian conglomerate ITC. BAT expects the global tobacco industry volume to decline around 3% in 2024 and reaffirmed its guidance for low single-digit organic revenue and adjusted operating profit growth for the year. The board declared a dividend of 235.52 pence per share.

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https://www.marketwatch.com/story/british-american-tobacco-swings-to-pretax-loss-on-u-s-cigarette-write-down-2nd-update-80c419e0