BAT(US:BTI)2024-07-25 09:02Financial Performance & Guidance - The company's H1 performance was in line with expectations, and it is confident in H2 acceleration to deliver FY24 guidance of low-single digit revenue and APFO growth[9, 114] - Group revenue decreased by 0.8% organically to £12.944 billion in HY24[45, 60] - Adjusted organic diluted EPS increased by 1.3%[60, 156] - The company is targeting 3-5% organic revenue growth and mid-single figure organic adjusted profit from operations growth in the mid-term[162] New Categories - Smokeless product consumers increased by 1.4 million to 26.4 million[7] - Smokeless products represent 17.9% of Group revenue, up 1.4 percentage points[7] - New Category revenue increased by 7.4% to £1.709 billion[60, 94] - New Category contribution increased by £165 million, with contribution margin up by 10 percentage points vs HY23[14, 56] Regional Performance - In the U.S., organic revenue decreased by 6.7%, and APFO decreased by 5.1%[92] - Combustibles revenue in the U.S decreased by 8.5% adjusted for inventory movements[130] - Revenue in AME (Africa and Middle East) increased by 5.4%, and APFO increased by 5.3%[140] - Revenue in APMEA (Asia Pacific, Middle East, and Africa) increased by 1.8%, and APFO increased by 3.8%[149] Shareholder Returns - The company initiated a sustainable share buy-back program: £700 million in 2024 and £900 million in 2025[7]