but failed to stem investors’ concerns about its outlook. BAT says it is confident in its ability to manage proposals by the US Food and Drug Administration to restrict sales of flavoured e-cigarettes and ban menthol cigarettes.
The company also pushed back a target for revenue of £5bn from next-generation products to 2023/2024 from 2023. "The market grew a little slower in Japan last year so we pulled back on our target for this year, but the good news is that the market has started growing there again," Stevens said. As Jack Bowles prepares to succeed Durante as CEO, BAT has refocused investments in cigarette alternatives to counter tightening regulation and growing competition from the likes of Philip Morris’s IQOS and industry upstart Juul Labs.Revenue from heating products, which do not actually burn tobacco, nearly doubled in 2018.
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