Business Context and Reporting Period
This Form 6-K filing by British American Tobacco p.l.c. (BAT) is dated June 6, 2023. The report serves to incorporate by reference a press release titled "2023 H1 Pre-Close Trading Update: On track to meet full year guidance." The filing covers the first half of the 2023 fiscal year and provides an update on the company's progress toward its full-year targets.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are contained within the referenced press release (Exhibit 1) but are not explicitly detailed in the body of this Form 6-K document.
Material Changes and Strategic Outlook
Management commentary indicates that the company is on track to deliver its £5 billion revenue ambition for New Categories in 2025, with profitability expected in 2024. This outlook is stated to be irrespective of the timing of the transfer of the company's Russian and Belarusian businesses. The filing notes that the company is driving good revenue growth and further reducing losses in New Categories.
Guidance, Risks, and Contingencies
- Guidance: The company reaffirms its full-year 2023 guidance, stating it is on track to meet these targets.
- Contingencies: A key contingency noted is the potential transfer of Russian and Belarusian businesses, which management asserts will not alter the trajectory for New Categories revenue and profitability targets.
- Exclusions: The filing explicitly excludes certain specific bullet points regarding full-year 2023 guidance, regional structure restatements, and non-GAAP measure notes from incorporation into specific registration statements, though the core trading update remains.
Investor Verification Checklist
- Verify the specific H1 2023 revenue and profit figures in the full text of the June 6, 2023 press release (Exhibit 1).
- Confirm the detailed breakdown of "New Categories" performance and loss reduction metrics.
- Review the status and regulatory timeline regarding the transfer of Russian and Belarusian business operations.
- Examine the excluded sections of the press release (specifically regarding full-year guidance bullet points and regional restatements) to understand the complete financial picture not incorporated into the S-8 and F-3 registration statements.