BAT to Release Annual Performance Report, Switching Focus to E-cigs and HTPs

BAT by 2FIRSTS.ai
Feb.05.2024
BAT to Release Annual Performance Report, Switching Focus to E-cigs and HTPs
British American Tobacco (BAT) is set to release its annual earnings report, with analysts predicting a total revenue of £27.6 billion in 2023.

According to a report from City AM on February 4th, British American Tobacco (BAT) is set to release its annual performance report. Analysts predict that BAT's total revenue in 2023 will reach £27.6 billion, with non-traditional tobacco categories accounting for approximately £3.46 billion, showing an increase from the previous year's £2.9 billion.

 

According to reports, the total revenue of BAT in 2022 amounted to £27.65 billion. It is expected that BAT's annual revenue in 2023 will see a low single-digit growth, ranging from 3% to 5%. The oral nicotine pouches, heated tobacco products, and e-cigarettes make up only 16.6% of the total group revenue for BAT. Despite BAT's plans to have half of its income coming from non-combustible products by 2035, these products currently hold a small proportion in the overall company revenue.

 

Currently, BAT is facing difficulties in the US market due to the surge in illegal disposable e-cigarettes. Additionally, the recent announcement by the UK government to ban disposable e-cigarettes has also impacted BAT's growth prospects.

 

However, there are analysts who have different opinions on the matter. Owen Bennett, global tobacco analyst at Jefferies Investment Bank, pointed out that this new policy is unlikely to directly impact traditional tobacco manufacturers. He stated that tighter regulations are actually beneficial for tobacco giants as it will eliminate cheaper and disposable brands.

 

According to stock prices, in the past year, the stock prices of BAT have fallen by approximately 24%. The reasons for this include BAT's announcement to the market of a devaluation of certain American cigarette brands. Additionally, illegal disposable e-cigarettes from China have been gaining market share, further exacerbating the challenges faced by BAT and its distributors. They also face the issue of steadily declining demand for traditional cigarettes.

 

In response to market changes, AJ Bell's investment director, Russ Mould, stated that "smokers are continuing to switch to next-generation products, including e-cigarettes, which has prompted British American Tobacco to adopt a long-term view on its combustible assets." He added, "While the company did pay out a dividend, given its underperforming stock price and the increasing regulatory and political pressures faced by the industry, investors may question their commitment to this stock."

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

2Firsts First Look|China to End VAT Export Rebates on Vape Devices and Nicotine in April 2027, Following Earlier Removal for HTP Devices and Nicotine Vapes
2Firsts First Look|China to End VAT Export Rebates on Vape Devices and Nicotine in April 2027, Following Earlier Removal for HTP Devices and Nicotine Vapes
China's Ministry of Finance and State Taxation Administration announced on October 12, 2026, that value-added tax (VAT) export rebates for vape devices, nicotine and its salts, and certain non-combustible inhalation products will be eliminated from April 1, 2027. The measure adds four tobacco- and nicotine-related customs codes, including 8543400010, which covers vape devices and qualifying empty pods. China previously eliminated rebates for nicotine-containing vaping products and devices under code 8543400090 in April 2026. According to industry classification information held by 2Firsts, the latter currently corresponds to heated tobacco devices. Export excise tax refund and exemption arrangements will remain unchanged.
Special Report
Oct.12
German Customs Seize 115,800 Vapes in €1.4 Million Tax Case
German Customs Seize 115,800 Vapes in €1.4 Million Tax Case
Germany's Magdeburg Main Customs Office seized 115,800 untaxed e-cigarettes containing a combined 4.366 million mL of e-liquid during four truck inspections between August 10 and September 4, 2026. The seizures prevented an estimated €1.397 million in tax losses and set a record for the customs office's jurisdiction. Criminal proceedings have been initiated against four truck drivers. The case follows a separate German investigation involving more than 7.6 million illicit vapes and an estimated €33.3 million in excise-tax losses.
Enforcement
Oct.13
South Korea's Tobacco Plan Excludes 6-Methyl Nicotine as Customs Tightens Import Controls and Analog Liquid Imports Fall 83%
South Korea's Tobacco Plan Excludes 6-Methyl Nicotine as Customs Tightens Import Controls and Analog Liquid Imports Fall 83%
South Korea's government unveiled its first Tobacco Harm Management Basic Plan for 2027–2031 on October 29, 2026, proposing broader testing of vaping and heated tobacco products while excluding nicotine analogs such as 6-methyl nicotine. Synthetic nicotine came under tobacco regulation on April 24, and a June investigation found 6-methyl nicotine in 12 liquid inhalation products marketed as nicotine-free. Customs data released in September showed that imports of nicotine analog solutions fell 83.3%, from 12 metric tons in January–April to 2 metric tons in May–August. By September 20, imports had reached approximately 15 metric tons for the year, with 99.99% originating from China. Customs authorities have tightened pre-clearance testing and supply-chain documentation requirements, while the MFDS expects to complete its assessment of nicotine analog hazards by the end of 2026.
Regulations
Nov.04
BAT Adds Former Apple General Counsel Bruce Sewell to Board as Finance, Legal, Marketing and Regional Leadership Shift
BAT Adds Former Apple General Counsel Bruce Sewell to Board as Finance, Legal, Marketing and Regional Leadership Shift
British American Tobacco has appointed former Apple Senior Vice President, General Counsel and Secretary Bruce Sewell as an independent non-executive director, effective January 1, 2027. He will also join BAT's Audit and Nominations Committees. BAT Chair Luc Jobin highlighted Sewell's experience in technology, government and regulatory affairs, public-company governance and AI-company boards. Over the past 18 months, BAT has changed or announced changes to its CFO, general counsel, CMO and APMEA regional leadership, while the main board has also seen multiple changes. The appointment comes as BAT advances Horizon 2030 and its Fit2Win transformation while expanding New Categories and reshaping parts of its digital, technology and operating structure.
Business
Oct.29
Global Nicotine-Pouch E-Commerce Group Haypp Shuts Sweden’s Snusnetto Over Age Verification as Identity Checks Become Industry Infrastructure for New Nicotine Products
Global Nicotine-Pouch E-Commerce Group Haypp Shuts Sweden’s Snusnetto Over Age Verification as Identity Checks Become Industry Infrastructure for New Nicotine Products
Sweden's Supreme Administrative Court has declined to hear an appeal over age verification for tobacco and nicotine products collected from parcel lockers, leaving in place a lower-court ruling that geo-located BankID verification is insufficient to securely verify the actual recipient. Haypp Group has stopped tobacco and nicotine sales through Snusnetto and is deploying a new system across its other Swedish e-commerce sites to verify the age of the person who actually opens the locker and receives the shipment. The change comes as age verification across next-generation nicotine products expands from purchase checks into retail, delivery and, for some e-cigarettes, device access itself.
Regulations
Oct.20
UK HMRC Launches Vape Duty Stamps on October 1, Ushering in Supply-Chain Traceability as Chinese Exporters Face New Compliance Hurdles
UK HMRC Launches Vape Duty Stamps on October 1, Ushering in Supply-Chain Traceability as Chinese Exporters Face New Compliance Hurdles
HM Revenue & Customs put the UK's Vaping Products Duty and Vaping Duty Stamps Scheme into effect on October 1. All vaping liquids manufactured in or imported into the UK are now subject to duty at £2.20 per 10ml, regardless of nicotine content. The stamp regime will introduce digital functionality designed to provide traceability throughout the supply chain, with approved manufacturers, importers and warehousekeepers required to report product movements and retailers and consumers eventually able to scan stamps to verify authenticity. China exported $177 million of vape-related products to the UK in August, up 51.4% year over year, increasing the significance of the new compliance regime for China's Shenzhen-centered vape supply chain.
Regulations
Oct.04