**British American Tobacco (BAT) Releases 2024 Q4 and Full-Year Financial Results: New Categories Drive Growth**
On February 13, 2025, British American Tobacco (BAT) announced its financial results for the fourth quarter and full year of 2024, detailing the company's achievements in business development and financial performance over the past year, as well as outlining its strategic plans and future direction.
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### **Financial Highlights**
- **Total Revenue**: BAT's total revenue for 2024 was **£25.867 billion**, a decline of **5.2%** compared to 2023.
- **New Categories Revenue**: Revenue from New Categories (including heated tobacco, modern oral, and traditional oral products) reached **£3.551 billion**, an increase of **8.9%**. Smokeless products accounted for **£4.674 billion**, representing **17.5%** of the group's total revenue.
- **Vapour Revenue**: Vapour product revenue was **£1.765 billion**, a decline of **2.5%** compared to 2023. Despite this, **Vuse Alto** maintained a strong market share of **50.2%** in the U.S. market.
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### **Strategic Plans for 2025**
BAT plans to launch innovative products such as **glo Hilo**, **Vuse Ultra**, and **VELO PLUS** in 2025 to drive the development of the New Categories market and achieve long-term sustainable growth.
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### **Product Category Performance**
1. **New Categories**:
- **Revenue**: £3.432 billion, up **2.5%** year-on-year. Organic revenue growth was **8.9%** excluding currency impacts.
- **Market Share**: New Categories accounted for **17.5%** of total revenue, an increase of **10 percentage points** compared to 2023.
- **Consumer Base**: The number of adult consumers for New Categories increased by **3.6 million**, reaching **29.1 million**.
2. **Combustibles (Traditional Tobacco Products)**:
- **Revenue**: £20.685 billion, down **6.4%** year-on-year. Organic revenue remained flat (up **0.1%**) excluding currency impacts.
- **Volume**: Combustibles volume declined by **9.0%**, primarily due to the divestment of operations in Russia and Belarus.
- **Price/Mix**: Price/mix effects for combustibles were **+5.3%**, offsetting the volume decline.
3. **Vapour (E-cigarettes)**:
- **Revenue**: £1.721 billion, down **5.1%** year-on-year. Organic revenue declined by **2.5%** excluding currency impacts.
- **Market Share**: In the U.S., BAT maintained its leading position in the vapour market, although its market share declined by **2.0 percentage points** to **50.2%**.
4. **Heated Products (HP)**:
- **Revenue**: £921 million, down **7.6%** year-on-year. Organic revenue grew by **5.8%** excluding currency impacts.
- **Market Share**: Heated products' market share in key markets declined by **40 basis points** to **16.7%**.
5. **Modern Oral**:
- **Revenue**: £790 million, up **46.6%** year-on-year. Organic revenue grew by **51.0%** excluding currency impacts.
- **Market Share**: Modern oral was the fastest-growing New Category, with its consumer base increasing by **54.2%** to **7.4 million users**.
6. **Traditional Oral**:
- **Revenue**: £1.092 billion, down **6.0%** year-on-year. Organic revenue declined by **3.4%** excluding currency impacts.
- **Market Share**: Traditional oral products' market share declined by **40 basis points**.
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### **Regional Performance**
1. **United States**:
- **Revenue**: £11.278 billion, down **6.0%** year-on-year. Organic revenue declined by **3.4%** excluding currency impacts.
- **Combustibles**: Volume declined by **10.1%**, driven by macroeconomic pressures and the impact of illicit disposable vapour products.
- **New Categories**: Vapour revenue declined by **0.8%**, while modern oral revenue grew by **232%**.
2. **Americas and Europe (AME)**:
- **Revenue**: £9.241 billion, down **5.6%** year-on-year. Organic revenue grew by **4.9%** excluding currency impacts.
- **Combustibles**: Revenue grew by **3.6%**, supported by volume growth in Brazil, Turkey, and Mexico.
- **New Categories**: Modern oral revenue grew by **46.8%**.
3. **Asia-Pacific, Middle East, and Africa (APMEA)**:
- **Revenue**: £5.348 billion, down **2.7%** year-on-year. Organic revenue grew by **5.4%** excluding currency impacts.
- **Combustibles**: Revenue grew by **3.5%**, driven by price increases in markets such as Pakistan, New Zealand, and Bangladesh.
- **New Categories**: Vapour revenue grew by **19.6%**, and heated products revenue grew by **5.6%**.
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### **Conclusion**
In 2024, BAT made significant progress in its New Categories, particularly in modern oral and heated tobacco products. Despite a decline in combustibles volume, the company maintained stable revenue through price adjustments and product mix optimization. The U.S. remains a critical market for BAT, where it continues to lead in market share despite macroeconomic challenges and the impact of illicit products.
**Source**: BAT
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