BTI British American Tobacco PLC

By Ed Ballard

LONDON--British American Tobacco PLC (BATS.LN) Wednesday said it will increase its marketing spend in the final months of 2015 as it reported a 4.2% increase in revenue at constant rates of exchange for the first nine months of the year.

Revenue fell 6.5% at current rates of exchange in the nine months to Sept. 30, BAT said. Its subsidiaries sold 487 billion cigarettes, down 1.8% from the first nine months of 2014.

The company said its share of the cigarette market in its most important growth regions rose by 40 basis points.

"Our excellent market share growth was driven by the exceptional performance of our Global Drive Brands whilst the increase in revenue, at constant rates of exchange, was due to strong pricing in the majority of our markets," said Chief Executive Nicandro Durante.

"Performance will moderate in the final quarter, partly due to a strong comparator and the impact of the deterioration in exchange rates," Mr. Durante said. "There will be increased marketing investment and geographic expansion of next generation products in Q4, however I remain confident that we are on track to deliver another year of good earnings growth at constant rates of exchange."

A Canadian appeal court ordered units of BAT and Philip Morris International Inc. to set aside a combined 984 million Canadian dollars ($745 million) on Tuesday while they appeal a June court order that awarded CAD15.6 billion to smokers.

Write to Ed Ballard at ed.ballard@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 28, 2015 03:42 ET (07:42 GMT)

British American Tobacco (NYSE:BTI)
Historical Stock Chart
From Aug 2024 to Sep 2024

British American Tobacco (NYSE:BTI)
Historical Stock Chart
From Sep 2023 to Sep 2024