British American Tobacco p.l.c. (BTI) Full Year 2023 Trading Update Conference Call (Transcript)

British American Tobacco p.l.c. (NYSE:BTI) 2023 Full Year Pre-Close Trading Update December 6, 2023 3:30 AM ET

Company Participants

Tadeu Marroco – CEO

Javed Iqbal – Interim CFO

Victoria Buxton – Head of IR

Conference Call Participants

Jacob de Klerk – Redburn Atlantic

Owen Bennett – Jefferies

Rey Wium – SBG Securities

James Edward Jones – RBC

Gaurav Jain – Barclays

Jonathan Leinster – Société Générale

Simon Hales – Citigroup


Hello, and welcome to the BAT 2023 Second Half Pre-Close Conference Call. My name is Alex, and I’ll be coordinating the call today. [Operator instructions]. I’ll now hand it over to your host, Victoria Buxton, Head of Investor Relations. Please go ahead.

Victoria Buxton

Good morning, everyone. I’m Victoria Buxton, Head of Investor Relations, and with me this morning is Tadeu Marroco, our Chief Executive, and Javed Iqbal, our Interim Finance Director. Welcome to Our Full Year 2023 Trading And Strategy Update Conference Call. I hope you are all well, and I’d like to thank you for taking the time to join us this morning.

Before we begin, I need to draw your attention to the cautionary wording regarding forward-looking Statements, as well as the notes and disclaimers contained in the trading update. Unless stated otherwise, our comments will focus on constant currency adjusted measures, and all our share data is year-to-date average to September 2023, versus full year 2022 average. I’d also like to remind you that there’ll be an opportunity to ask questions later in the call.

And with that, I’ll now hand over to Tadeu.

Tadeu Marroco

Thank you, Victoria. Good morning, everyone, and welcome. I’m pleased to reiterate our full year 2023 EPS guidance, driven by our broad-based performance across categories and markets. Today, in addition to our pre-close trading update, I would like to begin by sharing some key highlights of the comprehensive