BAT accelerates the transformation of its business towards A Better Tomorrow ™
LONDON, February 18, 2021 / PRNewswire / – Speaking today to the Consumer Analyst Group of new York (CAGNY), the CEO of BAT, Jack bowles, shared his growth plans and ambitions for the next phase of the company’s transformation.
With strong new category momentum and a clear path to profitability in 2025, Bowles called 2021 a “pivotal year” for BAT, announcing an ambitious program called QUEST to accelerate the company’s transformation to create “the company of the future ”.
Focus on five strategic business areas – Quantum*, Unlocking innovation, Empowering the organization, Shaping sustainability and technology and digital – QUEST will propel BAT’s continued evolution of its portfolio, structure, culture and working methods.
BAT’s transformation is based on its goal: to build a better future™ by reducing the health impact of its activity. At the heart of its strategy are the brands and the company’s future portfolio at reduced risk.** products that target distinct areas beyond fuels. These include steam, tobacco heaters, and modern oral products. BAT also offers products that go beyond nicotine, following the launch in January of its new CBD vaping range, in a test market in Manchester.
In december 2020, BAT announced that it has taken its COVID-19 vaccine candidate to human trials – a milestone that once again demonstrates the company’s commitment to innovation and science.
BAT has 13.5 million consumers of its non-combustible products, a growth of 3m in 2020. As BAT strives to meet its goal of reaching 50 million consumers of non-combustible products by 2030, the company will continue to target its offering in high-growth areas, including well- being and stimulation beyond nicotine. space out.
Jack bowles, CEO of BAT, comments: “We are at a key moment in our transformation. We are accelerating our transformation towards A Better Tomorrow and we are committed to building The Company of the Future.
“We have made great progress. We have invested in a solid foundation for the future. We build and develop new capabilities, with a clear focus on digital, and sharpening our science and innovation pipeline. And we did it while consistently delivering financial returns.
“Our strategy, growth and investment priorities make BAT a sustainable, consumer-centric, multi-category consumer product company. Our transformation takes us from a company known for tobacco to a company focused on technology and innovation.
“Our clear roadmap for the future builds on our strengths, new capabilities, innovation portfolio and brands to build A Better Tomorrow.”
* Quantum is BAT’s program to drive simplification and efficiency.
** Based on weight of evidence and assuming complete smoking cessation. These products are not without risk and are addictive.
NOTES TO EDITORS
Presentation slides and a transcript of the webcast will be available for download after the presentation from http://www.bat.com/investorspresentations .
BAT is a leading multi-category consumer products company, founded in 1902. BAT’s goal is to build A Better Tomorrow™ by reducing the health impact of its activity, which involves:
Commit to offering adult consumers a wide range of enjoyable and less risky products
Continue to make it clear that combustible cigarettes pose serious health risks, and the only way to avoid those risks is to not start or stop
Encourage those who otherwise continue to smoke to switch completely to science-based, reduced-risk alternatives
Track and share the progress of our transformation
BAT aims to increase the number of its consumers of non-combustible products to 50 million by 2030; and reach at least £ 5 billion in new category revenue by 2025.
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Past performance is not a guide to future performance and those requiring advice should consult an independent financial advisor. Forward-looking statements reflect the knowledge and information available on the date of preparation of this communication and BAT assumes no obligation to update or revise these forward-looking statements, whether as a result of new information or future events. or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
No statement in this communication is intended to be an earnings forecast and nothing in this communication should be construed to imply that the earnings per share of British American Tobacco plc (the “Company”) for current years or at coming would necessarily correspond to or exceed the historical published earnings per share of the Company.
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