In contrast smaller British rival Imperial Tobacco has been hit by a price war and weak market in Spain, its third biggest market which accounted for nearly 10 percent of all its profits last year, whereas BAT is also major player in Spain but only earns less than one percent of its profits there.īAT confirmed it was looking at state controlled Bulgarian cigarette maker Bulgartabak after the state privatisation agency said on Tuesday it expected BAT and Austrian-registered BT Invest to bid for the group in a 100 million euro auction. This boosted BAT’s Japan market share to 20 percent from 10 percent previously, but Durante said he expected Japan Tobacco to recovery most of the share it had lost.īAT has been protected from the downturn by its wide geographical spread of businesses, with the economies of its five top markets of Brazil, Russia, Canada, Australia and South Africa enjoying higher commodity prices. In Japan the group saw a one-off gain from the disruptions to production by domestic maker Japan Tobacco caused by the tsunami in March, with BAT gaining sales of 2 billion cigarettes and a profit of 50 million pounds as it supplies the that market with imports from the United States. Lucky Strike Original Red Made in Eastern Europe (King Size Box) Tar 10 mg, Nicotine 0.9 mg 3 cartons 141.00 (47.00 per carton) Add To Cart 6 cartons 282.00 (47. Given difficult H1 trading in the foods and home and personal care sector we continue to see tobacco, and BAT in particular, as a strong defensive refuge,” said analyst Martin Deboo at Investec Securities.īAT has suffered falling volumes as smokers have switched to cheap, and sometimes illicit cigarettes following excise tax rises and high unemployment levels, but the underlying volumes picture has started to improve.

“We view this as a very strong result from BAT that testifies to the stock’s defensive qualities. BAT’s shares were up 0.9 percent at 28.88 pounds by 1435 GMT, when the FTSE 100 index was down 1.3 percent.

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