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Shares of British American Tobacco (BAT) crashed on Wednesday after it announced a £25 billion (R595 billion) writedown of its US cigarettes business, citing an economic slowdown and a continued proliferation of illicit disposable vapes.
But the group said its new categories segment, including e-cigarettes under Vuse and nicotine pouches under Velo, is on track to break even two years ahead of schedule. The company said it would be accelerating its push to become a predominantly smokeless business, aiming to have 50% of its revenue coming from non-combustibles by 2035.
The company has a primary listing on the London Stock Exchange and a secondary one on the JSE. It also indicated it planned a significant investment push as it moved away from traditional tobacco products, saying that "now is the right time to further invest to accelerate our transformation".
