By Matteo Castia
British American Tobacco PLC on Tuesday raised its full-year revenue guidance but said it doesn't expect its travel retail business to recover from the coronavirus pandemic before next year.
The FTSE 100 company said it expects revenue growth for 2021 to be above 5% at constant currency, ahead of previous forecasts for a growth between 3% and 5%.
"We continue to expect 2021 to be a pivotal year for the business, with accelerating New Category revenue growth [and] a clear pathway to New Category profitability by 2025," the owner of Camel and Lucky Strike cigarettes said, adding it aims to reach revenue of 5 billion pounds ($7.09 billion) for that division by the same year.
Still, British American Tobacco said no recovery is expected until 2022 for its global travel-retail unit.
The company also said it expects a 2% negative impact on first-half and full-year adjusted profit due to transactional headwinds.
Write to Matteo Castia at email@example.com
(END) Dow Jones Newswires
June 08, 2021 02:34 ET (06:34 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.