BAT share price: Exchange rates bite into HY revenue

British American Tobacco Plc (LON:BATS) has this morning updated investors on its half-year performance.

Group revenue was up by 2.4% at constant rates of exchange, driven by good pricing. Reported revenue was 5.9% lower, as a result of adverse exchange rate movements.

Adjusted Group profit from operations was ahead of prior year by 1.3% at £2,699 million at constant rates of exchange, but would have been significantly higher after adjusting for the effect of transactional foreign exchange. At current rates of exchange, adjusted profit from operations fell by 6.0%.

Profit from operations, at current rates of exchange, was 4.6% lower at £2,347 million.

Operating margin, at current rates of exchange, was maintained despite the significant transactional foreign exchange impact.

Richard Burrows, Chairman, commenting on the 6 months ended 30 June 2015:

As of 07:21 BST, Wednesday, 29 July, British American Tobacco plc share price is 3,551.50p.