November 27, 2019 / 7:15 AM / 15 days ago

CORRECTED-BAT sees annual revenue growth in upper half of 3-5% range

(Corrects to say company expects revenue to grow in the upper half of its long-term forecast range, not raises its forecast, in paragraph 1 and headline)

Nov 27 (Reuters) - British American Tobacco, the world’s no. 2 tobacco company by revenue, said on Wednesday it expects full-year group revenue to grow in the upper half of its 3-5% long-term target range.

The maker of Lucky Strike and Dunhill cigarettes maintained its forecast for adjusted earnings per share growth in the high-single-digit range.

The company, however, said it now expects revenue growth in its new categories - e-cigarettes, tobacco heating products and snuff- to be at the lower end of its 30-50% range, reflecting a slowdown in the U.S. vaping market.

The company had previously expected new categories revenue growth in the middle of the 30-50% range.

Alarm bells have been rung on the safety of vaping in the United States after health officials reported more than 2,000 cases of vaping-related lung illness and 47 deaths linked to its use in the country. (Reporting by Siddharth Cavale in Bengaluru; Editing by Aditya Soni)

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