British American Tobacco to withdraw presence from Russia

Russia Materials 11 March 2022 21:34 (UTC +04:00)

The U.S.-listed shares of British American Tobacco PLC fell 1.9% in midday trading Friday, after the U.K.-based tobacco products seller, with brands including Lucky Strike, Dunhill and Pall Mall, said it will no longer have a presence in Russia, and lowered its full-year financial outlook, Trend reports citing Market Watch.

The company said it has completed its review of its presence in Russia,and have concluded that ownership of business in Russia is "no longer sustainable in the current environment."

The company said it will continue to pay its 2,500 employees in Russia. Given the company's conclusion, and continued uncertainty, it has lowered its 2022 guidance for constant-currency revenue growth to 2% to 4% from 3% to 5%, and for constant-currency adjusted earnings-per-share growth to a "mid-single figure" percentage range from a "high-single figure" range.

The stock has tumbled 12.9% over the past month, while the S&P 500 has slipped 3.9%.