BAT 2010 9 months earnings up, volumes down

On October 27th, 2010, British American Tobacco announced its
nine month trading statement

While the Group increased overall market share across its top 40 markets, third-quarter results from British American Tobacco came in below market expectations, as volumes fell by 1pc. Volumes rose in Asia – but fell everywhere else.

"The challenging economic conditions, excise-driven price increases and high unemployment have led to some softening of our volumes," said Paul Adams, chief executive. "The recession's impact on consumers is still with us and shows no signs of abating”

More importantly, from our perspective, the company said:

” We are on track for another year of good earnings growth."

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