Tobacco Documents Online

QUARTERLY REPORT TO 30 JUNE 1993 SUIVIIVlARY SIX MONTHS RESULTS 28 July 1993 1993 1992 Change £11,965m Continuing operations revenpe £10,422m +15% (inc. exchanges managed by Farmers) Continuing operations trading profit £1,0g0m £777m +39% Pre-tax profit £906m £672m +35% Earnings per share 19.6p 1 l.gp* +66% Dividends per share 7.9p 7.3p* +8% * adjusted for the 1:1 bonus issue in May 1993 Record Group pre-tax profit of £906 million up 35 per cent, with a strong performance from financial services, and tobacco benefiting from the strategic exchange of certain cigarette brands with American Brands Inc. Financial services total trading profit from continuing operations increased by £102 million to £360 million. Net written premiums, including the exchanges managed by Farmers, were higher at £4,426 million. In the general business both Farmers and Eagle Star made further progress and trading profit from continuing operations rose to £205 million (1992 £117 million). The life companies, Allied Dunbar, Eagle Star and Farmers all recorded good increases in premium income and profits were I0 per cent higher at £155 million. Tobacco trading profit amounted to £623 million, which included a £135 million profit from the exchange ofbrands. Good performances from BATCo and Souza Cruz. B&W's profit was adversely affected by developments in the highly competitive US domestic market. BATCF continued to face challenging conditions. Chairman Sir Patrick Sheehy commented that "For the Group as a whole, the current year is demonstrating the strategic value of having a strong position in financial services as well as in tobacco. The Board has declared an interim dividend of 7.9 pence per share, which provides shareholders with a significant increase over the current rate of inflation whilst rebuilding dividend cover". ENQUIRIES ' 1430 - 1830 hours " 071 222 7979 DAVID ALLVEY Group Finance Director MICHAEL PKIDEAUX Group Public Affairs BA-T Industries p.l,c. Windsor House bO Victoria Street London SWIH 0NL Telephone 071-222 7979