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British American Tobacco profit misses consensus by 23.0% in H1

British American Tobacco Plc said its normalized net income for the first half was £1.01 per share, compared with the S&P Capital IQ consensus estimate of £1.32 per share.

EPS declined 13.0% year over year from £1.17.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £1.89 billion, a decline of 13.0% from £2.17 billion in the prior-year period.

Total revenue rose 15.7% year over year to £7.72 billion from £6.67 billion, and total operating expenses grew 16.6% year over year to £5.01 billion from £4.29 billion.

Reported net income decreased 15.3% on an annual basis to £2.26 billion, or £1.21 per share, from £2.67 billion, or £1.43 per share.