British American Tobacco has written down the value of its traditional business in the USA by a good 27 billion pounds. This pushed the manufacturer of cigarette brands such as Dunhill and Lucky Strike deep into the red last year.
CEO Tadeu Marroco stated that he would continue to invest in the expansion of his business with cigarette alternatives. The expenses for this would put as much strain on the balance sheet in 2024 as the uncertain economic situation in the U.S., he said. The tobacco company also signaled that it might sell part of its stake in Indian conglomerate ITC.