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BAT first-half profit tops estimates on 'resilient' U.S. demand

The Dunhill and Lucky Strike cigarette maker said consumption in the United States was "resilient" with the company growing the U.S. cigarette market share by 30 basis points in the first half of the year. Overall, in developed markets, there was "little evidence to date of accelerated down-trading" and the company also saw strong e-cigarette and oral product demand despite consumer activation plans being affected by the COVID-19. Total cigarette and tobacco heating products volume declined 6.3% to the equivalent of 315 billion cigarettes, slightly better than the consensus forecast for a 6.5% drop, mainly due to COVID-related disruptions in emerging markets such as South Africa.
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