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Description

R., & Kandel, D

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In the first six months of 2024, 18% of its revenue was generated by its new categories portfolio, up from just 6% in 2017

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British American Tobacco has a strong portfolio of non-combustibles

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This can be seen in the Operating Margin falling from a high of 24% in 17Q3 to 18% in 19Q3, and net margin contracting from 18% in 17Q3 to 13% in 19Q3

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