BAT sales up 5 pct, driven by global brands

British American Tobacco, the producer of Dunhill, Kent and Lucky Strike cigarettes, reported revenue growth of 5 percent at constant rates of exchange in the first quarter ended March 31, adding that global drive brand cigarette volumes grew by 1 percent.
The report stated:

• Revenue growth of 1 percent at current rates of exchange.
• Cigarette volumes from subsidiaries fell 3.7 percent to 160 billion, with a decrease of 3.4 percent for total tobacco volumes.
• Board confident of another year of earnings growth in line with long term strategic goals.
• Pricing environment remains strong despite difficult trading conditions in many parts of the world, notably southern Europe.
• If current exchange rates persist for the rest of the year, the currency headwind that adversely impacted the quarter will reverse.
• Group has sufficient financing and facilities available for the foreseeable future.
• There have been no material events, transactions or changes in the financial position of the Group since the year end.
• -Shares closed Wednesday at 3548 pence valuing the company at £68.25 billion.