BAT Industries moved to the top of the FTSE 100 as chairman Luc Jobin reiterated its belief that switching smokers away from tobacco to new types of consumption was the way forward.
At its AGM, Jobin said that BAT sees new products, heat-not-burn, vaping and nicotine pouches, as less harmful than smoking despite growing concern about addiction issues in the US, especially among the young.
“If more countries were to embrace Tobacco Harm Reduction [ new products] as a policy tool, further progress to reduce smoking rates could be made; even more quickly,” he said.
Jobim also underlined it was on track target to hit its targets for growth in ‘new products’ at the tobacco group’s AGM.
New products will hit revenues of £5bn in 2025, he said, and become profitable in 2024, one year ahead of schedule in 2024.
Shares rose 3.3% to 2,927p.