Currency headwinds knocked underlying profits at tobacco giant British American Tobacco (LON:BATS), despite what it described as outstanding sales volumes.
The number of cigarettes sold rose 1.7% rise in the second half of the year trimming the decline for the year to 0.5% or 663bn.
That compared with a fall across the industry of 2.3%, said chief executive Nicandro Durante.
Its flagship products, or Global Drive Brands, grew by 8.5% year-on-year to account for 45% of all cigarettes it sold.
Dunhill’s market share grew by 0.3% as volume increased by 6.0%, driven mainly by Indonesia and South Africa. Kent volumes grew by 3.3% led by Iran, Turkey and Japan while Lucky Strike sales were 3.6% ahead.
In e-cigarettes, BATS expanded its Vype range from the UK to other countries in Europe and also Colombia.
Overall, revenues fell by 6% to £13.1bn, but would have risen by 5% at constant currency rates. Similarly, underlying profits fell 8% to £4.99bn but would have been 4% better at constant rates.
Including one–offs and associates, 2015's profits rose 21% to £5.86bn.
“The excellent underlying performance of the group in 2015 and the increase in our total dividend for 2015 to 154p are testimony to the strength of the business,” BATs added.
Shares eased 30p to 3,803p