Half Year 2021 British American Tobacco PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jared T. Dinges - JPMorgan Chase & Co, Research Division - Analyst : I know you've done very well in terms of THP volumes. It's well ahead of peers now.

Question: Jared T. Dinges - JPMorgan Chase & Co, Research Division - Analyst : And the volume share gains are definitely positive to see. But I want to ask about your THP revenue. So in the first half, actually, your constant currency revenue growth in THP, it was just in line with your key peer, which implies that you guys aren't actually gaining any value share in the category despite the launch of glo Hyper. Can you maybe talk about when you'll be out of investment mode on devices and maybe when we can expect price/mix in general in THP to turn positive?

Question: Jared T. Dinges - JPMorgan Chase & Co, Research Division - Analyst : Okay. So just to be clear, you're not going to -- so basically no exact kind of time frame on how long the investment mode will last on devices, but you'll continue to do so as long as you're expanding. Is that fair? Tadeu Luiz Marroco - British American Tobacco p.l.c. - Finance & Transformation Director, Member of Management Board and Executive Director Yes. Because at the end of the day, we are in expansion mode as well. We are in half of the markets where THP is present. So there is still a lot to come as well. And then whenever you see a number of -- our numbers will be always a consolidation of -- in different stages of investment.