British American Tobacco plc (BTI) stock topped London's FTSE 100 Wednesday after it said plans to double revenue from its "next generation" products next year.
BAT's shares were up 2.58% at 9:00am in London, their biggest rise since August, changing hands at 4,951 pence a share.
The tobacco company, which recently completed its acquisition of Reynolds American Inc., said Wednesday ahead of its capital markets day that it expects revenue for its next generation products, including vapor and tobacco heating products, to be £1 billion in 2018, up from £500 million this year.
The next generation business is expected to break-even by the end of 2018, the company said, and deliver a "substantial profit" by 2022.
"We are very pleased to be sharing more details on the opportunities for BAT in NGPs and combustibles," CEO Nicandro Durante said in a statement. "We are proud to share our exciting future product pipeline across both the Tobacco Heating and Vapour categories and to provide shareholders with an opportunity to experience the products first-hand. Our NGP business has real momentum and our confidence is reflected in the financial objectives we have set out."
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