British American Tobacco’s (BAT’s) capital markets day outlined the progress it is making against its core pillars of quality growth, sustainable future and dynamic business and why BAT is confident this will deliver long-term growth and value creation for all its stakeholders.

In our report, we look at the relative winners and losers among the UK consumer companies in January 2025. January is a busy month for the consumer analyst as many companies provide updates on how they fared through the crucial final quarter of the year. This is a seasonally important time from a revenue and profit perspective given it includes Black Friday, Christmas, the sales period and a high level of socialising. As we entered the new year, we were a little apprehensive about what might be revealed given the slump in consumer confidence from September 2024, and relatively persistent negative media and business commentary following the Budget. By the end of the month, we found there were more upgrades to estimates than downgrades, but investor caution led to weaker share prices on the whole.