# British American Tobacco hikes sales growth outlook for smokeless ranges

By Russ Mould — 2026-06-02

Russ Mould, investment director at AJ Bell, said: “People often consider tobacco and vaping companies to be ‘sleep at night’ investments, offering no drama and delivering slow and steady returns.

“British American Tobacco’s latest update could cause a few nightmares as a chunk of its business isn’t as good as expected.

“It is guiding for full-year results to be at the lower end of its medium-term guidance ranges, weighed down by expectations for cigarette volumes to decline at a faster rate than previously thought.

“So-called ‘new category’ product demand, which includes vaping and heated tobacco products, is picking up.

“That should be good news to investors, yet it appears the market had expected the tobacco cash cow to remain stronger for longer.”

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