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Another solid trading statement has just propelled British American Tobacco‘s (LSE:BATS) share price to new multi-year peaks. Total gains since the start of 2025 are 18%, making it one of the FTSE 100‘s best performing shares over the period.
Yet at £34.97, the tobacco titan remains 38% lower than the record peak of £56.44 struck in the summer of 2017. And as the broader tobacco industry remains in steady decline, doubts persist over whether it will ever reclaim those heights.
British American’s first-half update on Tuesday (3 June) gave more optimistic investors reason for cheer. The firm upgraded its sales guidance thanks to strong momemtum among its non-combustible products.
Mark Crouch, analyst at eToro, noted that
Investors don’t seem put off by the long-term global decline in smoking rates and are instead placing their faith in [British American’s] transition to…
