London, Jan 24, 2026, 08:28 GMT — Markets have shut for the day.
- Shares of British American Tobacco closed Friday 0.35% higher, around 4,328 pence.
- The company carried out another round of buybacks, planning to cancel the repurchased shares.
- Coming up: a dividend payout on Feb. 4, followed by preliminary full-year results on Feb. 12.
British American Tobacco (BATS.L) shares closed Friday up 0.35% at roughly 4,328 pence, hovering near a 52-week peak. The stock is drawing attention from income investors as the company approaches its upcoming results. (Hargreaves Lansdown)
London markets are closed until Monday, leaving the immediate question: will the steady stream of buybacks and an upcoming dividend sustain the stock, or will investors begin selling ahead of the full-year results?
BAT disclosed in a Thursday filing that it purchased 161,326 shares on Jan. 21 under its buyback scheme, at a volume-weighted average price of 4,251.0001 pence each. The firm plans to cancel these shares, cutting the total number with voting rights. (Investegate)
The day before, BAT disclosed it bought 160,365 shares on Jan. 20 at a volume-weighted average price of 4,253.4311 pence, with plans to cancel them. (Investegate)
The buyback is notable as it takes place during the company’s closed period before earnings. BAT has partnered with UBS to execute the next tranche, slated for Jan. 2 through Feb. 11. The company confirmed that shares bought back under this programme will be cancelled, cutting the share capital. (Investegate)
BAT’s financial calendar lists its preliminary statement for 2025 on Feb. 12. Investors will be watching closely for any changes in outlook on growth, pricing, and smokeless products. (Bat)
The last major update from management arrived in December, with BAT confirming its 2026 outlook and unveiling a £1.3 billion share buyback planned for that year. Chief executive Tadeu Marroco stated then: “Full-year delivery remains on track.” (Bat)
The update highlighted ongoing tensions in the U.S. vaping market, where illicit products continue to pressure legal brands. Still, BAT noted “encouraging” gains in Vuse volumes and revenue. (Bat)
But the setup carries risks. If the move to newer nicotine products slows, regulation tightens, or tax hikes hit major markets, sentiment could sour fast. The U.S. vapour segment facing fresh pressure would only add to the strain, particularly given how close shares are to recent peaks.
Investors will focus on the speed and pricing of buybacks in the upcoming session and throughout the week. They’ll also watch for any broad shifts in defensive, high-yield sectors. The next key cash event is the dividend payment scheduled for Feb. 4.
Next up is Feb. 12, when BAT releases its preliminary full-year results and sheds light on its 2026 delivery outlook.
