2010 Losses at RBS were double that expected at £1.1 billion, though the operating profit before write downs was £1.9 billion, compared with a £6.1 billion loss in 2009. Bad debt losses were £9.3 billion versus nearly £14 billion in 2009. The shares are down 3% to 46p.
British American Tobacco (BATS) reported pre-tax profits up 5% to £4.3 billion. Volumes were down 2% overall to 708 billion with a 1% decline in the Americas, and 8% lower in Western Europe, but these were offset by higher prices. The operating margin grew 2% and earnings per share grew by 6% to 145p. The total dividend increased 15% to 114p and a £750 million share buy back was started. The shares are down 2.5% to £23.54, with disapointment about the size of the share buy back (presumably smaller fund acquisitions).
Centrica (CNA) waz flat at 334p, after announcing pre-tax profits of £2.8 billion, up from £1 billion a year ago. Revenue was broadly flat at £22 billion. British gas added 267,000 customers in 2010, despite a 7% price increase. They said wholesale gas prices rose substantially in the final quarter of 2010, meaning a lower margin.
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