Table 4.

2009 UK Tobacco Industry actual^* Profitability and Profits with Regulation

	Imperial	JTI	PMI	BAT	Total**
Market Share (%)	42.9	35.8	8	7.3	94.0
Revenue (£ million)	£893.0	£854.8	£166.5	£154.9	£2,069.2
Profit actually made (£ million)	£601.0	£312.0	£83.0	£34.9	£1,030.8
Profit rate actually achieved	0.673	0.365	0.498	0.225	0.498
Profit when capped at 20% of actual revenue (£ million)	£178.6	£171.0	£33.3	£31.0	£413.8
Implied reduction in profits from 2009 rate (£ million)	£422.4	£141.0	£49.7	£3.9	£617.0
Profit when capped at 12% of actual revenue (£ million)	£107.2	£102.6	£20.0	£18.6	£248.3
Implied reduction in profits from 2009 rate (£ million)	£493.8	£209.4	£63.0	£16.3	£782.5

Source: Authors’ calculations using various sources as outlined in the text.

^*Actual profit figures for Imperial, remaining profit figures are estimates as outline earlier in the article.

^**Total market share doesn’t sum to 100% since we are assuming that the profitability of the companies comprising the remainder of the market would not be affected by the imposition of price caps