Nicandro Durante, chief executive, said the company expects sales from the “potentially reduced-risk product” range to double to £1bn in 2018 and hit more than £5bn by 2022.

The company was reporting full-year results for the 12 months to December 31, with operating profits up from £4.6bn to £6.5bn, boosted by a six month contribution from RAI and helped by the weakness of sterling.