Tobacco company Imperial Brands on Thursday unveiled a £1bn share buyback as it said current year trading was in line with expectations.
“In line with previous guidance, we expect full-year net revenue and group adjusted operating profit to both grow by around 1% at constant currency,” the maker of Gauloises cigarettes and Golden Virginia tobacco said in a trading update.
“Targeted investment in our five largest combustible markets which account for around 70% of operating profit has driven an improvement in aggregate market share.”
Imperial said tobacco net revenue growth improved in the second half compared with the first, driven by a stronger price mix.
“As expected, the recovery of international travel has, over the course of the year, led to a return to pre-Covid purchasing patterns. This has led to increased volume declines, particularly in Northern Europe, partly offset by volume growth in Southern Europe and duty free,” it said.
Reporting by Frank Prenesti at Sharecast.com
