Imperial Brands Backs Full-Year View; To Launch GBP1.1 Billion Buyback
October 05 2023 - 2:57AM
Dow Jones News
By Elena Vardon
Imperial Brands said it expects to meet its guidance for fiscal
2023 and that it will launch a bigger share buyback in fiscal
2024.
The tobacco group--which houses Davidoff, Gauloises and JPS
among its brands--said its trading for the year ended Sept. 30 is
seen in line with its guidance of low-single-digit growth in
tobacco and next-generation products net revenue. It had also
guided for group adjusted operating profit growth to accelerate to
the lower end of its mid-single-digit range.
It said it had seen improved tobacco net revenue growth over the
second half of the year on strong pricing, which offset higher
volume declines. Next-generation products--which include vape,
heated tobacco and oral nicotine--revenue growth also accelerated
in the period on strong growth in Europe, it added.
The FTSE 100-listed company said it is undertaking a 1.1 billion
pounds ($1.33 billion) share buyback for fiscal 2024, which will
start on Oct. 6 and end in September 2024 and represents a 10%
increase on the previous year's program. It added that it expects
total capital returns in the year to exceed GBP2.4 billion,
including dividends and buybacks.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 05, 2023 02:42 ET (06:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Imperial Brands (QX) (USOTC:IMBBY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Imperial Brands (QX) (USOTC:IMBBY)
Historical Stock Chart
From Apr 2023 to Apr 2024
