Imperial Brands Full-Year Net Revenue Growth Misses Views Slightly
November 14 2023 - 2:58AM
Dow Jones News
By Elena Vardon
Imperial Brands posted net revenue growth slightly below
expectations for fiscal 2023 but a better adjusted operating profit
growth for the year as it continues to offset volume declines with
strong pricing.
The FTSE 100 tobacco group--which houses Davidoff, Gauloises and
JPS among its brands--said net revenue from tobacco and its
next-generation products--which include vape, heated tobacco and
oral nicotine products--was 8.01 billion pounds ($9.84 billion), or
0.7% on-year growth at constant currency. The group had guided for
low-single-digit organic growth while analysts polled in a
company-compiled consensus had expected the figure to improve 1%,
and to report GBP8.04 billion, from the previous year's GBP7.79
billion result.
The cigarette maker reported an adjusted operating profit--one
of its preferred metrics--of GBP3.89 billion for the year ended
Sept. 30, behind analyst expectations of GBP3.91 billion, which
represents 3.8% on-year growth. It guided for growth at the lower
end the of mid-single-digit range while consensus had seen 3.5%
organic growth against the GBP3.69 billion reported for the
year-prior period.
The board declared a dividend 146.82 pence per share, compared
with the previous year's 141.17 pence payout while analysts had
expected a 145.1 pence per share return.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
November 14, 2023 02:43 ET (07:43 GMT)
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