Imperial Brands expects higher first-half profit on strong tobacco pricing
Reuters
Published Apr 09, 2024 07:25
(Reuters) -Imperial Brands said on Tuesday its profit for the first half of the year will be higher on the back of strong tobacco pricing and increased sales of its products such as disposable vapes.
The maker of Winston cigarettes and Backwoods cigars expects to meet its full-year expectations of growing net revenue and delivering a step up in adjusted operating profit growth.
Imperial Brands (LON:IMB) said last year it would increase prices in its key markets to offset declining volumes, while the company also faces regulatory pressures such as a potential UK ban on cigarette sales to younger people.
For the full-year, on a constant currency basis, tobacco and next generation product (NGP) like disposable vapes net revenue is expected to grow at a low single-digit percentage rate.
Analysts had expected total tobacco and NGP revenue to be about 8.1 billion pounds ($10.26 billion), according to company-provided estimates.
($1 = 0.7897 pounds)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.