Standard Digital Edition

Imperial shares buyback hands investors £1bn

Michael Hunter @MJJHunter

IMPERIAL Brands, the maker of Lambert & Butler and Gauloise cigarettes, will return £1 billion to investors through a share buyback after confirming it is on track to meet annual profit forecasts.

City analysts expect the FTSE 100 tobacco giant to report profit of around £3.7 billion when it reports its next set of full-year results in mid-November.

Imperial said trading met its own forecasts and its overall market share had improved, with declines in sales volumes in northern Europe partly offset by rising sales in the south. The return of international travel boosted duty-free sales.

The Bristol-based multinational, benefits from a weaker pound. It said currency “tailwinds” would lift net revenue by around 1% of net revenue. It reported £33 billion in sales for its financial year ending in September 2021.

Imperial shares rose 85p to 1979p, a leap of more than 4%.

Business

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2022-10-06T07:00:00.0000000Z

2022-10-06T07:00:00.0000000Z

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