Information  X 
Enter a valid email address

Imperial brands profit jumps in H1 on rising tobacco prices

By BFN News | 07:39 AM | Tuesday 18 May, 2021


Tobacco giant Imperial brands reported a jump in first-half profit thanks to strong tobacco pricing and reduced losses from its next generation products including e-cigarettes. For the six months ended 31 March, pre-tax profit increased to £2.06 billion from £785 million year-on-year as revenue grew 9.2% to £533 million. Tobacco revenue grew 3.2% even as tobacco volumes fell 3.3% with 'consumer demand partially offset by weaker duty free volumes and a reduction in US inventories following strong wholesaler purchases in March 2020,' the company said. Next generation product losses were cut by 62.5% to £83 million as 'we continue to optimise investment and as the prior year write-downs (£95m) were not repeated to the same extent,' it added. The interim dividend per share was raised by 1.0%, or £4 million. Looking ahead, the company said it was on-track to deliver full year results in line with guidance. Story provided by StockMarketWire.com

a d v e r t i s e m e n t