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UNITED KINGDOM

Imperial releases full year results

17 Nov 2020. Imperial Brands has announced its full year results for the year ended 30 September 2020 saying, “Tobacco volumes strong but sub-optimal product and market mix result in weak gross profit contribution”.

Financial performance summary:

 

• Group net revenue up +0.8%

• Tobacco volume decline of -2.1% reflecting better market size and share trends in several markets

• Tobacco net revenue +1.8% but weaker mix impacting gross profit contribution

• Moderation of NGP net revenue decline; H1: -43%, H2: -9% with FY down 27%

• Adjusted EPS down -5.6% reflecting reduced tobacco profit with COVID-19 and regulatory costs; and losses in NGP

• Reported EPS up 49.4% at 158.3p reflecting prior year impairment charge for Premium Cigar sale

• Strong cash conversion 127%; 107% excluding timing benefit on duty payments

• Annual dividend of 137.7 pence per share reflecting rebased payment announced in May

 

Chief Executive Stefan Bomhard said: “Although this has been a difficult year, the resilience of our tobacco business and the measures we have taken to improve our NGP operations reinforce my confidence in the future potential of the business. […]

“My first months have been focused on engaging with employees, consumers and customers and leading the strategic review of the business. What I have seen to date confirms my view of the Group’s solid foundations. I believe there is scope to enhance returns from our tobacco business and opportunities to strengthen our NGP delivery over time. I firmly believe we can make a meaningful contribution to harm reduction within a more disciplined, returns focused framework and we have already taken steps to stem the NGP losses.”