Imperial Brands has announced its full year results for the year ended 30 September saying it remains on track to deliver its five-year plan.
The Bristol-headquartered company reported revenue of GBP 32.55 billion for 2022, down 0.7 per cent. Operating profits fell 14.7 per cent to GBP 2.68 billion because of almost GBP 400 million charges related to the exit from Russia and the fact that profits were boosted the previous year by the disposal of its Premium Cigar division.
Next generation products (NGP) net revenue was up 11 per cent driven by market launches in all categories. The NGP portfolio in Europe has performed well with net revenue up 34.2 per cent at constant currency. A positive response from both consumers and the trade to launches of Pulze and iD in the Czech Republic and Greece has supported further share gains during the second half.
Chief Executive Stefan Bomhard: “In line with our five-year strategy, increased investment and a more consumer-centric approach have improved delivery in both our priority combustible markets and our next generation product operations. At the same time, disciplined capital allocation has strengthened our balance sheet to reach our target leverage. This has enabled us to enhance shareholder returns through an ongoing share buyback programme alongside a progressive dividend.
“In tobacco, a sharper focus on brand building and sales execution has supported aggregate market share gains in our top-five priority markets. Price mix improved in the second half, helping to offset the anticipated acceleration in volume declines, which occurred as borders reopened, prompting a return to pre-COVID buying patterns.
“Looking ahead, we are well positioned to deliver against the next phase of our five-year strategy. The additional investment and the actions we have taken during the initial two-year strengthening phase have built stronger foundations as we face into a more challenging macro-economic environment. We are well placed to build on our track record of delivery over the next three years, improving returns and creating sustainable growth in shareholder value.”

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