Imperial Brands said it has gained market share in most of its priority markets in the second half and is “on track” to meet earnings expectations for the fiscal year ending 30 September.
“In Next Generation Products, we are gearing up for new launches in an extended footprint in the coming year focused on improving the consumer experience and further building the Blu (e-cigarette) brand,” Imperial said in a trading statement. “We expect to deliver strong growth in revenues and earnings at actual currency, with constant currency performance impacted by the significant additional investments in the year.”
Imperial is using revenue from the September reduction of its stake in the Logista logistics subsidiary to buy back shares and to reduce debt. The cigarette maker confirmed media reports that it is working with other stakeholders to keep UK wholesaler Palmer & Harvey afloat. Fiscal year earnings are slated to be released on 7 November.