Imperial Tobacco combined shipping volume fell 7 per cent in the fiscal year ended 30 Sept, although net tobacco revenue and operating profit were stable, the company said.

Cigarette, fine-cut, cigar and snus volumes, as measured in cigarette-stick equivalent, fell to 317 billion sticks from 341 billion sticks in fiscal 2012. Key brand volumes declined 2 per cent to 129 billion sticks.
“Market conditions remain tough”, said Chief Executive Officer Alison Cooper. “In 2014 our priority is to continue transitioning the business”, he said. Imperial will invest in key brands and growth markets, where it has a share of less than 15 per cent, the company said. In markets where Imperial has a larger share, for example the UK, Germany, Australia, eastern Europe and Africa, the company said it would actively manage market share and maximise profit.
Fiscal year net tobacco revenue was GBP 7 billion (EUR 8.3 billion), from gross sales of GBP 20.9 billion, that yielded an adjusted operating profit of GBP 3 billion, Imperial said. Stripped of favourable currency valuations, net revenue dipped 1 per cent in the 12-month period.