Imperial Brands Says Palmer & Harvey Decision to Impact FY18 Operating Profit
By Dimitrios Kontos
Imperial Brands PLC (IMB.LN) said on Tuesday that U.K.-based wholesaler Palmer & Harvey's decision to enter administration may have a one-off impact of up to 160 million pounds ($213.3 million) on group operating profit in fiscal year 2018.
The company said that the majority of this sum would relate to excise duty, which is non-recoverable.
It also said that it doesn't anticipate any significant disruption to its U.K. operations, and it has contingency plans in place which will ensure that the ongoing supply to retail customers remains unaffected.
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Corrections & Amplifications
This item was corrected at 1:46 p.m. ET because it missated the year as FY17, instead of FY18, the Palmer & Harvey decision would impact operating profit.
(END) Dow Jones Newswires
November 28, 2017 13:20 ET (18:20 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.