Imperial Brands on track to meet full-year guidance

By Kyle Morris

Imperial Brands PLC said Thursday that it is on track to meet full-year guidance and that first-half adjusted group operating profit should be similar on year on a constant-currency basis.

The tobacco group said that, excluding the impact of its exit from Russia, first-half group net revenue is seen at a similar level to the prior-year period at constant currency, with strong combustible pricing offset by volume declines as the prior period benefited from Covid-19-related changes in buying patterns. It sees a stronger net revenue performance in the second half, driven by normalization of volume trends.

For the full year, it sees low single-digit constant currency net revenue growth, in line with expectations.

First-half group adjusted operating profit is expected to be at a similar level to last year on a constant currency basis.

Aggregate share in its top-five markets at the half year is anticipated at a similar level to the prior period. The U.S., Spain and Australia are anticipated to show growing or stable market share, offsetting declines in Germany and the U.K.

First-half next generation products revenue is expected ahead of the prior period, driven by strong growth in Europe.

Write to Kyle Morris at kyle.morris@dowjones.com

-Kyle Morris

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04-13-23 0239ET

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