British tobacco company Imperial Brands stood by its full-year forecast on Wednesday after reporting higher half-year sales in line with analysts' estimates, helped by growth in its e-cigarettes business.
The maker of Gauloises cigarettes said adjusted half-year net revenue rose 2.5% on a constant-currency basis to £3.66 billion (€4.26 billion).
Adjusted earnings per share were 115.6 pence.
Analysts on average were expecting revenue of £3.66 billion and adjusted earnings per share of 112.9 pence, according to a company-supplied consensus.
Revenue Projections
The company said it was on track to deliver growth in revenue, adjusted earnings per share and cash conversion in line with full-year expectations. It expects revenue growth at or above the upper end of a 1 to 4% range.
"In tobacco, we continue to focus on our longstanding brand and market priorities, and are delivering high margin sales growth," commented Alison Cooper, Imperial Brands chief executive. "Our Asset Brands continue to outperform and now represent two thirds of our revenue.
"We have made significant progress in building our NGP business with investment behind myblu generating awareness and consumer adoption, resulting in leading retail shares in most markets. We are building on this momentum in the second half focused on further omnichannel expansion and new product initiatives.
"We have set the foundations for accelerated revenue growth and we are on track to meet our full year expectations.”
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
