British tobacco group Imperial Brands Plc said on Wednesday it expects full-year net revenue growth to be at or above the upper-end of its 1% to 4% range.
The company also said it was on track to meet its full-year earnings expectations, with growth in the range of 4% to 8%.
However, it expects tobacco volumes to be "slightly" behind the second half of last year, hit by the phasing of trade inventories, including in the United States, after recent price increases.
The group made the comments in a trading update ahead of its close period on 1 April.
Underlying Growth
‘Operating profit in the first half reflects continued underlying growth in Tobacco profits albeit more than offset by increased investment in blu of £100m, as highlighted in November,’ it said.
‘First half earnings per share will also be impacted by the reduction of our Logista stake and last year’s divestment of our Other Tobacco Products business. We continue to expect to realise £50-100m of other gains this year which will benefit the second half.’
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
