Imperial Brands Says Performance in Line With Expectations, Launches $2 Billion Buyback

Imperial Brands said its performance in its last fiscal year was as expected, bolstered by revenue growth in its tobacco and next-generation products categories, and launched a new share-buyback program of 1.45 billion pounds ($1.96 billion). The tobacco company, which owns brands like Davidoff, Gauloises and JPS, said Tuesday that performance for the year ended Sept. 30 was in line with guidance given during its half-year results in May. Net revenue from tobacco and next-generation products--the category housing vape, heated tobacco and oral nicotine--is expected to have grown by low single percentage digit when excluding currency movements, it said. Net revenue for next generation products is expected to have grown in a range of 12%-14% at constant currency, Imperial Brands said. Group adjusted operating profit growth at constant currency remains at a similar range as last year, when Imperial Brands reported a 4.6% rise, the company said. Imperial Brands had guided for adjusted operating profit to be close to the middle of the mid-single-digit range. The company said its new buyback will run until October 2026. Imperial Brands' returns to shareholders, including buybacks and dividends, will top 2.7 billion pounds in the coming fiscal year, it said.

Imperial Brands Says Performance in Line With Expectations, Launches $2 Billion Buyback

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