Imperial Brands reports improved profit, says well-placed to manage inflation


Corrections & Amplifications

This headline was corrected at 0714 GMT to reflect Imperial Brands PLC’s FY Pretax Pft was GBP 3.24B, not GBP4M

By Jaime Llinares Taboada

Imperial Brands PLC on Tuesday reported an improved profit for the year ended Sept. 30, mainly driven by one-offs, and said it is well placed to manage inflation.

The FTSE 100 tobacco group made a pretax profit of 3.24 billion pounds ($4.35 billion) in fiscal 2021, up from GBP2.17 billion in fiscal 2020. This reflected gains on the disposal of the Premium Cigar Division and lower amortization and impairment costs.

Adjusted earnings before interest and tax rose 2.1% to GBP3.57 billion, slightly above a market consensus of GBP3.56 billion–taken from Vuma and based on 14 analysts’ estimates.

Imperial Brands declared a dividend of 139.08 pence a share for the financial year, up from 137.7 pence a year earlier.

As for fiscal 2022, the company said that it is well positioned to manage inflation through its purchasing strategy, high margins and pricing. In addition, it forecast net revenue growth at a similar rate to fiscal 2021, while adjusted operating profit growth is anticipated to be slightly slower than revenue.

Write to Jaime Llinares Taboada at; @JaimeLlinaresT

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