30th Mar 2021 09:19
(Alliance News) - Imperial Brands PLC on Tuesday said trading is in line with its expectations and it will meet its guidance for the 2021 financial year.
The tobacco company expects "low to mid-single digit organic adjusted operating profit growth at constant currency" for the financial year ending September 2021, in line with guidance from November.
Shares in Imperial were down 0.9% to 1,497.29 pence in London, underperforming the broader FTSE 100, which was up 0.6%.
Net revenue will grow by at least 1% on an organic, constant currency basis in the first half of the financial year, the Bristol-based company said, as tobacco pricing remains strong.
First-half adjusted organic operating profit growth will be at least "mid-single digit" on a constant currency basis, thanks to increased profit from logistics and reduced losses at the Next Generation Products unit.
But foreign exchange is expected to hit full-year earnings per share by roughly 2% at current rates. First-half earnings will be broadly unaffected, Imperial said.
Imperial's market share across its top five priority markets is growing in aggregate, with gains in the US, UK and Spain more than offsetting declines in Germany and Australia, the company said.
The company will announce first-half results on May 18.
By Ivan Edwards; [email protected]
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