11th Feb 2016 07:36
LONDON (Alliance News) - Imperial Brands PLC on Thursday reported a rise in net revenue in the first quarter of its financial year and said it is on track to meet its full-year outlook.
The company, which recently changed its name from Imperial Tobacco, said tobacco net revenue was up 17% in the three months ended December 31, in line with its guidance, supported by ITG Brands in the USA. However, total tobacco volume fell 3.0%, which it said was largely due to problems in Iraq and Syria.
Imperial Brands added that ITG Brands will continue to benefit results throughout the year and that the headwind from Iraq and Syria will lessen.
"We continued to make good progress against our strategic objectives in the first quarter and are well placed to meet full-year expectations. We are further sharpening our focus on quality revenue growth and have advanced the simplification of our portfolio and prioritisation of profitable volume," Chief Executive Alison Cooper said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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