9th Mar 2022 10:51
(Alliance News) - Imperial Brands PLC said on Wednesday had suspended all operations in Russia.
The Bristol-based tobacco company said this included halting production at its factory in Volgograd and ceasing all sales and marketing activity in the region.
Imperial Brands had already suspended its operations in Ukraine.
The company explained that Russia and Ukraine are relatively small markets in the context of the group, representing around 2% of net revenue and 0.5% of adjusted operating profit in 2021.
"This decision comes amid a highly challenging environment in Russia as a result of international sanctions and consequential severe disruption. We will be supporting our Russian employees, who continue to be paid while operations are paused," Imperial Brands said.
Shares in Imperial Brands were up 3.1% at 1,537.50 pence on Wednesday morning in London.
By Heather Rydings; [email protected]
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