19th Aug 2015 06:09
LONDON (Alliance News) - Imperial Tobacco Group PLC on Wednesday said its net revenue was dragged lower by currency effects in the first nine months of its financial year, as a rise in volumes in its growth brands portfolio was offset elsewhere to pull total volumes down.
The FTSE 100-listed tobacco company, which owns Golden Virginia tobacco and Rizla cigarette papers, said tobacco net revenue in the nine months to the end of June was GBP4.44 billion, down from GBP4.63 billion a year earlier. The 4% decline on a reported basis compared to a 2% rise in constant currencies.
The group said volume growth in its Growth Brands portfolio, which includes Lambert & Butler and John Player & Sons, hit 15% in the period, but total tobacco volumes fell by 3%.
"This has been another good quarter, building on the progress we made in the first half. Our continued focus on improving the consistency and quality of our performance has delivered excellent results from our Growth Brands which continue to grow net revenue, volume and market share. We've strengthened our performance in Returns Markets and maintained positive momentum in Growth Markets," said Chief Executive Alison Cooper.
"This consistent delivery against our strategic agenda leaves us on track to deliver against full year expectations and to create further sustainable value for our shareholders," Cooper added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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