Tobacco giant Imperial Brands has said profits for the first half of the financial year are expected to be higher on the back of strong pricing and sales of products such as vapes. The Bristol-headquartered maker of Golden
Virginia told shareholders on Tuesday (April 9) it was on track to meet its half-year and full-year guidance and was "confident" of growing revenue and profits. The firm also said it expected to deliver its £1.1bn share buyback programme as part of its ongoing capital returns plan. As of March 31, Imperial Brands had completed £604m of the buyback for the year. The scheme is expected to complete no later than October 29. "This performance reflects our improved resilience to withstand geopolitical and macro-economic pressures as well as the benefit of our continued investment to strengthen performance and drive transformation," Imperial Brands said in a statement. The company said gains in international markets including the US,
Spain and Australia had broadly offset declines in
Germany and the
UK. The business has increased pricing of its products in certain markets in a bid to tackle declining volume pressures. Imperial Brands now has a presence in more than 20 European markets and the US. The cigarette maker said its second-half delivery would be underpinned by embedded tobacco pricing already taken in the first half of the year and further growth in its new products, including vapes. The interim results for the six months ended March 31, 2024, will be announced on May 15.