Imperial Brands shares down as vaping hopes evaporate

Shares in FTSE 100 firm Imperial Brands (LON:IMB) dropped 10.33% to 1,852.22p (as of 11:20 BST) after the company cut its guidance for the year ending 30th September. Management said that market conditions for next generation products had substantially worsened during the final quarter.

While net revenue from the division will be more than 50% above the prior year, this is below expectations and there is considerable uncertainty surrounding the future regulatory environment for vaping products, which has had an impact on orders from retailers and wholesalers.