The price of shares in FTSE 100 tobacco firm Imperial Brands (LON:IMB) climbed by 5.20% to 1,475.50p (as of 12:15 GMT) as operating profits for the year ended 30th September rose by 24.3%. Net revenues were up by 0.8% as tobacco sales growth offset declines in demand for next generation products.
CEO Stefan Bomhard commented: “Although this has been a difficult year, the resilience of our tobacco business and the measures we have taken to improve our NGP operations reinforce my confidence in the future potential of the business. With a more disciplined focus and better execution we can realise significant value for our stakeholders over time.
“My first months have been focused on engaging with employees, consumers and customers and leading the strategic review of the business. What I have seen to date confirms my view of the Group’s solid foundations. I believe there is scope to enhance returns from our tobacco business and opportunities to strengthen our NGP delivery over time. I firmly believe we can make a meaningful contribution to harm reduction within a more disciplined, returns-focused framework and we have already taken steps to stem the NGP losses.
“I look forward to providing further details of our renewed focus on value creation at a capital markets event in January and I would like to conclude by recognising the tremendous efforts of our employees in these unprecedented times. The commitment of our people across the business and their willingness to embrace change has been inspiring to see; my thanks to them all.“