Imperial Brands, the well-known tobacco group boasting popular brands such as Davidoff, Gauloises, and JPS, has recently expressed optimism about meeting its guidance for fiscal 2023. Moreover, the company has exciting news for its investors as it announces plans for an even bigger share buyback in fiscal 2024.

According to Imperial Brands, its trading results for the year ended September 30 are expected to align with its guidance, which projected low-single-digit growth in both tobacco and next-generation products net revenue. The company had also previously stated that it aimed for accelerated growth in group adjusted operating profit within the lower end of its mid-single-digit range.

The tobacco giant highlighted that it experienced improved growth in tobacco net revenue during the second half of the year, primarily due to strong pricing that effectively offset higher volume declines. Additionally, the revenue generated from next-generation products, which include vape, heated tobacco, and oral nicotine, witnessed accelerated growth in this period, primarily driven by impressive performance in Europe.

Imperial Brands, listed on the FTSE 100, is committed to returning value to its shareholders. In line with this objective, the company has announced a share buyback program worth £1.1 billion ($1.33 billion) for fiscal 2024. This program is set to commence on October 6 and will run until September 2024, representing a significant 10% increase compared to the previous year's initiative. Moreover, the company anticipates total capital returns to exceed £2.4 billion in the year, encompassing dividends and buybacks.

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