Imperial Brands to Invest Additional GBP300 Million in 2017; Keeps Fiscal Year Target
March 30 2017 - 3:00AM
Dow Jones News
By Razak Musah Baba
LONDON--Tobacco company Imperial Brands PLC (IMB.LN) Thursday
maintained its fiscal 2017 earnings target and said it would invest
an additional 300 million pounds ($374.1 million) in the current
year.
For the first half ending March 31, the company expects revenue
and earnings per share to be up strongly, reflecting gains currency
from currency translation.
Imperial, which makes Gauloises cigarettes and Rizla rolling
paper, said it expects a currency translation benefit on net
revenue and profit of about 13% to 14%, at current exchange
rates.
In November last year Imperial announced an investment plan to
support medium-term revenue growth, which will be accompanied by
the company targeting cost savings of 300 million pounds ($374.1
million) a year by 2020, at a cost of GBP750 million.
The company said Thursday it will invest an additional GBP300
million in 2017, adding that its guidance for full-year earnings is
unchanged.
--Rory Gallivan contributed to this article
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
March 30, 2017 02:45 ET (06:45 GMT)
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