Imperial Brands Launches Buyback of Up to GBP1 Billion; Fiscal Year 2022 Performance in Line With Views

By Anthony O. Goriainoff

Imperial Brands PLC said Thursday that it is launching a share-buyback program of up to one billion pounds ($1.13 billion), and that its performance for the year ended Sept. 30 was in line with expectations.

The FTSE 100 tobacco group--which houses Davidoff, Gauloises and JPS among its brands--said that including dividends and buybacks, total capital returns in fiscal 2023 are expected to be above GBP2.3 billion, and that this represented around 13% of its current market capitalization.

Imperial said that the progress of its next-generation-product launches supports further market rollouts, and that the company is on track to deliver on its five-year plan.

"In line with previous guidance, we expect full-year net revenue and group adjusted operating profit to both grow by around 1% at constant currency," Imperial said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 06, 2022 02:38 ET (06:38 GMT)

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