Imperial Brands Fiscal Year 2019 Pretax Profit Fell on Higher Costs

By Anthony O. Goriainoff

Imperial Brands PLC (IMB.LN) said Tuesday that pretax profit for fiscal 2019 fell 7.1% after it booked higher costs, and that it expects low single-digit revenue and earnings-per-share growth in 2020.

The tobacco company, which houses Davidoff and JPS among its brands as well as a range of next-generation products, said it has focused on managing the operational and regulatory challenges associated with its NGPs. The company said it has reduced and reprioritized NGP investment toward the markets and categories offering the best prospects for sustainable growth.

The company said that for the year ended Sept. 30 pretax profit was 1.69 billion pounds ($2.18 billion) compared with GBP1.82 billion in fiscal 2018.

Revenue was GBP31.59 billion, compared with GBP30.07 billion the year before.

Adjusted operating profit--the company's preferred measure which strips out exceptional and other one-off items-- was GBP3.75 billion, compared with GBP3.77 billion in 2018.

Net profit was GBP1.01 billion compared with GBP1.37 billion the year prior.

The board has declared a final dividend of 72.01 pence a share, taking the total payout for the year to 206.57 pence, compared with 187.80 pence the year before.

Imperial Brands said it has appointed Therese Esperdy as chairman and that she will succeed Mark Williamson on Jan. 1.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

November 05, 2019 02:46 ET (07:46 GMT)

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