BRISTOL (dpa-AFX) - British tobacco company Imperial Brands Plc (IMB.L, IMBBF.PK, IMBBY.PK) reported Tuesday that its fiscal 2024 profit before tax dropped to 3.03 billion pounds from prior year's 3.11 billion pounds.
Earnings per share, however, grew 19.1 percent to 300.7 pence from 252.4 pence last year.
Adjusted profit before tax was 3.52 billion pounds, compared to 3.48 billion pounds a year ago. Adjusted earnings per share were 297.0 pence, compared to last year's 278.8 pence.
Adjusted operating profit edged up 0.6 percent from last year to 3.91 billion pounds.
Revenue for the year, meanwhile, edged down 0.6 percent to 32.41 billion pounds from prior year's 32.48 billion pounds. Net revenue was 21.31 billion pounds, down from prior year's 21.66 billion pounds.
The results reflected the decline in tobacco revenue due to lower volumes in high excise markets and adverse foreign exchange movements, largely offset by growth in NGP and Distribution revenues.
Adjusted net revenue improved to 8.16 billion pounds from 8.01 billion pounds a year ago.
Tobacco volumes declined 4.0 percent to 190.0bn SE as volume declines have continued to normalise across the firm's footprint.
Further, the Board is recommending a 4.5 percent increase for the FY24 dividend to 153.42 pence per share.
Looking ahead, the company expects first-half Group adjusted operating profit to grow at low single digits at constant currency as performance will be weighted to the second half of the year driven by the phasing of combustible pricing and investment.
Further, for fiscal 2025, the company expects to deliver at least high-single-digit earnings per share growth at constant currency.
In the coming year, Imperial Brands expects to deliver tobacco and NGP net revenue growth at low single-digit constant currency and to grow Group adjusted operating profit close to the middle of mid-single-digit range at constant currency.
The company further said it will continue to invest to drive another year of double-digit constant currency net revenue growth.
Imperial Brands said it is now working on its strategy for the next five-year period through to 2030.
Stefan Bomhard, Chief Executive, said, 'We are on track to deliver five-year capital returns of c. £10bn, representing 67 percent of our market capitalisation in January 2021 when we launched our strategy. We look forward to presenting the next phase of our strategy at a Capital Markets Day on 26 March 2025.'
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
