By Oliver Griffin
Imperial Brands PLC said Thursday it is on track to meet its full-year expectations as increased investment delivers improved share performance across most of its priority.
The tobacco company said it expects to deliver strong growth in revenue and earnings at actual currency, with earnings at constant currency impacted by investments made throughout the year. Cash generation remained strong, it added.
Imperial Brands said proceeds generated earlier in September by a further sell-down of its stake in Compania de Distribucion Integral Logista Holdings SA (LOG.MC) -- known as Logista--would be used to buy back shares and reduce debt.
The company also said it is working to create a sustainable future for Palmer & Harvey Holdings PLC , following reports of financial difficulty at the U.K.-based tobacco wholesaler.