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 /zigman2/quotes/208789104/delayed UK:IMB -1.57% , 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.
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