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Highlights:
Imperial Brands posts a 4.5% increase in full-year adjusted operating profit.
Revenues from new products, including vapes and nicotine pouches, surged by 26%.
The company anticipates continued profit growth driven by its tobacco and new product divisions.
Imperial Brands, (LSE:IMB) the manufacturer behind well-known cigarette brands such as Winston, has announced a 4.5% rise in adjusted operating profit for the full year ending September 30, 2024. The company reported an adjusted operating profit of £4 billion, marking a 4.6% increase on the previous year. This positive financial performance was driven by strong sales growth in new product lines, including vapes and nicotine pouches.
The company’s total profit for the year amounted to £3.5 billion. Revenues from Imperial’s expanding portfolio of next-generation products rose by 26%, contributing significantly to the company’s overall revenue growth. This helped reduce losses within the next-generation product division by 43%, with losses narrowing to £79 million.
Despite facing a challenging market, the company reported growth in its traditional tobacco business, which includes its core brands such as Winston. Imperial Brands highlighted the continued strength of its combustible tobacco business as a key driver for profit growth. Furthermore, the company anticipates further reductions in losses from its next-generation product offerings as they continue to scale.
Looking ahead, Imperial Brands projects low single-digit revenue growth for both its tobacco and new product categories, on a constant currency basis. The company also forecasted operating profit growth to remain in the mid-single-digit range, with a continued focus on driving profit expansion through its core tobacco business and improved performance from its next-generation product lines.
This positive financial performance highlights Imperial Brands’ ability to diversify and adapt in the evolving global tobacco market while continuing to leverage its established brand strength.
