Imperial Brands 1st Half Pretax Profit Fell; Cuts Dividend by Third
May 19 2020 - 1:58AM
Dow Jones News
By Joe Hoppe
Imperial Brands PLC said Tuesday that pretax profit fell while
revenue increased in the first half of fiscal 2020, and that it has
cut its annual dividend by one-third.
The tobacco company--which houses Davidoff, Gauloises and JPS
among its brands--said that for the six months ended March 31,
pretax profit fell to 785 million pounds ($953.7 billion) compared
with GBP1.02 billion a year earlier.
Revenue for the period was GBP14.7 billion, compared with
GBP14.39 billion the year before. The company said net revenue was
driven by strong growth in its next-generation products and a solid
underlying tobacco performance.
Total tobacco volume fell to 114.6 billion stick equivalents
compared with 115.2 billion stick equivalents in the first half of
the previous fiscal year.
The group said tobacco and next generation product net revenue
fell 0.9% to GBP3.59 billion from GBP3.65 billion.
The company declared an interim dividend of 41.7 pence, a 33.3%
fall on the year before.
Chief Executive Alison Cooper said that while it had delivered
against revised expectations, the company was disappointed with the
results and was focusing on opportunities to improve
performance.
Imperial Brands added that coronavirus had only had a minor hit
to trading, but that it expects a greater hit in the second
half.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
May 19, 2020 02:43 ET (06:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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