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Imperial Brands H1 Profit Down; Sees More Pronounced Covid-19 Impact In H2

British tobacco company Imperial Brands plc. (IMB.L,IMBBF.PK,IMBBY.PK) reported Tuesday that its first-half basic earnings per share declined 21.9 percent to 55.6 pence from last year's 71.2 pence. Adjusted earnings per share were 103.0 pence, compared to 115.6 pence a year ago.

Operating profit fell 19.6 percent to 925 million pounds.

Revenue, however, grew 2 percent to 14.67 billion pounds from prior year's 14.39 billion pounds.

Tobacco net revenue remained flat at 3.51 billion pounds. Tobacco volume edged down 0.5 percent.

The company noted that COVID-19 has so far had only a small impact on trading.

The company expects the pandemic impact will be more pronounced in the second half due to continued pressures on duty free and travel retail business, changes in consumption patterns including downtrading and a reversal of some first half inventory build.

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