Imperial Brands To Start £1Bln Share Buyback, Affirms Trading In Line With View

Imperial Brands plc (IMB.L,IMBBF.PK,IMBBY.PK), on Thursday, announced share buyback programme and affirmed trading in line with expectations.

In line with its five-year strategy to deliver sustainable growth and enhanced shareholder returns, the company has initially intends to repurchase up to £1 billion of shares in the period from 7 October 2022 to the end of September 2023.

Stefan Bomhard, Imperial Brands CEO, said, "The launch of our new buyback programme is an important milestone in our five-year strategy announced in January 2021. Over the past two years, increased investment and a more consumer-centric approach have improved delivery in both our priority combustible markets and next generation product operations. Disciplined capital allocation has strengthened our balance sheet to reach our target leverage levels."

Further, the company stated that trading in the year 2022 has been in line with expectations. Targeted investment in the company's five largest combustible markets which account for around 70% of operating profit has driven an improvement in aggregate market share.

At constant currency, the growth rate of Imperial Brands' tobacco net revenue improved in the second half compared with the first, driven by a stronger price mix.

In line with previous guidance, the company projects FY net revenue and Group adjusted operating profit to both grow by around 1% at constant currency.

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