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Imperial Brands 1st Half Profit Fell on Charges Related to Leaving Russian Market

By Michael Susin

 

Imperial Brands PLC on Tuesday reported a fall in pretax profit for the first half due to charges related to its exit from Russia, and raised its dividend payout.

The FTSE 100 tobacco group--which houses Davidoff, Gauloises and JPS among its brands--made a pretax profit of 1.26 billion pounds ($1.55 billion) for the period ended March 31 down from GBP2.06 billion a year ago. The company said the exit from Russia and associated markets lead to GBP201 million in charges.

Revenue fell to GBP15.36 billion from GBP15.57 billion due to lower excise duty in Europe.

Operating profit, one of the company's preferred metrics, decreased to GBP1.20 billion from GBP1.64 billion the prior year.

The board declared a dividend of 42.54 pence a share up from 42.12 pence a year earlier.

As for fiscal 2022, the company said it is on track to deliver a performance in line with board's guidance.

 

Write to Michael Susin at michael.susin@wsj.com

 

(END) Dow Jones Newswires

May 17, 2022 02:44 ET (06:44 GMT)

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