(Reuters) -Imperial Brands announced an additional 1.45 billion pound ($1.95 billion) share buyback plan on Tuesday and said it was on track to meet its annual targets on the back of strong pricing and growing demand for smoking alternatives products. The maker of Winston cigarettes and e-cigarette brand blu had expected low-single-digit growth in tobacco […]
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Winston cigarette maker Imperial Brands unveils $1.95 billion share buyback plan
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(Reuters) -Imperial Brands announced an additional 1.45 billion pound ($1.95 billion) share buyback plan on Tuesday and said it was on track to meet its annual targets on the back of strong pricing and growing demand for smoking alternatives products.
The maker of Winston cigarettes and e-cigarette brand blu had expected low-single-digit growth in tobacco and next generation products net revenue at constant currency and mid-single-digit growth in adjusted operating profit for the year.
Imperial’s stock price has largely recovered from the lows seen in May, when Stefan Bomhard announced his retirement, as the company has sought to ease concerns over its long-term strategy.
Lukas Paravicini took over as CEO on October 1.
Imperial Brands said it expects market share gains in the U.S., Germany and Australia to broadly offset declines in Spain and the UK.
($1 = 0.7431 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)