Imperial Brands pledges annual profit growth, share buyback until 2030

LONDON: Imperial Brands will grow annual operating profits by 3-5% and launch a share buyback every year until 2030, the cigarette maker said, as it prepared to set out its growth strategy at a capital markets day on Wednesday.

The maker of Winston cigarettes has enjoyed a rebound in sales and returns after retreating to focus on core markets and its tobacco business following an earlier foray into vapes that saw it lose market share.

It outlined a new five-year strategy on Wednesday signalling a continuation of that focus but also an effort to build scale in smoking alternatives, including its e-cigarette brand blu, nicotine pouch brand Zone and heated tobacco device Pulze.

“The strategy builds on the firm foundations of our current plan, which has created a better business delivering a stronger, more consistent operational and financial performance, and excellent returns for shareholders,” Chief Executive Stefan Bomhard said. Imperial’s shares, however, fell following the announcement to stand 1.35% down by 1334 GMT.