News

Imperial Brands Reports Fiscal 2023 Results

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Andrew R. Michaud

• November 14, 2023

Imperial Brands, the FTSE 100 tobacco group known for brands such as Davidoff, Gauloises, and JPS, has announced its fiscal 2023 results. While net revenue growth slightly missed expectations, the company achieved better adjusted operating profit growth for the year.

Net Revenue Growth

The net revenue from tobacco and next-generation products, including vape, heated tobacco, and oral nicotine products, reached £8.01 billion ($9.84 billion) for the year—a 0.7% increase from the previous year at constant currency. Although Imperial Brands had projected low-single-digit organic growth, analysts had anticipated a 1% improvement, with estimated revenue of GBP8.04 billion.

Adjusted Operating Profit

Imperial Brands reported an adjusted operating profit of GBP3.89 billion, marking a 3.8% increase from the previous year. This figure fell slightly below analyst expectations of GBP3.91 billion but demonstrated growth at the lower end of the mid-single-digit range. In comparison, the company reported GBP3.69 billion in operating profit for the same period last year.

Dividend Declaration

The board has declared a dividend of 146.82 pence per share—an increase from the previous year's payout of 141.17 pence per share. Analysts had predicted a return of 145.1 pence per share.