Imperial Brands Plc (IMB.L), a British tobacco company, Tuesday reported that its fiscal 2022 profit before tax declined to 2.55 billion pounds from last year’s 3.24 billion pounds.
Basic earnings per share were 165.9 pence, down 44.7 percent from 299.9 pence a year ago.
Adjusted profit before tax was 3.38 billion pounds, compared to 3.16 billion pounds last year. Adjusted earnings per share were 265.2 pence, compared to 246.5 pence a year ago.
Revenue edged down 0.7 percent to 32.55 billion pounds from 32.79 billion pounds last year. Net revenue went up 1.5 percent from last year to 7.79 billion pounds, with tobacco up 1.3 percent to 7.59 billion pounds, and NGP up 10.8 percent.
Further, the company announced annual dividend per share of 141.17 pence, up 1.5 percent, in line with progressive dividend policy.
Looking ahead, Imperial Brands said the first-half of fiscal 2023 adjusted operating profit is expected to be at a similar level to last year, at constant currency. Performance will be weighted to the second half of the year due to the phasing of NGP investment, the impact of exit from Russia in April 2022, and the continued unwind of COVID-19. All these will affect the first half.
At current rates, foreign exchange translation is expected to be a 5-6 percent tailwind to net revenue, adjusted operating profit and earnings per share.
Further, the company remains on track to deliver against five-year plan. “As we move into that phase, we continue to expect low single-digit constant currency net revenue growth with constant currency adjusted operating profit growth accelerating to deliver mid-single digit CAGR over the next three years,” it said.
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