BRISTOL (dpa-AFX) - Imperial Brands plc. (IMB.L) reported Wednesday that its first-half profit before tax climbed to 1.02 billion pounds from 600 million pounds last year. Basic earnings per share climbed 37.7 percent to 71.2 pence from 51.7 pence last year.
Adjusted profit before tax was 1.42 billion pounds, compared to 1.40 billion pounds last year. Adjusted earnings per share were 115.6 pence, compared to 114.3 pence last year.
Revenue increased 2.3 percent to 14.39 billion pounds from 14.06 billion pounds a year ago. Net revenue increased 3.8 percent to 3.66 billion pounds from prior year's 3.52 billion pounds.
Tobacco volume declined 6.9%, impacted by shipment timings. Underlying volume decline was 4.5%, in line with the industry.
Further, the company declared an interim dividend of 62.56 pence per share, an increase of 10 percent. This dividend will be paid in two payments of 31.28 pence per share on June 28 and September 30.
Looking ahead, Imperial Brands said it is on track to deliver growth in revenue, adjusted EPS and cash conversion in line with full year expectations.
The company expects to deliver constant currency revenue growth at, or above, the upper end of 1-4% revenue growth range, driven by consistent growth in tobacco and an increase in NGP revenues.
The company said its divestment program is on track; including sale of Premium Cigars business.
Separately, the company announced that Jon Stanton will join the Board with immediate effect and will also be a member of the Audit Committee and Succession & Nominations Committee.
Imperial Brands also announced that Malcolm Wyman, Senior Independent Non-Executive Director has, for personal reasons, decided to step down from the Board.
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