Tobacco giant Imperial Brands has launched a £1bn share buyback programme after reporting to investors that trading for 2022 is in line with expectations.
The Bristol-headquartered company said on Thursday (October 6) total capital returns, including ordinary dividends and share buybacks, were expected to exceed £2.3bn in 2023, representing around 13% of current market capitalisation. The business also said progress with its next generation product launches had supported further market roll-outs.
In line with previous guidance, full-year net revenue and underlying operating profit are both expected to grow by around 1%, ignoring the effect of exchange rates.
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