Imperial Brands shares (LON: IMB) were up over 3.5% on Tuesday after the group full-year results for the year ended 30 September 2020.
The tobacco company forecast better profits for 2021 as the group expects stronger demand in its e-cigarette business, which decline in 2020 amid certain US bans.
The group reported an increase in revenue by 0.8% to £7.99bn.
Stefan Bomhard, the chief executive, said: “Although this has been a difficult year, the resilience of our tobacco business and the measures we have taken to improve our NGP operations reinforce my confidence in the future potential of the business. With a more disciplined focus and better execution we can realise significant value for our stakeholders over time.
“My first months have been focused on engaging with employees, consumers and customers and leading the strategic review of the business. What I have seen to date confirms my view of the Group’s solid foundations. I believe there is scope to enhance returns from our tobacco business and opportunities to strengthen our NGP delivery over time. I firmly believe we can make a meaningful contribution to harm reduction within a more disciplined, returns-focused framework and we have already taken steps to stem the NGP losses.”