Imperial Brands reveals “resilient” trading update, shares rise

Imperial Brands shares (LON: IMB) opened 2.16% higher on Thursday’s opening as the group revealed a “resilient” trading update.

The tobacco company said that it expects group net revenue to be flat over the financial year, however, the group has seen increased overall demand.

The growing demand has offset the weaker demand in the duty-free channel and summer tourist destinations, where the market has been hit by lack of travel.

Stefan Bomhard, the chief executive of Imperial Brands, said in a statement: “Imperial has continued to show resilience in adapting to the challenges posed by the COVID-19 pandemic and our priority remains the health, safety and well-being of our people across our operations.

“In my first three months as CEO I have focused on reviewing our strategy, engaging with employees, and visiting as many of our key markets as possible. I have been struck by the energy and passion of my colleagues, which increases my confidence in our ability to deliver a stronger performance in the years ahead.

“I expect to be able to share some initial observations about the business when we publish our preliminary results on 17 November, at which time we will also announce the date of a capital markets event to provide a strategic update in the first quarter of calendar 2021,” he added.

Imperial Brands shares (LON: IMB) are trading 2.49% higher at 1.397,50 (0901GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.