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Dow Jones Newswires: Imperial Brands reports weaker profit as costs rise, revenue declines

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Imperial Brands PLC said Tuesday that pretax profit for fiscal 2022 fell as it booked increased costs and revenue declined, and raised its dividend payout.

The FTSE 100 tobacco group
IMB,
+0.98%
,
which houses Davidoff, Gauloises and JPS among its brands, reported a pretax profit of 2.55 billion pounds ($3 billion) for the year ended Sept. 30, down from GBP3.24 billion in fiscal 2021.

Revenue fell to GBP32.55 billion from GBP32.80 billion.

Adjusted earnings before interest and tax–which strips out exceptional and other one-off items–rose to GBP3.94 billion from GBP3.84 billion.

Imperial Brands declared a dividend of 141.17 pence a share for the financial year, up from 139.08 pence a year earlier.

The company remains on track to deliver its five-year plan and it continues to expect low single-digit net revenue growth at constant currency rates over the next three years, with adjusted operating profit growth accelerating to deliver mid-single digit compound annual growth rate, it said.

“In fiscal 2023, the acceleration will be driven by pricing and operational gearing, improved geographic mix from our priority market focus and cost savings, partially offset by cost inflation and increased new-generation products investment,” the company said.

Write to Michael Susin at michael.susin@wsj.com

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