Imperial Tobacco Group PLC
Half Year Results for the 6 months ended 31 March 2012
Total Tobacco Portfolio Driving Sales Momentum
Sales Growth
- Tobacco net revenue up 3.3 per cent; stick equivalent volumes down 4.1 per cent
- Key strategic brand net revenue up 12 per cent; stick equivalent volumes up 5 per cent
- Continued growth in luxury Cuban cigars and snus
- Strong Q2 growth: tobacco net revenue up 8 per cent*; stick equivalent volumes down 1 per cent*
Ongoing Cost Optimisation
- Tobacco adjusted operating margin at around 43 per cent
- Disciplined investments supporting growth
Maximising Cash Returns
- Interim dividend up 13 per cent
- Ongoing increase in full year dividend payout ratio ahead of adjusted earnings per share growth
- Annualised £500 million share buyback achieved and ongoing
* Second quarter performance against the same period last year
|
Highlights - adjusted basis |
6 months ended 31 March 2012 |
Change |
Change at Constant currency |
6 months ended 31 March 2011 |
|
Stick equivalents |
159.1bn |
-4.1% |
|
165.9bn |
|
Tobacco net revenue |
£3,388m |
+3.0% |
+3.3% |
£3,289m |
|
Tobacco adjusted operating profit |
£1,456m |
+3.3% |
+3.3% |
£1,409m |
|
Logistics distribution fees |
£439m |
-2.9% |
-1.8% |
£452m |
|
Logistics adjusted operating profit |
£76m |
-5.0% |
-3.8% |
£80m |
|
Total adjusted operating profit |
£1,524m |
+3.0% |
+3.0% |
£1,479m |
|
Adjusted earnings per share |
93.1p |
+5.3% |
+5.1% |
88.4p |
|
Interim dividend per share |
31.7p |
+12.8% |
|
28.1p |
Alison Cooper, Chief Executive, said:
"Our focus on realising the potential of our total tobacco portfolio through our sales growth drivers has delivered a good first half performance, with strong second quarter results reflecting the sales momentum we're generating.
"I'm pleased with the ongoing success of our key strategic brands Davidoff, Gauloises Blondes, West and JPS, as well as the recent cigarette and fine cut tobacco share progress we've made in both the EU and emerging markets.
"Disciplined investments are supporting our sales ambitions and we'll continue to maximise the many growth opportunities that our unique portfolio offers to create further value for our shareholders."
