Imperial Brands, a British multinational tobacco company, reported on May 16th that it has seen profit growth, successfully increasing tobacco product prices to offset declining sales. The company also announced a near 20% increase in revenues from its Next Generation Products (NGP), which includes e-cigarettes and other categories.
In the six months leading up to March 31, Imperial Brands' adjusted operating profit rose by 0.8%, reaching £1.6 billion ($2 billion), with a revenue increase of 0.3%, amounting to £15.41 billion.
While the traditional cigarette market has been declining, Imperial Brands has taken the opportunity to increase prices over the past six months, expanding its market share. The company reported an additional 20 basis point increase in its cigarette market share in its five key markets - the U.S., Australia, Spain, Germany, and the UK.
Of note is the significant rise in revenues from NGP in the first half of this fiscal year. Imperial Brands' portfolio, which includes e-cigarettes and other categories, has seen a near 20% increase in revenue, indicating a promising shift towards alternative tobacco products.
Thumbnail source: Imperial Tobacco
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