UK's Imperial Brands affirms annual outlook, launches $2 billion share buyback (updated)
UPDATE 1-UK's Imperial Brands affirms annual outlook, launches $2 billion share buyback Adds details throughout
Oct 8 (Reuters) - Imperial Brands IMB.L said on Thursday it was on track to meet its full-year guidance and launched a new £1.5 billion ($1.98 billion) share buyback, as resilient growth in smoking alternatives helped offset declines in cigarette sales.
Imperial has been leaning on price increases and a push into next-generation products (NGP) to drive earnings
The maker of Davidoff cigarettes and blu vapes said it was confident of achieving at least £320 million of savings by 2030, underpinned by a future £100 million overhead reduction
The new buyback is expected to be completed by no later than October 29, 2027, the company said
Imperial expects group adjusted operating profit growth within a 3% to 5% range and tobacco net revenue growth in low-single-digit for the fiscal year ended September 30
It expects to grow market share in all three NGP categories, heated tobacco, vape and modern oral, with double-digit net revenue growth
Full-year results will be announced on November 17
($1 = 0.7577 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Ronojoy Mazumdar)