Imperial Brands (OTC:IMBBY), a tobacco giant listed on the FTSE 100, has provided its financial outlook for fiscal 2023. The company, known for brands such as Davidoff, Gauloises, and JPS, expects to adhere to its guidance of low-single-digit net revenue growth from traditional tobacco and next-generation products. This projection is backed by strong pricing.
The company also predicts an increase in group adjusted operating profit growth. This comes alongside a planned £1.1 billion (£1 = $1.21) share buyback program for fiscal 2024, marking a 10% increase from the previous year's initiative. The buyback is scheduled to begin on Friday and conclude in September 2024.
The decision for the share buyback was influenced by increased net revenue growth and robust European sales of next-generation products. Imperial Brands also anticipates that total capital returns will surpass £2.4 billion, including dividends and buybacks.
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