Tobacco company Imperial Brands reported higher full-year sales on Tuesday, as demand for tobacco offset a drop in its e-cigarette business.
The maker of Gauloises and West cigarettes reported full-year adjusted group revenue of 7.99 billion pounds , up 0.8% in the full year ended Sept. 30.
Adjusted earnings per share were 254.4 pence, down 5.6%.
The company said a “comprehensive” strategic review was underway, with a capital markets update scheduled for Jan. 27.
Looking ahead, Imperial forecast low to mid-single digit growth in organic adjusted operating profit for 2021, excluding the impact of the sale of its premium cigar business.
It said a temporary benefit to the legal tobacco market from the coronavirus pandemic, which has reduced the presence of smuggled cigarettes, is expected to unwind, with sector volumes reverting to more normal decline rates, though the duty free channel is likely to stay depressed for much of the year.