Imperial Tobacco on track with targets
Imperial Tobacco today said it is on target to meet management expectations for the full year to 30 September.
Performing well: Imperial says it is in line with expectations
The maker of Imperial and Regal cigarettes said the integration of Gauloises maker Altadis was 'progressing well'.
Imperial said trends across the whole business have been in line with those highlighted in the last trading update in July.
The firm said two months ago that the rate of decline in its UK market had slowed due to fewer purchases of brands abroad as the impact of a weaker economy and currency reduced overseas travel.
Bristol-based Imperial took over Altadis, a Franco-Spanish firm, for £10bn last year. The acquisition boosted revenues by 54% to £12.4bn, it was reported earlier this year.
In January, Imperial announced price rises across its UK portfolio, which also includes Lambert & Butler, JPS and Richmond. The company has a 45% share of the UK cigarette market.
The firm is looking for €400m (£362.3m) of savings by 2012.
Shares in Imperial rose 0.4% following today's update – up 7p to 1,759p.
Analysts at Killik & Co said in a note: 'While the group's international premium cigarette brands are driving growth in emerging markets, the strong value brands and fine tobacco products have enabled the group to capitalise on down-trading in mature markets.'
The company's products are sold in more than 160 countries and it operates 58 manufacturing sites around the world. It is due to present full-year results on 10 November.
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