Spanish smoking ban hits Imperial
Imperial Tobacco Group said the introduction of a smoking ban in one of its biggest markets had cast a cloud over growth as it issued a trading warning.
Ban: Fewer smokers are lighting up in Spain
It expects the total number of cigarettes sold in the last six months to be down 1%. Fewer smokers lighting up in Spain, where a ban on smoking in public places has been introduced and duties hiked, were blamed for the decline.
Shares tumbled as the firm behind Lambert & Butler and Golden Virginia said revenue growth would slow, with only a 2% rise expected in the six months to the end of March, after a 5% rise in the last three months of 2010.
The Bristol-based tobacco giant (down 12p to 1910p) said that first-half sales had dipped because Easter does not fall in the period this year. It said it expects to see a lift in sales around the Royal wedding.
Britain is the group's biggest market, where it has a market share of over 45%.
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