Smoking up a storm
July 23, 2009
London - Britain's Imperial Tobacco forecast a "successful" 2009 despite the economic downturn, after it bought French-Spanish rival Altadis last year, in a trading report on Thursday.
"Despite the challenges of the wider operating environment, we anticipate another successful year, with the Altadis integration progressing well," said Imperial Tobacco Chief Executive Gareth Davis in a statement.
"Imperial Tobacco Group PLC confirms that the overall performance and financial position of the group for the financial year to 30 September 2009 remains in line with the board's expectations," it said in a trading update.
Imperial snapped up Altadis last year for about $19 billion, creating Europe's second-biggest tobacco company behind Altria Group's Philip Morris.
Davis added: "Our focus on building sales, underpinned by efficiently managing our cost base and minimising working capital, should ensure that we continue to create sustainable value for our shareholders."
In May the group had reported a net loss of £149 million during the first half of its trading year, due to soaring costs partly linked to the purchase of Altadis.
Imperial now produces brands including Davidoff, Fortune, Gauloises Blondes, Gitanes, JPS, Lambert & Butler, Rizla and West. - AFP
|
|
