Categories
· Business (Tobacco)
Organizations
· ITY
· Altadis
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(Recasts with further detail.)
Jump to full article: CNN/Money, 2008-11-25
Author: Michael Carolan Of DOW JONES NEWSWIRES
Intro: Imperial Tobacco PLC (ITY) Tuesday posted a 30% rise in profit, boosted by both its Altadis acquisition and strong sales of its economy cigarette brands in Europe as consumers traded down - a trend it expects to continue in the year ahead.
Imperial, the world's fourth-largest tobacco company by sales, said it was making "very good" progress in integrating its Altadis acquisition and reassured investors that it has no pressing need to refinance its large debt.
Pretax profit before exceptional items in the year to Sept. 30 grew to GBP1.61 billion from GBP1.24 billion the previous year, in line with analysts' expectations.
Chief Executive Gareth Davis said on a conference call with reporters that the company had grown volumes and share in both its mature and emerging markets, with consumers trading down to its low cost brands like JPS in mature markets and trading up to its premium brands, such as Davidoff, in emerging markets.
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