Imperial Tobacco has published its 2024 Annual Report and financial statements and announced the notice of its 2025 Annual General Meeting. In 2024, its tobacco and Next Generation Products (NGP) net revenue grew, with tobacco and NGP net revenue of 8.2 billion pounds, of which NGP net revenue of 329 million pounds.
Imperial Brands PLC (hereinafter referred to as “IMB”) has published its 2024 Annual Report and financial statements and announced the notice of its 2025 Annual General Meeting.
Net revenue growth in tobacco and generation products (NGP, or new tobacco), with tobacco and NGP net revenue of £8.2 billion, of which NGP net revenue of £329 million; IMB achieved market share growth in its five priority markets; Free cash flow generated in FY24 of £2.4 billion and IMB committed to returning capital to shareholders of £2.8 billion in FY25; The company reported a 4.5 percent increase in group operating profit to £3.554 billion, with tobacco and NGP net income up 4.6 percent in constant currency terms, with tobacco up 3.8 percent and NGP up 26.4 percent
European market
The company’s performance in Europe was driven by strong flammability pricing, an improvement in volume decline rates, and growth in NGP net revenue. In the European region, NGP net revenue grew 20.5% to £260 million, with 18.3% growth in Germany, 37.9% growth in the UK and 26.6% growth in Spain. Among them, IMB launched the disposable e-cigarette brand “blu” in the UK, France, and Spain, and launched the “blu bar” set based on smoke bombs in France and the UK before the end of the year; In the field of heated tobacco, IMB introduced iSenzia tea based heated tobacco to Italy and Greece; In the field of Modern oral nicotine, IMB continues to meet the changing preferences of consumers with the launch of ZoneX and Skruf Modern in Norway.
American region
NGP’s net revenue was 29.4% to £43 million, boosted by the successful launch of IMB’s modern oral brand Zone.
Africa, Asia, Australia, and Central and Eastern Europe
NGP net revenue increased 136.4%, tobacco and NGP net revenue increased 3.3% in constant currency terms, and the tobacco price mix was 6%, offsetting a 3.5% volume decline. Australia, the region’s premier market, delivered a solid earnings performance for the fifth consecutive year with further market share gains. Within the Central and Eastern Europe (CEE) market cluster, the Fuels and NGP portfolios performed well. In addition, thanks to the experience of the Czech Republic market and the launch of 1,000 blu bar e-cigarette products in Poland, Polish NGP net revenue doubled during the period; In terms of heated tobacco products, the introduction of iSenzia, a tea-based heating stick, accelerated growth in the Czech Republic and Poland.
In terms of leadership, the company has seen changes in the membership of its board and committees, including the retirement of newly appointed non-executive directors and board members.
The IMB is also committed to reducing carbon emissions, with direct carbon emissions having fallen by 69% since the 2017 base year, with the goal of achieving net zero emissions by 2040.
According to the company’s CEO Stefan Bomhard,
- “In the coming year, we expect tobacco and NGP net revenue to grow in the low single digits at constant exchange rates and group adjusted operating profit to be near the mid-single digit range. This will be driven by continued profit growth in our combustible tobacco business and a further reduction in operating losses in our NGP portfolio.”
- “Since 2020, our NGP net revenue has grown 64% in real exchange rates, NGP now accounts for 4% of tobacco and NGP net revenue, and in 2024 we grew NGP net revenue in all three global regions and all categories. The US results were boosted by the launch of our new Zone oral nicotine packs. In Europe, growth was driven by our updated e-cigarette portfolio, including the new disposable blu bar and rechargeable blu bar kits. At AAACE, we are building consumer loyalty through heated products, including our new iSenzia tea base bar.”
To read the full report click: Annual Report and Accounts 2024
