February 5, 2020 / 7:26 AM / 12 days ago

Imperial Brands warns of lower annual profit due to U.S. FDA ban

Feb 5 (Reuters) - Tobacco group Imperial Brands said on Wednesday it expects full-year adjusted earnings to be slightly lower than last year due to a U.S. regulatory ban on some flavours of cartridge-based vapour devices and weaker consumer demand.

The warning comes on the heels of Stefan Bomhard’s appointment as the Chief Executive Officer of the FTSE 100-listed group.

Imperial Brands said the ban by the U.S. Food and Drug Administration (FDA), which comes into effect this week, has led to a write-down of flavoured inventory, which would have a 45 million pounds ($58.55 million) impact on first-half adjusted operating profit. ($1 = 0.7685 pounds) (Reporting by Muvija M in Bengaluru; editing by Uttaresh.V)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below