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Annual report and accounts 2023

Driven by a challenger mindset

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New capabilities, a performance culture and more effective ways of working are enabling Imperial to deliver a stronger operational performance and enhanced financial returns.

Delivering on our strategy

Three years into our strategy, we have built a consistent track record of delivery against our key objectives. At the same time we are making progress on bringing to life our purpose: forging a path to a healthier future for moments of relaxation and pleasure.

Our performance

Aggregate market share of our five priority combustible markets


(2022: +35bps)

NGP net revenue growth at constant currency


(2022: +10.8%)

FY24 share repurchase announced


(2023: £1.0bn)

Tobacco & NGP net revenue (£ billion)


2022: £7.7bn*

* Excluding Russia

Dividend per share (pence)


2022: 141.17p


Absolute CO2 equivalent emissions Scope 1 and Scope 2 market-based (tonnes)


2022: 175,766t

* 2017 is the baseline year

We start with the consumer

Our portfolio of brands and products is designed to meet the diverse and evolving expectations of adult consumers in markets worldwide. We responsibly serve those who choose to smoke and, at the same time, we continue to develop potentially less harmful products which also satisfy consumer needs.

Salvador, Spain

"I started vaping to stop smoking, as I was worried about the effect on my health and the odours. I love the wide variety of flavours that are available with blu 2.0, the ease of use, its affordability, and the battery life. For me, these are all advantages."



Blu Logo
Karolina, Czech Republic

"I use Pulze and iD heat sticks every day, and on different occasions, like when I am waiting for the bus, having a beer, or during a break from work. Sometimes I vape too, for the flavours. I used to smoke regular cigarettes, but I haven't for more than five years now."

Czech Republic

Czech Republic

Pulze Logo
Mark, UK

"I smoke Golden Virginia as it's tastier than other tobacco I've used, and easier to roll. I've tried other brands but always come back to this one. Golden Virginia is part of my daily routine now. I've tried vaping but I don't think I would change anytime soon."



Golden Virginia Logo
Chien-Hung, Taiwan

"I switched to Davidoff about 10 years ago. It's a longer cigarette and I like its quality and taste and the less lingering smells that other brands have. As an engineer, I know that machines built in Germany are renowned for their craftsmanship and I think this is true for Davidoff too."



Davidoff Logo
Amy, USA

"Winston has always been my go-to brand; I enjoy the taste. Smoking is part of my daily routine — in the morning with my coffee, after a meal. There is nothing like sitting on the porch after a long day at work and taking a moment to wind down and relax with Winston."



Winston Logo
Mark, USA

"A Backwoods with my crew is always in the mix. A Backwoods moment is when you are with friends, and when you need to unwind. The ritual is familiar and like nothing else. If Backwoods can continue to deliver on high quality and freshness, I will always be a consumer."



Backwoods Logo

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Brands of choice

Thérèse Esperdy


The transformation of Imperial into a consumer-focused challenger business is now translating into a stronger and more consistent operational performance and enhanced shareholder returns.

Full statement PDF

Transforming for success

Stefan Bomhard

Chief Executive Officer

Three years into our strategy, I am pleased with the consistent track record we are building and excited by the growing opportunities ahead. Our focus has been to develop Imperial into a strong, consumer-centric challenger business, capable of growth, year in and year out.

Full statement PDF

Performing with purpose

Our Strategy in action

The choices we make are guided by our strategy, purpose and vision as well as our approach to managing our environmental, social and governance (ESG) priorities.

ESG review

We are now into the third year of our five-year strategy to transform Imperial into a business better able to deliver sustainable growth year in, year out.

Focus on our priority markets

Focused investment in our most material combustible opportunities has driven stabilisation of our aggregate market share.

As a challenger business, we need to channel our investment and energies towards the most material opportunities. This means a consistent laser-focus on our five largest combustible markets, which make up around 70% of our operating profits. These are the United States, Germany, the United Kingdom, Spain and Australia. Each market has attractive features. The US and Germany are both markets where cigarettes continue to be relatively affordable, creating opportunity for long-term growth.

Driving value from our broader market portfolio

We have identified a clear role for each of our diverse markets.

In a similar way to how we have focused our investment in our five priority markets, we have brought an equally rigorous approach to creating value and identifying future growth opportunities across our broader portfolio. We have created new structures and processes designed to help the teams in all our markets maximise their contribution to the success of the Group.

In particular, over the past year we have created a new regional structure with the formation of the AAACE region, covering Africa, Asia, Australasia and Central & Eastern Europe. Led by Paola Pocci this unit is being developed as a centre of expertise for our medium-sized and smaller markets, many of which have attractive margins and the potential to become platforms for future growth in combustible tobacco and next generation products.

Building scale in NGP

FY23 saw a step-up in our next generation product operations.

For our potentially reduced-harm business this has been an important year, with product innovation and targeted market launches translating into accelerated revenue growth.

Following the introduction of new propositions in vape, heated tobacco and oral nicotine, we now have credible offerings in all three major categories. And consumers can now buy our NGP in more than 20 European markets, as well as the United States.

This operational acceleration has translated into revenue growth of 26.4% globally, and 40.4% in Europe where we have been focusing our investment.

Simplified and Efficient Operations

We are improving our global processes and digital strategies.

Imperial emerged as the world’s fourth largest tobacco business through bold acquisitions over the past two decades. These transactions have given the Company significant positions in some of the world’s most attractive markets and a strong stable of local and international brands.

Our strategy, launched in 2021, identified a need to better integrate this portfolio of businesses to create simpler, more efficient operations, enabling us to better capture future opportunities. Three years on, our transformation is well underway with significant structural changes, the introduction of new capabilities, and investment in our digital backbone.

Transforming our culture

Over the past three years, as part of Imperial's transformation into a strong challenger business, we have been developing a performance culture which is more collaborative, accountable and inclusive.

This has been a highly structured, multi-year programme and, while we know there is considerable work still to do, we are pleased with our progress so far.

The process of cultural change began in 2021 when, in support of our newly launched strategy, we unveiled a new purpose, vision and five behaviours.

These behaviours, which have been the foundation of all subsequent activity, are: Start with the Consumer; Collaborate with Purpose; Take Accountability with Confidence; Be Authentic and Inclusive to all; and Build our Future.

Putting the Consumer at the centre of the business

We're investing to support a more rigorous approach to consumer insight, innovation and marketing.

A critical enabler for our strategy is to place the consumer at the centre of the business. Our refreshed focus on starting with the consumer is a key element of our challenger mindset. The tobacco and nicotine environment has undergone transformative change recently. Consumer tastes are becoming more eclectic — choice matters more. The pace of innovation is accelerating and there is now a broad NGP ecosystem where partnering is important to success.

Solid Progress Promo 1 Solid Progress Promo 2

Solid Progress

Our commitment to environmental, social and governance (ESG) issues is integral to our business strategy and underpins our purpose and vision.

Our purpose expresses our ambition to build a “healthier future”, and this applies not only to our consumers but also to our communities and planet. Our vision states that our pursuit of commercial success will be “powered by responsibility”.

Healthier futures

Consumer health icon Consumer health

NGP revenue has increased by

between FY21 and FY23

Climate change icon Climate change

Reduced our Scope 1 and Scope 2 market based emissions by

since 2017

Packaging & waste icon Packaging & waste

Reduced absolute waste across our operations by

since 2017

Positive contribution to society

Farmer livelihoods & welfare icon Farmer livelihoods & welfare


people in our leaf supply chain benefitting from our Leaf Partnership Projects aimed at improving access to clean water

Sustainable & responsible sourcing icon Sustainable & responsible sourcing

We have been recognised by CDP as
a supplier engagement leader

for a fourth consecutive year

Safe & Inclusive Workplace

Employee health, safety & wellbeing icon Employee health, safety & wellbeing

Reduced lost time accidents by

since 2019

Diversity, Equity & Inclusion icon Diversity, Equity & Inclusion


on 2022 ShareAction Workforce Disclosure Initiative

Human Rights icon Human Rights

All factories report against

modern slavery leading indicators monthly

Download ESG review PDF


At a glance

At a glance

Three years into our strategy, we have built a consistent track record of delivery against our key objectives.

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The Board confirms that the Group complied with the principles and all relevant provisions of the UK Corporate Governance Code 2018 (the "Code") for the period under review.

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Contact & Alerts


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