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Half Year Results Statement


Report for the six months ended 31 March 2021

Business Highlights

  • Positive start in implementing our new strategy to transform the business
  • Organic growth in net revenue and adjusted profit coupled with strong cash flows
  • Performance management focus has begun to stabilise aggregate market share in five priority markets
  • Tobacco net revenue continues to benefit from strong pricing
  • Improved NGP performance against a weak comparator period
  • Market trials for vapour and heated tobacco on schedule underpinning our commitment to harm reduction
  • Good deleverage progress with net debt reduced by >£3bn on a 12-month basis
  • On track to deliver full year results in line with guidance 

Financial Summary

Six months ended 31 March 2021 Reported Organic adjusted2
  2021 2020 Change 2021 2020 Actual Constant
Revenue/Net revenue1 £m 15,568 14,672 +6.1% 3,571 3,489 +2.4% +3.5%
Operating profit £m 1,637 925 +77.0% 1,586 1,460 +8.6% +8.1%
Basic earnings per share pence 191.2 55.6 +244% 107.0 100.0 +7.0% +6.9%
Net debt £m (11,003) (14,144)   (10,328) (13,476)    
Dividend per share pence 42.12 41.70 +1.0% 42.12 41.70 +1.0% +1.0%

1 Reported revenue includes duty, similar items, distribution and sale of peripheral products which are excluded from net revenue; net revenue comprises reported revenue less duty and similar items, excluding sale of peripheral products and distribution revenue.

2 See page 3 for basis of presentation, page 16 and notes 3, 5 and 9 of the financial statements for the reconciliation between reported and adjusted measures. For comparison purposes, the Group uses the term “organic” to exclude the contribution of the Premium Cigar Division, which was divested on 29 October 2020.

3 Constant currency removes effect of exchange rate movements on the translation of the results of our overseas operations.

Stefan Bomhard, Chief Executive

“We have made a good start in implementing our new strategy to transform Imperial and remain on track to meet full year expectations.

“In tobacco, we have put in place a clear market prioritisation to increase focus on our best opportunities for sustainable profit delivery. We have begun to stabilise the aggregate market share performance across our top five priority markets reflecting the changes we have made to tighten performance management and the good underlying momentum established over the past year. This is an encouraging start and one that I look forward to building on over time as we begin to step up investment in new strategic initiatives.

“Our NGP performance has improved, albeit against a weak comparator period. We have focused investment more tightly behind our NGP market strongholds and are on track to activate market trials in vapour and heated tobacco later this year. Our aim is to create a successful NGP business that meets consumer needs and, over time, can make a meaningful contribution to harm reduction.

“We have started to change our culture and ways of working, including developing a new market cluster structure to simplify the organisation and allocating resources more effectively. I have now assembled my new Executive Team with key external hires, who have the necessary skills and expertise to complement Imperial’s existing tobacco experience. This has significantly strengthened the capabilities we need to support the successful delivery of the new strategy.

“All of this has been achieved against the background of the ongoing global pandemic and I would like to thank employees throughout the business for their hard work and willingness to embrace change.”


Investor Contacts   Media Contacts  
Peter Durman +44 (0)7970 328 903 Alex Parsons +44 (0)7967 467 241
James King +44 (0)7581 052 880 Simon Evans +44 (0)7967 467 684
Jennifer Ramsey +44 (0)7974 615 739