Imperial Brands has issued a pre-close trading update for full-year 2025, according to a press release. This is the fifth and final year of the company’s 2021 strategy and its FY25 performance provides a strong foundation looking ahead to the next phase of the company’s strategy to 2030, according to a press release.
At constant currency, Imperial is on track to deliver low single-digit tobacco and NGP net revenue growth for FY25, with group adjusted operating profit growth at a similar rate to last year, in line with guidance. NGP losses are expected to be broadly flat year on year.
Adjusted operating cash conversion remains strong, and the company expects its full-year leverage to continue to be at the lower end of its 2.0 to 2.5 range for adjusted net debt to EBITDA.
Taking dividends and buyback together, Imperial expects its capital returns to shareholders will exceed £2.7 billion in the coming fiscal year, representing around 11% of its current market capitalization. Over the past five years from FY21 to FY25, Imperial has delivered a cumulative c. £10 billion of capital returns to shareholders.
Annual results for the year ended 30 September 2025 will be announced on 18 November 2025.