Imperial Brands PLC (LSE:IMB) said it is on track to meet full-year guidance for revenue and operating profit growth.
The tobacco and vapour products manufacturer added that is continuing to make good progress on implementing its five-year strategy to transform the business, according to a pre-close statement for the six months to 31 March 2023.
Additionally, Imperial Brands said all categories of next-generation products (NGP), such as vapes and heated tobacco, have delivered a step up in product and market launches.
First-half NGP revenues are expected to be ahead of the prior year, with growth in Europe offsetting declines in the US which were driven by uncertainty caused by the marketing denial order for the myblu vape pens, it said.
Imperial Brands said it is consolidating share in its top-five markets, the US, Spain, Australia, Germany and the UK, which is expected to be at a similar level to the prior period.
First-half revenue is forecasted to be at the same level as the first half last year on a constant currency basis and excluding the impact of the company's exit from Russia.
Operating profit is also expected to be at a similar level to the first half of last year, with performance impacted by a planned increase in NGP investments, the exit from Russia and a continued COVID-19 unwind, it said.
Imperial Brands has transferred its Central and Eastern European business to its Africa, Asia and Australasia management team to “focus on driving value from our broader market value”.
To date, the FTSE 100 company has completed £523mln of its £1bn share buyback.