London, June 23, 2026, 15:05 BST
Imperial Brands moved up around 0.5% to 2,750 pence in London on Tuesday afternoon, while the FTSE 100 stayed almost unchanged. Shares changed hands between 2,736 pence and 2,771 pence.
Imperial said it picked up 230,000 shares on Monday at an average price of 2,735.97p under its £1.45 billion buyback. The shares are being cancelled. Buybacks cut the number of shares on the market, which can raise profit per share. Imperial’s share count will drop to about 770.6 million after this round.
FTSE 100 clawed back losses after a sharp drop earlier in the day. The index was flat by 1459 BST, erasing a 0.7% fall from the morning when traders worried about the prospect of higher-for-longer rates. Consumer staples led, up over 1%, as investors turned to defensives amid economic jitters.
British American Tobacco gained 2.6% to 4,561 pence. The jump looked more like a defensive move into tobacco and staple names than any shift on Imperial’s earnings picture.
Imperial said in May its first-half tobacco net revenue rose 1.5%. Revenue from next-generation products like vapes, heated tobacco and nicotine pouches gained 7.5%. Adjusted operating profit was up 0.6% at constant currency. Free cash flow for 12 months landed at £2.6 billion. The interim dividend rose 4%. CEO Lukas Paravicini said, “We are on track with our £1.45bn share buy back.” Imperial Brands
Analysts in the company’s own consensus see tobacco and next-gen product revenue up 2.2% for the 2026 financial year. Adjusted operating profit is expected to grow 3.1%. Adjusted earnings are forecast at 333.7 pence a share, according to .
Execution risks still loom. Imperial’s market share in its five main markets slipped by 16 basis points in the first half. Adjusted operating profit came in at £1.64 billion, just under the £1.66 billion estimate. Paravicini said a long Middle East conflict could mean higher input costs and hit demand in the 2027 financial year. “We will always monitor the situation and implement mitigating actions,” he said. Reuters
Imperial shares traded Tuesday at around 12.9 times earnings, with the stock offering a dividend yield near 5.9%. Investors are set to get a 41.68-pence interim dividend on June 30.
Imperial’s next ex-dividend date lands August 20, with the payment set for September 30. The company intends to report full-year numbers November 17. For now, investors are watching buyback activity, how core-market share holds up, and what happens with alternative nicotine products.
