LONDON, March 18, 2026, 20:57 GMT
Imperial Brands PLC dropped 2.74% to 3,127 pence in London on Wednesday, lagging the FTSE 100’s 0.94% slide. The shares moved between 3,115 and 3,212 pence, after closing at 3,215 pence the previous session. 1
This decline is hitting just as Imperial doubles down on cash returns. Investors are set to collect a 40.08-pence final dividend on March 31, and the company is halfway through a £1.45 billion buyback, targeting completion by Oct. 28, 2026. 2
Imperial disclosed Wednesday that it bought back 508,962 shares, paying an average price of 3,138.49 pence apiece, with Morgan Stanley handling the transaction. The move cuts the total share count, leaving 784,323,941 shares outstanding after the buyback, according to the company. 3
Spring Mountain Investments trimmed its stake in Imperial, dropping its voting rights to 4.79779% from 5.857089%, according to a Tuesday filing. The threshold was crossed on March 12. Kenneth Bryan Dart was listed as the ultimate controlling person in the notice, which characterized the move as either an acquisition or disposal of voting rights. 4
Despite the stumble this week, the shares have climbed 15.56% in the past 12 months, Hargreaves Lansdown data shows. 1
The stock’s weaker tone is hard to square with Imperial’s own numbers. Their consensus page—latest update was Feb. 5—shows 2.4% revenue growth expected for both tobacco and newer products like vapes, nicotine pouches, and heated tobacco. Adjusted operating profit is projected to climb 3.8% by fiscal 2026. Back in November, management reiterated plans for 3%-5% profit growth each year, plus annual buybacks running through 2030. 5
Management’s upbeat messaging hasn’t wavered. Back in January, CEO Lukas Paravicini declared, “Our business is well positioned for the future,” as Imperial tapped John Rishton for chair designate. Panmure Liberum’s Rae Maile, reacting when the buyback plan emerged last year, put it bluntly: “Buy the shares before the company can.” 6
Imperial’s approach remains focused on cash returns, much like British American Tobacco. But back in December, BAT cautioned that tighter regulation and rising competition in the U.S. vaping space could leave its 2026 growth bumping along the bottom edge of its medium-term target range. The warning underscores a point: buybacks and dividends don’t erase execution risk. 7
Imperial’s story isn’t changing until April 14’s trading update and half-year numbers set for May 12. Investors are watching for strong tobacco pricing and steady demand in next-gen products, but for now, those daily buyback bulletins and any new shareholder disclosures could move the needle more than usual. 8
