LONDON, March 13, 2026, 20:29 GMT
Imperial Brands climbed 2.37% to 3,201 pence on Friday, standing out as one of the FTSE 100’s few gainers while most names slipped. The company reported buying back 12,064 shares for cancellation on March 13, paying an average price of 3,130.72 pence each. Morningstar
Imperial, still in buyback mode, trimmed its share count again just a day ago—snapping up 378,901 shares at an average price of 3,104.07 pence. Next up is the final dividend payment, set for March 31. Investors now look to the company’s next trading update, which lands April 14. Imperial Brands Corporate Site
Imperial’s fresh buybacks are part of the extra £1.45 billion repurchase program it launched in October. Back then, the company pointed to firm pricing and continued growth in demand for smoking alternatives as reasons it remained confident in hitting full-year targets. Gains anticipated in the U.S., Germany, and Australia were projected to balance out softer performance in Spain and the UK. Reuters
Imperial doubled down on that stance in November, posting adjusted operating income of 3.99 billion pounds for the year through Sept. 30—just ahead of the 3.98 billion pound consensus. Revenue from tobacco and newer lines, including blu vapes, Zone nicotine pouches, and Pulze heated tobacco, climbed 4.1% to 8.32 billion pounds. Chief Executive Lukas Paravicini said the company would “evolve the distinctive challenger approach” that’s fueled its latest stretch. Reuters
Imperial’s message to investors remains largely the same. Back in March 2025, the group outlined plans for 3% to 5% annual growth in operating profit and pledged to continue its share buyback program through 2030. Panmure Liberum’s Rae Maile said the company still looks on track to deliver returns, telling clients to “buy the shares before the company can.” Reuters
Competition is also turning up the heat. In December, British American Tobacco—by market cap, the bigger UK name—warned that 2026 growth would likely land at the lower end of its target, tightening regulation and U.S. vape players nipping at margins. The company still rolled out a 1.3 billion pound buyback. Reuters
Still, Imperial isn’t in the clear. Back in May, the company said robust tobacco pricing was doing enough to counter dropping volumes, but the analyst consensus on its website from February calls for just 2.4% revenue growth in tobacco and next-gen products, and 3.8% adjusted operating profit growth for fiscal 2026. That doesn’t leave much cushion if volumes slip or regulation gets tighter. Imperial Brands Corporate Site
Management’s still working through a leadership shuffle. John Rishton is set to join the board in July, then step in as chair come December—the second big move recently, after Paravicini replaced Stefan Bomhard as chief executive back in October. That bump on Friday doesn’t resolve the succession worries. What it does signal: investors remain on board with the cash-return pitch, at least while they wait for the April update. Reuters
