Imperial Brands Half-year Report.

[idpickering]

Business Highlights

· Good progress in delivering on our strategic objectives

· Strategic investment driving growth in aggregate market share in top-five priority markets

· Successful NGP trials underpin further market roll-outs in heated tobacco and vapour

· Implementing our new purpose, vision and behaviours to align our culture to our strategy

· Strong operating cash generation delivering further deleverage, as anticipated

· On track to deliver full year results in line with guidance

And later;

Dividend payments

The Group paid two dividends of 48.48 pence per share in December 2021 and March 2022.

The Board has approved an interim dividend of 42.54 pence per share which will be paid in two payments of 21.27 pence per share. The first interim dividend payment will be paid on 30 June 2022 to shareholders registered on 27 May 2022. The second interim dividend payment will be paid on 30 September 2022 to shareholders registered on 19 August 2022. This interim dividend is an increase of 1 per cent, or £4 million, in line with the Group's progressive dividend policy.

Also posted on Company News here; viewtopic.php?p=500881#p500881

Ian.

[funduffer]

A pretty miserable dividend increase, given the current rate of inflation.

I hoped for more.

FD

[moorfield]

A pretty miserable dividend increase, given the current rate of inflation.

I hoped for more.

FD

Look on the bright side, the first thing to appreciate is that it is not a dividend cut, of which there have been plenty here in HYP-land over the last half decade.

[Dod101]

A pretty miserable dividend increase, given the current rate of inflation.

I hoped for more.

FD

Look on the bright side, the first thing to appreciate is that it is not a dividend cut, of which there have been plenty here in HYP-land over the last half decade.

That is true but we should be looking at the underlying issues, not the result of those. That is the problem with this Board. Very one eyed.

Dod

[csearle]

Very one eyed.

One person's one-eyed is another person's focused. C.

[MDW1954]

A pretty miserable dividend increase, given the current rate of inflation.

I hoped for more.

FD

Whatever we might hope for, the eventual dividend will always be based on the reality on the ground, and the board's view of prospects.

The release that Ian points to is an appalling example of figure-free feelgood nonsense. A full release is available, but you have to go to the IMB website: ("Download full announcement")

https://www.imperialbrandsplc.com/investors/results-centre.html

On a reported basis, the figures are poor-to-awful. On an adjusted basis, better but not brilliant.

My view, in the circumstances, is that 1% at the interim stage is reasonable.

MDW1954

[Dod101]

A pretty miserable dividend increase, given the current rate of inflation.

I hoped for more.

FD

Whatever we might hope for, the eventual dividend will always be based on the reality on the ground, and the board's view of prospects.

The release that Ian points to is an appalling example of figure-free feelgood nonsense. A full release is available, but you have to go to the IMB website: ("Download full announcement")

https://www.imperialbrandsplc.com/investors/results-centre.html

On a reported basis, the figures are poor-to-awful. On an adjusted basis, better but not brilliant.

My view, in the circumstances, is that 1% at the interim stage is reasonable.

MDW1954

Did you not know that the HYP Board concerns itself only with the dividend? That is why I called it one eyed.

If you go to the Company News site, Ian has highlighted the full release which contains the above but also the figures you quite rightly seek. The above is a very small extract from that release. So taken in isolation the extract here is exactly as you say, but that is by no means the story they present. So blame the Board not the Company. The figures are poor, but part of the story is that last year the figures included the gain on the sale of the cigars business and this year the figures are impacted by the loss of the business in Russia

Dod

[MDW1954]

If you go to the Company News site, Ian has highlighted the full release which contains the above but also the figures you quite rightly seek. The above is a very small extract from that release. So taken in isolation the extract here is exactly as you say, but that is by no means the story they present.

Dod

Apologies: the same text that Ian highlights appears in both the useless press release and the fuller announcement, to which Ian quite correctly linked.

My central point remains, though: at this point in the year, a 1% increase appears reasonable. Plenty of other businesses are going to be impacted more seriously.

MDW1954

[monabri]

The BATS divi increase was similar.

https://www.dividenddata.co.uk/dividend ... ?epic=BATS