THE owner of the Gauloises, Lambert & Butler and Davidoff tobacco brands has hailed growth in emerging markets as annual profits edged higher.
Imperial Tobacco made profits of £2.15bn in the year to September 30, up 1% on a year ago and despite a fierce price war and smoking ban hitting profits in Spain, where profits tumbled from £268m to £200m, though chief executive Alison Cooper said the market had now stabilised and prices had recovered.
In the UK, Imperial saw profits fall from £614m to £577m, with sales also lower and market share dropping slightly to 45.1%.
The UK cigarette market overall was down by 5% and hit by the increase in VAT to 20% in January.
