Imperial Tobacco 2009 results

graeme at 8:05 a.m. Tue 10 Nov 2009

Imperial Tobacco’s 10% growth in cigarette volumes for the year (in its full year results) included the effect of the acquisition of Altadis. A better indication of underlying growth is given by the 5% growth in net revenue at CER in the second half — the second half is comparable year on year as Altadis as acquired in the first half of last year.

Other key numbers were:

At 1828p Imperial Tobacco is, on these numbers, on a PE of 11.3× and a yield of 4%.

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