Imperial Brands plans to leave

[PocketOption]

Imperial Brands plans to leave

Imperial Brands plans to leave  

Companies continue to leave  after it invaded e several weeks ago. Imperial Brands also made the decision to leave the local market. The company started talks about transferring its n business to a local third party following the e crisis, Imperial Brands said on Tuesday. They are now flagging a small hit to annual revenue and profit due to the exit.

It said it would continue to pay its 1,000 staff in  until the transfer of its business is complete. The maker of Winston cigarettes and Backwoods cigars suspended operations in  last week. The company suspended operations in the country following international sanctions against .

The London-listed tobacco group, whose operations in  and e accounted for just 2% of its net revenue last year, forecast revenue growth in 2022 to be flat to up 1%. The company previously expected a growth rate of about 1.4% on a constant currency basis. 

Imperial Brands and British American Tobacco 

Imperial Brands is not alone as its rival British American Tobacco, also decided to leave the local market. Its rival reversed its decision to continue selling cigarettes and other nicotine products in . 

British American Tobacco said it would pull out of  after all, two days after breaking ranks with companies such as Nestle and Unilever by refusing to quit its operations in . 

Many companies halted operations in  as part of the global response to the invasion of e. It previously said that, while it would scale back some of its activities, it wouldn’t stop selling products in .

According to the company,  and e account for 3% of its revenues and a smaller proportion of profits. Consequently, revenues are likely to increase this year by between 2% and 4%, a slight downwards revision compared to the company’s previous estimate of 3% and 5%. 

The post Imperial Brands plans to leave appeared first on FinanceBrokerage.

Source: Imperial Brands plans to leave