Bristol-based Imperial Tobacco today issued a profits warning as a result of fierce competition in Spain.
Late last month, Imperial's Altadis business in Spain slashed prices of its Ducados Rubio, Fortuna and Nobel brands to match cuts by key competitor Philip Morris International following the drop in consumption since Spain banned smoking in public places at the beginning of the year.
Imperial anticipates trading profits in Spain will decline by up to £110m although its other markets will be unaffected.
