Bristol-based Imperial Tobacco today warned that growing cigarette smuggling in Europe will hit its profits this year.
The warning came as Imperial, the world’s fourth-largest cigarette group, said its overall cigarette sales dropped by 1% during the final three months of last year. However, its net revenue came in at 2% up during the period.
In a trading update it said it expects first-half adjusted operating profit to be down year on year due to black market competition.
More follows later . . .
