Within this challenging year, the group reported a mixed set of FY19 results. While Tobacco remained resilient, the NGP disappointed as the category delivered lower than expected results, despite the group investing a lot in its development. It negatively weighed on operating profitability, which was actually -1.6% below consensus (but higher than our estimates). We see the more cautious guidance as more realistic, which is not a bad thing. The ambitions were previously too high on the NGP ca
05 Nov 2019
NGP, less brilliant than expected, weighed on FY19 profitability
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NGP, less brilliant than expected, weighed on FY19 profitability
Imperial Brands PLC (IMB:LON) | 1,773 452.1 1.5% | Mkt Cap: 15,320m
- Published:
05 Nov 2019 -
Author:
Laura Parisot -
Pages:
3
Within this challenging year, the group reported a mixed set of FY19 results. While Tobacco remained resilient, the NGP disappointed as the category delivered lower than expected results, despite the group investing a lot in its development. It negatively weighed on operating profitability, which was actually -1.6% below consensus (but higher than our estimates). We see the more cautious guidance as more realistic, which is not a bad thing. The ambitions were previously too high on the NGP ca