Imperial Brands sees profits drop after Russia hit

The tobacco company behind Golden Virginia and Rizla reported a big drop in profit as it took a hit from leaving Russia . Imperial Brands said that the exit took a £225 million chunk out of its pre-tax profit, helping to push it down by 39% to less than £1.3 billion in the first six months of the financial year. Revenue dipped 1.3% to £15.4 billion. "In April, we delivered on our earlier commitment to exit Russia, with the orderly transfer of our business to local investors," said chief executive Stefan Bomhard. The business was one of hundreds of western companies to abandon the country after Vladimir Putin's unprovoked invasion of Ukraine. Recommended Coleen Rooney to resume evidence in Rebekah Vardy court battle – live 'Putin likely to have lost third of troops in Ukraine' – follow live It had a factory in Volgograd and a sales and marketing business in the country, and employed around 1,000 people. But amid hits, Imperial also reported that it is on track to hit its full-year results, and when stripping out one-off costs, pre-tax profits actually rose on an underlying basis. Shortly after markets opened in London , the company's shares had topped… Read full this story

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