UPDATE 4-Imperial dips on dividend worries after H1

* H1 adjusted EPS up 14 pct to 71.8 pence, vs forecast 70.8p

* Analysts move to cut full-year dividend forecasts

* CEO says dividend interpretation incorrect

* Comfortable with annual earnings consensus

* Shares fall to close down 4 percent

(Adds further Chief Executive comments, closing shares)

By David Jones

LONDON, May 12 (Reuters) - Shares in Imperial Tobacco (IMT.L) dipped on Tuesday due to concern the world's fourth-largest cigarette may cut its dividend growth after meeting forecasts with a 14 percent rise in half-year earnings.

The British maker of Lambert & Butler, West and Gauloises cigarettes said it retains its policy to pay out 50 percent of earnings as dividend, but analysts said this may moderate due to the cost of restructuring at its recent Altadis acquisition.