February 5, 2020 / 7:23 AM / 2 months ago

Imperial Brands warns of lower annual profit due to U.S. FDA ban

Feb 5 (Reuters) - Tobacco group Imperial Brands said on Wednesday it expects full-year adjusted earnings to be slightly lower than last year due to a U.S. regulatory ban on some flavours of cartridge-based vapour devices and weaker consumer demand.

The warning comes on the heels of Stefan Bomhard’s appointment as the Chief Executive Officer of the FTSE 100-listed group.

Imperial Brands said the ban by the U.S. Food and Drug Administration (FDA), which comes into effect this week, has led to a write-down of flavoured inventory, which would have a 45 million pounds ($58.55 million) impact on first-half adjusted operating profit. ($1 = 0.7685 pounds) (Reporting by Muvija M in Bengaluru; editing by Uttaresh.V)

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