Tobacco maker Imperial Brands has reported a 0.7% increase in revenue in its full year to 30 September, with CEO Stefan Bomhard saying the group is eager to build on what has been a year of "important progress and significant change" for the group.
Imperial Brands announced a number of strategic changes to its organisation in January 2021, which included the naming of a new leadership team, simplifying its organisation, and updating its operating strategy.
“This approach is already delivering improved operational and financial outcomes," Bomhard explained.
"In tobacco, our sharper focus and increased investment in the top-five priority markets have begun to stabilise the aggregate market share performance. This is encouraging early progress in addressing the long-term historical declines.
"We will build on this foundation in the coming year, with further investment in brand building and sales execution."
The group reported revenue of £32.79 billion for the full-year period, while operating profit was 15.2% higher at £3.15 billion.
The group said that its sharper focus on its top-five priority markets was already beginning to arrest long-term share declines across its operations.
In addition, it also ramped up investment in 'next generation products', rolling out market trials for its heated tobacco proposition, Pulze and iD sticks in the Czech Republic and Greece, as well as enhancing the customer marketing proposition for its blu vapour product in the US.
Looking ahead, Bomhard said that the group's five-year plan for the business is divided into two periods.
"The year ahead will complete the two-year strengthening phase, with further investment in our five priority markets and NGP pilots, the embedding of new ways of working and cost-saving initiatives," he said.
"This period builds the foundations for the subsequent three-year phase, which focuses on the acceleration of returns and sustainable growth in shareholder value.”