Imperial Brands posts rise in annual profits, Restaurant Group lifts expectations

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The FTSE 100 was set to open seven points lower at 7,345.

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Cigarette manufacturer Imperial Brands reported a small rise in annual profits as it managed to halve losses from its vaping and other products division.

Underlying adjusted operating profit for the year rose 2.7% to 3.57bn as reported revenue grew 0.7% to £32.7bn. The dividend was lifted 1% to 139.08p a share.

Imperial said it expected to deliver net revenue growth at a similar rate to 2021, while adjusted operating profit is expected to grow slightly slower than net revenue, reflecting increased investment as part of its five-year strategic plan and non-repeat of US state litigation settlement costs.

Restaurant Group lifted its full-year earnings expectations as it said it has traded well since its last update in September, with like-for-like sales outperformance versus the market across its Wagamama, pubs and leisure businesses.

As a result, it now expects FY21 adjusted EBITDA of between £73m and £79m, subject to no unexpected Covid related disruptions being announced before the end of the financial year.

Newspaper round-up

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US Close

Stocks ended the session much the same as they started them on Monday as Wall Street failed to bounce back from a losing week.

At the close, the Dow Jones Industrial Average was down 0.04% at 36,087.45, while the S&P 500 was flat at 4,682.80 and the Nasdaq Composite saw out the session 0.04% softer at 15,853.85.