Nov 17, 2020

City Bulletin: Price rises in mature markets help push up revenues at Imperial

Price hikes in mature markets such as the US, Germany and the UK meant group revenue for the company's full-year ending September was up 0.8 per cent on a 2.1 per cent decrease in tobacco volumes. Resilient pricing and lower costs meant Imperial can deliver "Low to mid-single digit growth in organic adjusted operating profit" next year, even though duty free sales are likely to remain depressed for some time, Imperial said. IAG had said in 2019 it would buy the Spanish low-cost carrier from Globalia, the tourism operator owned by Juan Jose Hidalgo, for €1bn. easyJet posted a £1.2bn loss for the year ending September, with passenger numbers halving to 48.1m and total revenue down 52.9 per cent to £3bn. The no-frills airline said it expects to fly no more than 20 per cent of its planned capacity in the current quarter and gave no further guidance on the 2021 financial year. Underlying revenue fell 14 per cent for the first nine months of 2020 because of pandemic disruption and a lower oil price, the company said in a trading update. The announcement late on Monday sent the electric car maker's shares up 13 per cent in after-market trading, adding more than $50bn to its stock market value.

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