Imperial talks up corporate jargon ahead of investor day

Tobacco behemoth Imperial Brands issued a puff-heavy update to the market on Wednesday, ahead of its investor day being held at its head office in Bristol.

The FTSE 100 cigarette manufacturer, which owns brands such as Lambert & Butler and Richmond, said the day would comprise presentations by the chief executive and other members of the senior management team, focused on the themes of “quality”, “agility” and “discipline”.

“We continue to improve the quality of growth through our portfolio simplification programme and optimising our investment choices in brands and markets,” it said on the theme of quality in a statement which made no mention of its products.

On the subject of agility, Imperial said it was reducing complexity and streamlining the way it manages brands and markets which, combined with making changes to its operating model, was creating a stronger, more agile and efficient organisation.

“We maintain a disciplined approach to resource allocation and the efficient management of our cost and capital base,” the statement said on the theme of agility.

“This underpins the effective deployment of cash to reinvest in the business, pay down debt and deliver returns to shareholders.”

Imperial Brands reaffirmed its commitment to deliver dividend growth of at least 10% per annum over the medium term.

Its board added that there would be no update on current trading at the investor day, beyond the half year results which were already issued on 4 May 2016.

Imperial Brands holds a 45% share of the progressively shrinking UK tobacco market.