Shares in Golden Virginia maker Imperial Brands rose back towards eight-year highs as it promised to hand almost £1.5billion back to investors.
The FTSE 100 firm said it is ‘on track’ after revenues were buoyed by higher prices of cigarettes and strong demand for new products such as vapes and heated tobacco.
The company, which owns the Blu e-cigarette brand, also launched a £1.45billion share buyback, sending the stock up 3.4 per cent.
Shares are hovering around levels last seen in early 2018 in a boost to new chief executive Lukas Paravicini.
They were boosted by a growing market share in the US, Germany and Australia, broadly offsetting declines in the UK and Spain.
Buyback plan: Imperial Brands said it is ‘on track’ after revenues were buoyed by higher prices of cigarettes and strong demand for new products such as vapes and heated tobacco
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