TINA COOK | CHARLES STANLEY
Imperial Tobacco continues to demonstrate resilience with strength in emerging markets helping to offset headwinds in Spain and the UK. The main positive surprise is a continuation of shareholder friendly actions with a 13 per cent increase in the dividend on a slightly larger than expected hike in the payout ratio to 50.6 per cent.
MARTIN DEBOO | INVESTEC
With the numbers well-guided, Imperial's full year has come in very close to our and consensus expectations.... At the divisional level, it's hard to put a cigarette paper between the out-turn numbers and our forecasts, if one will excuse the phrase. Spain was weaker than we thought on the top line...UK was almost entirely in line with our forecasts.
JONATHAN JACKSON | KILLIK & CO
Imperial Tobacco released its results for the year ending 30 September 2011, which were in line with market expectations. The numbers support our positive view on the shares, which are proving to be very resilient at a time of economic uncertainty and market volatility...The business remains highly cash generative.