What did you make of Imperial’s trading update?

DAMIAN MCNEELA | PANMURE GORDON
Imperial's in line trading statement should come as a relief, given the degree of nervousness ahead of the statement. The shares continue to trade at 15 per cent discount to its international peer group which given the firm’s cash generation is undeserved. We repeat our “buy” recommendation.

MARTIN DEBOO | INVESTEC
A solid update. We read Imperial’s (customarily brief) Q4 update as a solid result in a climate of low expectations in the market. Full year trading for the year to 30 September is said to be in line with the board’s expectations. Retain “buy” recommendation.

ADAM SPIELMAN | CITI
This missed our forecast on volumes but met our sales forecast. This is significant because until recently management had said they expected growth in second half volumes. The west of the EU, Poland and Ukraine have been notably worse than anyone had expected. “Neutral” recommendation.