# Demand for oral nicotine and higher cigarette prices boosts Imperial Brands

By Russ Mould — 2025-11-18

Russ Mould, investment director at AJ Bell, said: “In the wider market context, what appears a modest advance for Imperial Brands carries more weight.

“At a headline level, earnings for the year to September 30 may have been materially lower thanks to higher tax and costs associated with the delivery of its 2030 strategy.

“The underlying picture was better, and investors will have taken note of the solid growth delivered in next-generation products like vapes and e-cigarettes – with losses narrowing.

“A steady increase in the dividend and continued buybacks reflect a resilient cash flow profile.

“Cash generation looks set to remain robust in 2026 with steady profit growth and double-digit expansion in sales of next generation products.

“Replacing the revenue and cash delivered by its traditional tobacco business remains a huge long-term ask but, in the short term, it is not a surprise to see Imperial Brands’ defensive qualities find some favour among investors in choppy markets.”

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