Imperial Brands PLC Statement re Palmer & Harvey

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RNS Number : 7793X

Imperial Brands PLC

28 November 2017

Imperial Brands statement on Palmer & Harvey

In October 2017 Palmer & Harvey (P&H) entered a period of exclusivity with the Carlyle Group with the intention of securing significant capital investment. We are disappointed to learn that despite Imperial's on-going support, the Directors of P&H have today appointed administrators.

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P&H has been a long-standing trading partner in the UK and for several months Imperial has been working to find a solution that provides the business, and its employees, with a sustainable long-term future. Imperial was prepared to explore further alternatives but other parties have been unwilling to pursue these to a successful conclusion.

We currently estimate that P&H's decision to enter administration may have a one-off impact on Group operating profit in our current financial year of up to GBP160 million, the majority of which would relate to excise duty which is non-recoverable.

We do not anticipate any significant disruption to our UK operations. We have well-prepared contingency plans which will ensure that the on-going supply to Imperial's retail customers remains unaffected.

ENDS

Enquiries:

Peter Durman (Director Investor Relations)

Telephone: +44 (0) 7970 328 903

Matt Sharff (Senior IR Manager)

Telephone: +44 (0) 7964 110 921

Mat Slade (Senior IR Manager)

Telephone: +44 (0) 7811 974 438

Simon Evans (Group Press Officer)

Telephone: +44 (0) 7967 467 684

Copies of our announcements are available on our website:

www.imperialbrandsplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 28, 2017 13:03 ET (18:03 GMT)