Imperial Brands Says Palmer & Harvey Decision to Impact FY17 Operating Profit

By Dimitrios Kontos Features Dow Jones Newswires

Imperial Brands PLC (IMB.LN) said on Tuesday that U.K.-based wholesaler Palmer & Harvey's decision to enter administration may have a one-off impact of up to 160 million pounds ($213.3 million) on group operating profit in the current fiscal year.

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The company said that the majority of this sum would relate to excise duty, which is non-recoverable.

It also said that it doesn't anticipate any significant disruption to its U.K. operations, and it has contingency plans in place which will ensure that the ongoing supply to retail customers remains unaffected.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

November 28, 2017 13:20 ET (18:20 GMT)