LONDON - Imperial Brands (OTC:IMBBY) Finance PLC, the treasury services provider for Imperial Brands PLC (LON:IMB) and its subsidiaries, reported a profit increase for the fiscal year ended September 30, 2024. The company, which is responsible for managing the group's financial risks and liquidity requirements, announced a profit of £525 million, up from £393 million the previous year.
The increase in profit was primarily due to a release of £240 million from the expected credit loss provision, which was not tax allowable. This release resulted from the settlement of a loan receivable exposure after the year-end, reducing the provision recognized as of September 30, 2024.
During the year, the company repaid £600 million in 8.125% notes and issued new notes, including US$1,250 million at 5.5% and US$750 million at 5.875%. Additionally, a partial repayment of US$550 million was made on the US$1,500 million 4.25% notes, with the remaining US$950 million due in July 2025. US$1,000 million in 3.125% notes were also repaid.
The company's total equity as of September 30, 2024, was £3,202 million, an increase from £2,677 million in the previous year. No dividends were charged to shareholders' funds during the year.
Imperial Brands Finance PLC highlighted the ongoing global economic challenges, including those caused by the situation in Russia and Ukraine, low global economic growth, and inflationary pressure. Despite these uncertainties, the group has effectively managed its operations worldwide.
The company also adheres to the Imperial Brands Group's climate-related strategy and engages with financial institutions through meetings, ongoing dialogue, and relationship management conducted by the Imperial Brands Group Treasury and Finance teams.
This financial overview is based on a press release statement from Imperial Brands Finance PLC.
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