Imperial Tobacco considering a market listing for its Logista unit
IMPERIAL Tobacco led the FTSE 100 risers yesterday following the announcement that it is considering an initial public offering (IPO) for its European logistics division.
Madrid-based Logista distributes Imperial’s cigarettes in countries including France, Spain and Italy but also has non-tobacco customers. Last year it recorded revenue of £8.3bn and an adjusted operating profit of £176m.
“Imperial Tobacco confirms it is reviewing its options in relation to a potential IPO of Logista. There is no certainty as to the outcome of that review,” Imperial Tobacco said in a statement.
The maker of Davidoff and Gauloises cigarettes also reported underlying revenue growth of one per cent for the first quarter to £1.56bn, although this was down six per cent on a reported basis, with momentum from the Middle East and Asia. Imperial’s shares closed up 5.66 per cent at 2,351p.