TOBACCO giant Imperial Brands' profits were up 26.8 per cent for the year, as "strong pricing" for its products helped offset the continued decline in smoking.

Stefan Bomhard, chief executive, said the "stronger, more sustainable" financial and operational outcomes can be attributed to a "new performance culture."

The brand behind Lambert & Butler, Winston and Gauloises anticipated delivering its full-year guidance just last month due to high prices of cigarettes and demand for tobacco alternatives.

Imperial which said that strong pricing led by the rising costs helped offset historic declines led by fewer people smoking.

Bomhard said: "We have offset structural volume declines with strong pricing in all key markets."

"We look forward to building on our growing operational track record to deliver sustainable returns to shareholders and play a positive, distinctive role in this industry's transition to a healthier future," he added.

Like other big tobacco companies, Imperial Brands has focused on rolling out smoking alternatives in recent years.

(c) 2023 City A.M., source Newspaper