- Tobacco giant Imperial Brands said it expected its annual adjusted earnings to be 'slightly lower' than the previous year following a US ban on some vaping products. Constant currency revenue for the year through September was expected to be 'at a similar level' to the previous year. The disappointing guidance came after the US Food and Drug Administration banned certain flavours of cartridge-based vapour device, and amid weaker-than-expected consumer demand. The FDA ban had resulted in a 'write-down of our flavoured inventory with a first half adjusted operating profit impact of about £45m; in line with our previous estimates,' Imperial Brands said. Tobacco trading, however, remained in line with expectations, with a weighting to the second half as previously guided. At current exchange rates, Imperial Brands said it expected a currency translation headwind on net revenue and adjusted earnings per share of about 1% at the half year and 3% at the full year.

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