Full Year 2019 Imperial Brands PLC Earnings Call Transcript
Good morning and welcome to our preliminary results presentation. I'm joined by Oliver Tant, Chief Financial Officer; Matthew Phillips, our Chief Development Officer. Mark Williamson, our Chairman, is also with us. And in the front row, we have Dominic Brisby, Director for Americas, Africa, Asia and Australasia; and Joerg Biebernick, Director for Europe.
There is no doubt this has been a challenging year. Results have been mixed. We performed well in places but underperformed in others, and that's disappointing. However, I think it's important to step back and consider 2019 in context.
Our Tobacco business has grown revenue by just over 1% and profits by around 2%, driven by a strong U.S. performance and resilience in Europe. This is in spite of a tough trading environment for our AAA division and a difficult year from a share perspective in 2 of our most profitable markets, Germany and the U.K.
Our tobacco value-creation model is very much intact. Tobacco continues to produce high-margin sales growth. And we
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