London, Jan 14, 2026, 09:10 GMT — Regular session
Imperial Brands PLC shares hovered near Tuesday’s close in early Wednesday trading, following the FTSE 100 tobacco giant’s fresh announcement of buybacks. The stock last stood at 3,009 pence, holding steady after trading between 2,999 and 3,033 pence during the session. Its 52-week range remains between 2,571 and 3,329 pence. 1
The repurchases are significant as Imperial is well underway with a £1.45 billion buyback plan and consistently cancels the shares it repurchases, reducing the total number of shares. This smaller share count can boost earnings per share — profit divided by shares outstanding — without much change in the core business.
This becomes clear when company news is scarce and investors turn to cash-return plays. Tobacco stocks often act as income vehicles, and even modest, steady updates on capital returns can move sentiment on slow days.
Imperial disclosed in a regulatory filing that it repurchased 291,666 shares on Jan. 13, paying an average of 3,012.98 pence per share, with Morgan Stanley acting as broker. The company intends to cancel these shares, reducing the total shares outstanding to 793,362,213, it added. 2
The previous day, the company disclosed purchasing 15,801 shares at an average price of 3,029.80 pence, again for cancellation under the same scheme. 3
Imperial, known for Davidoff cigarettes and blu e-cigarettes, is framing its buyback as part of a wider push to return cash to shareholders. Back in November, the company confirmed its goal of 3%-5% annual profit growth and promised to keep buying back shares every year until 2030. Jefferies analysts noted the combustibles segment maintained “resilient volumes” alongside “continued pricing power.” 4
The mechanics remain simple: buybacks may ease volatility, but they won’t shift the underlying trend in volumes, pricing, or regulation. Investors will be watching closely to see if Imperial’s cash flow stays robust enough to maintain the pace of its programme.
The downside risk isn’t new for the sector. Tighter regulation, tax hikes, falling cigarette prices, or a steeper drop in volumes could all crimp cash flow, cutting into funds for buybacks and dividends.
Imperial’s annual general meeting is set for Jan. 28, with the ex-dividend date following on Feb. 19 and the final dividend payment slated for March 31, pending shareholder approval, according to the company’s calendar. Investors should also note that half-year results will be released on May 12. 5
Traders will probably watch the steady stream of buyback announcements closely, while also monitoring any changes in sentiment on pricing and volumes within Imperial’s main markets.
