Imperial Brands announces new investment as profits rise

LONDON, Nov 8 (Reuters) - Imperial Brands (LSE: IMB.L - news) , the world's fourth-biggest tobacco company, reported higher full-year sales and profit on Tuesday, helped by the acquisition of brands in the United States and a weaker British currency.

The maker of cigarettes including Winston and Gauloises also announced a new wave of investment of 300 million pounds ($372 million) that will be funded by new cost savings. The company is targeting an additional 300 million pounds of annual savings by 2020, at a cost of 750 million pounds.

The company said net revenue of its tobacco business rose 9.7 percent to 7.17 billion pounds for the fiscal year ended Sept. 30. Adjusted operating profit rose 10.4 percent to 3.5 billion pounds.

Imperial got a boost last year from its $7 billion purchase of certain brands from Reynolds American (NYSE: RAI - news) . The move sharply increased its exposure to the lucrative U.S. market.

($1 = 0.8062 pounds) (Reporting by Martinne Geller; Editing by Mark Potter)