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Imperial Tobacco stands by full-year target

Reuters - UK Focus

LONDON, May 6 (Reuters) - Britain's Imperial Tobacco Group reported a 5 percent decline in underlying tobacco sales volume in the first half of its fiscal year and stood by its outlook for the remainder.

The maker of Davidoff and Gauloises cigarettes on Wednesday said revenue fell 4 percent to 12.1 billion pounds in the six months ended March 31.

Like all tobacco companies, Imperial faces falling sales in a number of markets as people cut back on smoking due to tighter budgets, tax increases and growing health consciousness.

The company said it expects to close its $7.1 billion acquisition of certain U.S. brands in the second half of this year, pending U.S. antitrust approval of a related deal between Reynolds American (NYSE: RAI - news) and Lorillard (NYSE: LO - news) . It added that it was still on track to meet its goals this year, which include increasing its dividend by at least 10 percent.

(Reporting by Martinne Geller; editing by Jason Neely)