Imperial Brands Pulls Vaping Business From U.S. — Update

Imperial Brands announced it will exit the U.S. vaping market due to a lengthy regulatory approval process. The company plans to focus on its modern oral brands, like Zone, which saw lower net revenue due to promotional activities. Overall revenue rose to £14.72 billion, but pretax profit fell to £791 million. Adjusted operating profit decreased by 0.5% to £1.64 billion, below analyst expectations. The company also faced increased administrative expenses related to its 2030 strategy and legal settlements.