Imperial Tobacco profit up despite revenue dip

London - Imperial Tobacco Group, the world's No 4 tobacco company, posted higher full-year earnings on Tuesday despite a dip in revenue and said its chairperson was stepping down.

The company reported adjusted earnings of 210.7 pence per share in fiscal 2013, up from 201.0 p/share in 2012.

Group revenue fell to £28.27bn in 2013, from £28.57bn in 2012.

The company said chairperson Iain Napier would retire from the board of directors following its annual general meeting on February 5. Napier will be succeeded by deputy chairperson Mark Williamson.

Looking ahead, the company said a reasonable working assumption for 2014 was "modest" growth in earnings per share at constant currency exchange rates, with a dividend increase of at least 10%.

It plans to increase dividends ahead of adjusted earnings by at least 10% per year over the medium term, it said.