|25 May 2016|
Interim report for the period 1 January - 31 March 2016
Continued Strong Performance in US Handmade Cigars
- Optimisation and Efficiency Programme Progresses According to Plan
Underlying total performance in the first quarter in accordance with our expectations - full-year organic growth guidance maintained.
Highlights for the first quarter of 2016:
Statement by CEO Niels Frederiksen:
"2016 has started well with continued strong performance in our US handmade cigar business and progress in our cost optimisation and efficiency programme is according to plan. We are pleased to deliver growth in net sales and EBITDA in line with our 2016 guidance and medium term outlook.
Deadline for the national implementation of the new EU Tobacco Products Directive (TPD) was 20 May 2016. We have prepared thoroughly and taken the opportunity to try to turn the new legislation into a competitive advantage for us. The implementation of the new rules in our business has been complicated by a late adoption of the national legislation in the EU member states. We believe that we have prepared well for the transition to the new regulation, but the impact of the new EU legislation on the market place remains to be seen."
For media enquiries:
Kaspar Bach Habersaat, Director of Group Communications, phone: +45 7220 7152
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