Over the past six months, Imperial Brands (IMB) shares have gained nearly 30% due to a robust set of full-year results reported last November and investors piling into defensive stocks since the start of 2025.

On 24 April, Imperial shares hit a five-year high of £30.63 as the multi-national tobacco company continues to shrug off the global crackdown by governments on people smoking and vaping and focus on its five-year strategic plan.

In its last set of results the company reported a 26% rise in next-generation product (NGP) revenue to £355 million and launched new blu formats to meet demand across several markets.

The company also said capital returns of circa £2.8 billion were under way for full year 2025 including a £1.25 billion buyback.

There was more good news for Imperial’s shareholders with a 4.5% increase in the full year 2024 dividend.

Analysts at Panmure Liberum hold the tobacco stock in high regard and said in a recent note the company’s buyback programme ‘remains a thing of power and beauty within the sector. Almost 13% of the shares have been retired in little more than two years, with much more to come. Consistent delivery, a still-low valuation and that buying power means it remains our top pick.’

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