COMPANY ANNOUNCEMENT
No. 29/2017
Copenhagen, 29 November 2017
UK distributor Palmer & Harvey entered into administration
Scandinavian Tobacco Group has become aware that Palmer & Harvey, a main distributor of tobacco products in the UK market, has entered into administration.
We currently estimate that Palmer & Harvey's decision to enter administration may have a one-off financial impact on our Group adjusted EBITDA for 2017 by up to DKK 30 million, the majority of which relates to excise duty which is non-recoverable.
Our financial guidance for 2017 remains unchanged.
We have contingency plans in place to ensure on-going supply to our retail customers, and do not anticipate any significant disruption to our UK operations.
For further information, please contact:
For investor enquiries:
Torben Sand, Head of Investor Relations
phone: +45 7220 7126 or torben.sand@st-group.com
