Scandinavian Tobacco Group A/S: UK distributor Palmer & Harvey entered into administration
November 29 2017 - 5:13AM
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
Company Announcement 29_2017
UK
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Scandinavian Tobacco Group A/S via
Globenewswire
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