Close

Scandinavian Tobacco Group A/S: UK distributor Palmer & Harvey entered into administration

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

Attachments

Company Announcement 29_2017 UK