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Wednesday, 29 November 2017

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

Scandinavian Tobacco Group A/S    

Published: 11:12 CET 29-11-2017 /GlobeNewswire /Source: Scandinavian Tobacco Group A/S / : STG /ISIN: DK0060696300

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 (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Scandinavian Tobacco Group A/S, Sydmarken 42, Søborg DK-2860, Denmark
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