By Max Clarke

Bristol- based tobacco giant, Imperial Tobacco (LSE: IMT) are expecting a £110 million hit to their profits after changes to pricing laws in Spain.

Spain remains an important market for the manufacturer of Lambert & Butler, Gauloises and Davidoff brands of cigarettes, and the company report they have ‘acted to protect their market position’ and continue to monitor the situation.

The £110 million includes an estimated £40 million one off reduction in profits as well as up to £70 million in lost revenue per annum.

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