Makes pleasing start to new financial year

* Not immune to economic situation, but resilient

* Weak pound, if continues, to have positive effect * Shares down 0.7 percent

Britain's Imperial Tobacco, the world's fourth-biggest cigarettes maker, said it had made a pleasing start to its financial year, and while it was not immune to the economic situation it was resilient. Imperial, with brands including Lambert & Butler, West and Gauloises, said on Tuesday that should current foreign exchange rates, such as the pound's weakness, continue they would have a positive effect on its 2009 results.

"Overall, this has been a pleasing start to the year. While we will not be immune from the current economic situation, we will be resilient," Chief Executive Gareth Davis said ahead of the company's annual shareholder meeting.

Imperial said trading from October to December was in line with management's expectations for the year to end-September.

Morgan Stanley analyst Eileen Khoo described the update as positive and showing much more than foreign exchange gains.

"Imperial's trading statement highlights ongoing resilience, particularly in cigarettes, driven by stable consumer trends, share gains, pricing and continued emerging market growth."

Imperial shares were down 0.7 percent at 1,838 pence at 0812 GMT in a flat London stock market.

In Britain, Imperial said the 2008 duty-paid cigarette market declined by 4 percent to 45 billion cigarettes, and its market share slipped slightly to 45.7 percent in the 12 months to end-December from 45.9 percent in the year to September 2008.

In Germany, market volumes declined by 2 percent to 87 billion cigarettes in 2008 with the group's market share largely steady at 27.5 percent, while in a Spanish market which grew by 1 percent to 90 billion cigarettes in 2008 the group's market share was again largely steady at 37 percent.

Last year, Imperial acquired the Franco-Spanish Altadis in late January for 12.6 billion euros to add brands like Gauloises and Fortuna. It then launched a 4.9 billion pound rights issue in May to help part-fund the deal, with the rest covered by debt. (Reporting by David Jones; Editing by Dan Lalor)