Reckitt Benckiser Q3 Revenue Rises, Lifts FY20 Revenue Growth View - Quick Facts
(RTTNews) - British consumer goods giant Reckitt Benckiser plc (RBGLY, RB.L) reported Tuesday that its third-quarter net revenue increased 7 percent on a reported basis and 13.3 percent on a like-for-like or LFL basis to 3.51 billion pounds.
Hygiene revenue grew 12.4 percent to 1.49 billion pounds, driven by Lysol, Finish and Air Wick, with double-digit growth in most markets.
Health revenue was 1.22 billion pounds, up 6.9 percent from last year, with ongoing strong demand for Dettol and improved trends in Durex, offset by lower consumer demand in OTC, following pantry loading in H1.
Nutrition revenue was 806 million pounds, down 1.8 percent on a reported basis, but up 4.1 percent on LFL basis, with improved infant formula performance and continued strong growth for Airborne.
Looking ahead for fiscal 2020, the company now expects LFL net revenue to grow 'low double digits', compared to previously expected 'high single digit' growth. Other guidance remains unchanged.
Laxman Narasimhan, Chief Executive Officer, said, "We are well on the way towards completing the first phase of our strategic plan, to 'stabilise and perform', as part of our journey to deliver mid-single digit revenue growth in the medium term and mid-20s margins by the mid 2020s. Our improved execution and the investments in capability and growth, will enable us to achieve our revenue growth target a year earlier than expected, and with greater certainty."
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