Reckitt Benckiser Group is a manufacturer and marketer of branded products in household, health and personal care products, sold into nearly 200 countries from operations in over 60 countries. I have a holding in my income portfolio (epic code: RB.)
Reckitt Benckiser announced their first quarter IMS on 16 April. They stated that revenue growth (ex RBP) was +5% at constant currencies and a like-for-like revenue growth (ex RBP) was +4%.
Total revenue was £2,368m down -6% on last year, due to a -9% negative effect from foreign exchange translations.
By territories like-for-like growth was:
ENA (Europe/North America) +2%;
LAPAC (Latin America/Asia/Australia & New Zealand) +8%;
RUMEA (Russia/Middle East/Africa/Turkey) +4%;
Food +3%
Pharma -11%
By product groupings like-for-like sales growth (excluding Food and Pharma detailed above) was:
Health +11%
Hygiene +2%
Home +1%
Portfolio -3%
Management stated that the Group is on track to achieve its FY 2014 financial targets of net revenue growth of +4-5% and flat to moderate operating margin expansion.
No reason to change my view on RB. and they remain a core income portfolio holding. Management state that they expect to provide more detail on the likely disposal of the Pharmaceutical business at the time of the interim announcements.
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