3rd May 2023 09:12
(Alliance News) - Haleon PLC on Wednesday said strong performance across all categories and regions drove its quarterly growth.
Haleon is a Weybridge, Surrey-based consumer healthcare products company that spun off from pharmaceutical company GSK PLC in July 2022.
Revenue for the first three months of the year grew by 14% to GBP2.99 billion, driven by "growth across all categories."
Haleon said operating profit in the first quarter was up 35% to GBP627 million, mostly thanks to separation and admission costs a year before. Haleon was listed in London in July of last year.
On an adjusted basis, operating profit rose 9.5% to GBP691 million. However, Haelon noted a lower adjusted operating profit margin, which fell 90 basis points to 23.1%, as a result of higher costs and foreign exchange headwinds.
Shares in Haleon were down 3.5% at 340.45 pence each in London on Wednesday morning.
Looking ahead, the company expects organic revenue growth for 2023 to be in the range of 4% to 6%, and added that its full year guidance remains unchanged.
Chief Executive Officer Brian McNamara said: "The new year has started well, and I am particularly pleased that we delivered a healthy balance of positive volume mix and price in the first quarter; demonstrating the strength of the brand portfolio combined with exceptional execution across our markets."
By Sabrina Penty; Alliance News reporter
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