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TOP NEWS: Haleon revenue up; records loss due to GSK demerger costs

2nd Mar 2023 11:13

(Alliance News) - Haleon PLC on Thursday said revenue was up, as it declares its inaugural dividend following its GSK split.

Haleon is a Weybridge, Surrey-based consumer healthcare products company that spun off from pharmaceutical company GSK PLC in July 2022.

The company said 2022 revenue was GBP10.86 billion, increasing 14% from GBP9.55 billion the year prior. Haleon noted that favourable foreign exchange added GBP478 million to tits revenue, while organic revenue growth was 9.0%.

Haleon said pretax profit for 2022 was GBP1.62 billion, falling 1.1% from GBP1.64 billion a year ago. The company noted that it had incurred GBP411 million in separation and admission costs relating to its demerger with GSK, as well as GBP172 million due to impairment and amortisation of assets.

The company declared an inaugural final dividend of 2.4 pence per share, for the trading period since its demerger from GSK in July.

Chief Executive Officer Brian McNamara said: "2022 was an extraordinary year for Haleon, having successfully demerged from GSK to become the first listed company 100% focused on consumer health.

"In our first FY results, we delivered a strong performance whilst navigating a highly volatile environment. Our organic revenue growth of 9.0% was well balanced between volume and price, with two thirds of the business gaining or holding share."

The company said it is well positioned to deliver on its medium term guidance, noting that organic revenue growth in 2023 is expected to be between 4% and 6%.

Haleon shares were down 4.6% trading at 311.49 pence per share on Thursday morning in London.

By Harvey Dorset, Alliance News reporter

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