23rd Sep 2021 09:17
(Alliance News) - Reckitt Benckiser Group PLC on Thursday said trading since its half-year results in July has been in line with management expectations, but its guidance is still notably below 2020 results.
The Slough-based consumer goods company, which focuses on hygiene, health and nutrition, is a FTSE 100 constituent.
During the course of the pandemic, Reckitt generated strong sales growth as demand surged for disinfectants and surface cleaners.
It expects like-for-like net revenue growth of 0% to 2% in the full year, and adjusted operating margins of 22.7% to 23.2%. The company's like-for-like net revenue growth was up 12% last year and its adjusted operating margin was 23.6%, which was in line with guidance outlined in July.
In July, Reckitt had said demand was expected to slow in the third quarter as restrictions ease and due to the rollout of Covid-19 vaccines.
Reckitt ​​swung to a loss in the first-half of this year after it suffered a GBP3.00 billion hit related to the remeasurement of IFCN China, the infant nutrition business that it sold to Beijing-based investment firm Primavera Capital Group for USD2.2 billion.
Its current guidance excludes the contribution of IFCN this year, which it completed the disposal for on September 9.
Reckitt will report its third-quarter results on October 26.
Shares were up 0.2% at 5,889.00 pence in London on Thursday morning.
By Josie O'Brien; [email protected]
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