28th Apr 2021 08:45
(Alliance News) - Reckitt Benckiser Group PLC on Wednesday reported like-for-like revenue growth in the first quarter, leaving its full-year guidance unchanged.
The Slough, Berkshire-based consumer health and hygiene products company's total net revenue for the first quarter of 2021 grew 4.1% on a like-for-like basis, though fell 1.1% on a reported basis.
Reckitt's Hygiene unit saw like-for-like growth of 29% and a 21% increase on a reported basis, led by a "very strong" demand and white space expansion for Lysol, with double-digit growth in Finish, Air Wick and across most regions.
Demand for Lysol and Dettol continues to be strong, the company said, amid "ongoing, elevated demand" for its disinfection products overall.
Revenue in the company's Health division declined by 13% on a like-for-like basis and 16% on a reported basis, reflected by lower demand for cold and flu relief products.
Nutrition revenue fell by 7.4% in the period on a like-for-like basis and 12% on a reported basis, due to ongoing difficult market conditions in the Greater China area, particularly Hong Kong.
"2021 has started well with like-for-like net revenue growth of 4.1% in line with our expectations. This brings two-year growth to over 17% as we lap the pantry loading of March 2020," said Chief Executive Laxman Narasimhan.
Reckitt said it continues to expect full-year like-for-like revenue growth of between zero and 2%.
"At this early stage in the year, our outlook for 2021 is unchanged and we remain on track to achieve our medium-term goals," said Reckitt.
Last month, Reckitt said it is rebranding to just use the name "Reckitt" in an effort to make its name "clearer, simpler and more memorable".
The firm noted in March that its listed company name will remain the same but it will be changing its stock exchange ticker to RKT from RB.
Shares in Reckitt were down 2.3% at 6,433.00 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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