TIDMRKT
RNS Number : 7828J
Reckitt Benckiser Group PLC
29 April 2022
29 April 2022
A Strong start - continued confidence in the Full year
Q1 2022
GBPm LFL1 M&A(1) FX(1) Reported
------ ------- ------- ------ ---------
Hygiene 1,465 -9.0% +0.0% -1.7% -10.7%
------ ------- ------- ------ ---------
Health(2) 1,402 +20.6% -3.6% -1.2% +15.8%
------ ------- ------- ------ ---------
Nutrition(2) 557 +20.4% -36.5% +1.3% -14.8%
------ ------- ------- ------ ---------
Total net revenue 3,424 +5.6% -6.9% -1.0% -2.3%
------ ------- ------- ------ ---------
1. Adjusted measures are defined on page 6
2. Our VMS portfolio is now reported within the Health Business
Unit, as previously indicated. The re-presentation of historical
financial information reflecting this change is included in the
Appendix to this release.
Highlights :
-- Group like-for-like ('LFL') net revenue growth of 5.6%:
Price/mix was +5.3% and volume +0.3%. Continued broad-based growth
and market share momentum across all Business Units and
geographies, with 76% of our Core CMUs gaining or holding market
share.
-- 70% of the portfolio less sensitive to Covid dynamics grew
high-single digits. Excluding the positive impact from US IFCN,
growth was mid-single digits.
-- Hygiene LFL net revenue decline of 9.0% (3.9% growth
ex-Lysol): Growth in Finish, Air Wick, Harpic and Vanish led by
innovation and penetration building initiatives. Lysol performed in
line with expectations.
-- Health LFL net revenue growth of 20.6%: Strong growth in OTC,
VMS and our Intimate Wellness portfolio. Dettol performed in line
with expectations and is on track for low single digit growth in
the year.
-- Nutrition LFL net revenue growth of 20.4%: US IFCN grew over
30% with innovation and strong execution amidst temporary
competitor supply issues.
-- Repositioning the portfolio towards higher growth: The sale
of Dermicool and E45 completed on 25 March and 1 April,
respectively.
Outlook:
-- Following a strong start to the year, we now expect LFL net
revenue growth towards the upper end of our guidance of +1-4%.
Despite significant cost inflation, we expect adjusted operating
margins in-line with prior year and current market
expectations.
Commenting on these results, Laxman Narasimhan, Chief Executive
Officer, said:
"We have made a strong start to the year across all our business
units and geographies despite a challenging operating environment.
Investments we have made in brand building, innovation, and
execution, have resulted in broad-based market share gains. These,
coupled with pricing and revenue management actions, stand us in
good stead to maintain this positive momentum.
As we look to the balance of the year, the operating environment
remains highly unpredictable. We are well placed to address these
market dynamics through the strength of our brands, our favourable
product mix, our productivity program and the responsible pricing
initiatives already undertaken, with scope to take further
actions.
Given our strong start, we expect to deliver LFL net revenue
growth at the upper end of our guidance for the year. We expect
adjusted operating margins to be in-line with both the prior year
and current market expectations, whilst continuing to invest in the
long-term growth of our brands."
Conference Call Details
We will be hosting a live audiocast followed by a Q&A
session for analysts and investors at 08:30 (BST) on Friday 29
April 2022.
Please click on the link below to join the live audiocast on the
day.
https://www.reckitt.com/investors/investor-news/
Alternatively, dial in details are as follows:
UK: 0800 640 6441
UK (local): 020 3936 2999
All other locations: +44 20 3936 2999
Conference ID: 860438
Further Information and Contacts
Richard Joyce +44 (0)7807 418516
Head of Investor Relations
Patty O'Hayer +44 (0)7825 755688
Director, External Relations and Government Affairs
Finsbury
Faeth Birch +44 (0)7768 943171
Cautionary note concerning forward-looking statements
This announcement contains statements with respect to the
financial condition, results of operations and business of the
Reckitt Benckiser Group plc group of companies (the Group) and
certain of the plans and objectives of the Group that are
forward-looking statements. Words such as 'intends', 'targets', or
the negative of these terms and other similar expressions of future
performance or results, and their negatives, are intended to
identify such forward-looking statements. In particular, all
statements that express forecasts, expectations and projections
with respect to future matters, including targets for net revenue,
operating margin and cost efficiency, are forward-looking
statements. Such statements are not historical facts, nor are they
guarantees of future performance.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking
statements, including many factors outside the Group's control.
Among other risks and uncertainties, the material or principal
factors which could cause actual results to differ materially are:
the general economic, business, political and social conditions in
the key markets in which the Group operates; the ability of the
Group to manage regulatory, tax and legal matters, including
changes thereto; the reliability of the Group's technological
infrastructure or that of third parties on which the Group relies;
interruptions in the Group's supply chain and disruptions to its
production facilities; increases or volatility in the cost of raw
materials and commodities; the reputation of the Group's global
brands; and the recruitment and retention of key management.
These forward-looking statements speak only as of the date of
this announcement. Except as required by any applicable law or
regulation, Reckitt expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
LEI: 5493003JFSMOJG48V108
Outlook
Given the strong start to the year we now expect LFL net revenue
growth towards the upper end of our guidance of +1-4%. This
reflects good momentum in OTC and IFCN, disinfection products in
line with expectations, and the remainder of the business growing
mid-single digits as targeted.
The input environment remains highly volatile and unpredictable.
It has become more adverse since our last market update in February
due to the ongoing war in Ukraine. Inflation on our cost of goods
sold has increased from low teens to high teens based on current
commodity pricing.
We entered the year as a stronger business. We have a strong
portfolio of brands which has enabled us to take pricing
responsibly, and we will take further pricing actions as required.
We will benefit from favourable product mix this year, our
productivity initiatives are delivering ahead of plan, and we will
see a reduction in finite-life transformation costs.
The benefits from favourable mix, productivity initiatives and
pricing give us the confidence to expect adjusted operating margins
in-line with both the prior year and current market expectations,
whilst continuing to invest in the long-term growth of our
brands.
Guidance for interest and capital expenditure remains unchanged
from that indicated on 17 February 2022. We now expect our
effective tax rate to be slightly lower than 2021 due to the
anticipated favourable settlements of certain historic tax
matters.
We are on track to meet our medium-term goals of mid-single
digit revenue growth and adjusted operating profit margin of
mid-20s by the mid-2020s.
Group Review
Group performance
GBPm Volume Price/Mix LFL(1) M&A (1) FX (1) Reported
Q1 2022 3,424 +0.3% +5.3% +5.6% -6.9% -1.0% -2.3%
------ ------- ---------- ------- -------- ------- ---------
1. Adjusted measures are defined on page 6
Group net revenue grew by 5.6% on a LFL basis in Q1 with volume
growth of 0.3% and price / mix improvements of 5.3%. Volume was
impacted by the decline in Lysol and the temporary benefit in US
IFCN. Excluding these,
volumes remained strong, growing by around 7%. On a reported basis, net revenue declined 2.3%.
Growth has been broad-based across the business, with brands
less sensitive to Covid dynamics, representing around 70% of the
portfolio, growing high-single digits. Excluding US IFCN, growth
was mid-single digits. The supply chain environment during the
quarter continues to be challenging, both in terms of logistical
availability and certain raw material constraints. While our supply
team works to find mitigations, we continue to monitor the
situation and look to continue to improve our customer service.
The net effect of M&A was a 6.9% reduction in net revenue in
the quarter, representing the disposal of IFCN China and Scholl,
offset by the acquisition of Biofreeze.
FX headwinds reduced net revenue by 1.0% due primarily to a
general strengthening of Sterling against many currencies.
eCommerce LFL net revenue grew 13% in the quarter, further
building on the strong growth of Q1 2021, and represents 12% of
Group net revenue.
OPERATING SEGMENT REVIEW
Hygiene 43% of net revenue in Q1 2022
GBPm Volume Price/Mix LFL(1) FX(1) Reported
Q1 2022 1,465 -12.8% +3.8% -9.0% -1.7% -10.7%
------ ------- ---------- ------- ------ ---------
1. Adjusted measures are defined on page 6
Hygiene net revenue declined 9.0% on a LFL basis to GBP1,465m.
Volume declined 12.8%, primarily reflecting the reduction in Lysol
volumes. Price / mix improved by 3.8%.
78% of Core Hygiene CMUs held or gained market share with
broad-based gains across our core categories.
Lysol net revenue declined in line with expectations, at around
30% in the quarter, following around 70% growth in Q1 2021. Overall
net revenue remains around 75% higher than 2019 levels driven by
expansion into new markets and adjacent categories over the past
two years, and as consumers continue to exhibit elevated hygiene
behaviours as we learn to live with Covid. Lysol disinfecting spray
shares continue to be strong and we see further penetration growth
potential in adjacent categories of laundry sanitisers and "on the
go" products. With the continued rebasing of consumption, our plans
reflect an expectation that retailers will reduce their safety
levels of inventory in both disinfection sprays and wipes.
Finish net revenue grew mid-single-digits with particularly
strong growth across Europe and Developing markets accelerated by
our latest Finish Quantum innovation, leveraging thermoforming
technology to deliver higher quality and more sustainable auto-dish
solutions.
Air Wick net revenue grew low-single-digits, further building on
the strong growth of Q1 2021, with particularly strong growth in
the US driven by the continued growth of the Essential Mist and
Scented Oils natural range.
Vanish net revenue grew mid-single digits with growth driven by
reduced confinements of consumers versus the prior year.
Harpic grew high-single-digits, with particularly strong growth
in India, its largest market, driven by increased distribution and
product upgrades. Latin America also saw strong growth as a result
of penetration gains across Argentina and Mexico.
Our pest business delivered low-single-digits growth despite a
weak season in India and Latin America.
Health 41% of net revenue in Q1 2022
GBPm Volume Price/Mix LFL(1) M&A (1) FX (1) Reported
Q1 2022 1,402 +15.5% +5.1% +20.6% -3.6% -1.2% +15.8%
------ ------- ---------- ------- -------- ------- ---------
1. Adjusted measures are defined on page 6
Health net revenue grew 20.6% on a LFL basis in the quarter to
GBP1,402m. This reflected volume growth of 15.5% and price / mix
improvements of 5.1%.
73% of Core Health CMUs held or gained market share with gains
across cold and flu, intimate wellness and most disinfection
markets.
OTC net revenue grew over 60% in the quarter due to the
combination of Omicron, a cold and flu season against a weak
comparator for Mucinex and Strepsils, plus significant market share
gains across the portfolio. Recent launches including Mucinex
Instasoothe, the brand's first entry into the sore throat relief
segment, has gained significant market share since its launch at
the end of 2021. Other launches, including the rollout of Nuromol,
a unique and exclusive formulation of Nurofen and Paracetamol in
Brazil continue to progress well.
Our Intimate Wellness portfolio grew high-single-digits in the
quarter resulting from a continued renewed focus on execution,
innovation and investment behind omnichannel growth. We saw
particularly strong growth in China from the continued success of
the polyurethane Durex condom launch.
Dettol net revenue declined in the quarter, as it laps tough
comparators, but continues to stabilise well above 2019 levels.
Dettol Tru Clean - our first plant-based disinfectant -
successfully launched in 2021, has quickly established itself as
one of the larger eco brands in the UK, with further planned
rollouts during the course of this year. We have a strong pipeline
of innovations launching this year, and we continue to expect our
Dettol franchise to grow low single digits in 2022.
Our Vitamins, Minerals and Supplements grew mid-teens, driven by
strong growth in Move Free in China, and continued penetration
growth in our cognitive health brand, Neuriva. The net effect of
M&A was a 3.6% reduction in net revenue in the quarter,
representing the disposal of Scholl offset by the acquisition of
Biofreeze.
Nutrition 16% of net revenue in Q1 2022
GBPm Volume Price/Mix LFL(1) M&A (1) FX (1) Reported
Q1 2022 557 +8.9% +11.5% +20.4% -36.5% +1.3% -14.8%
----- ------- ---------- ------- -------- ------- ---------
1. Adjusted measures are defined on page 6
Nutrition net revenue grew 20.4% on a LFL basis to GBP557m. This
reflected volume growth of 8.9% and price / mix improvements of
11.5%. Included within the price / mix benefit is a short-term
benefit in the US of additional 'WIC' sales for which Reckitt will
not incur rebate claims from the Government. This is due to
temporary competitor supply issues.
79% of Core Nutrition CMUs held or gained market share with
particularly strong share gains across the US.
IFCN US net revenue grew over 30% on a LFL basis, with strong
growth in both our core Enfa and specialty brands. Significant
market share growth was driven by innovation and strong execution
in response to increased demand.
We saw improving trends across Latin America and ASEAN, driven
by an increased investment in a more resilient supply chain, more
focused in-market execution, and a mix of growth in our core
infant, specialty and adult portfolios.
The net effect of M&A was a 36.5% reduction in net revenue
in the quarter, representing the disposal of IFCN China and
EnfaBebé in Argentina.
Performance by geography
GBPm Volume Price/Mix LFL(1) M&A (1) FX (1) Reported
North America 1,155 -4.7% +7.7% +3.0% +1.5% +2.8% +7.3%
------ ------- ---------- ------- -------- ------- ---------
Europe / ANZ 1,107 +6.2% +2.1% +8.3% -4.3% -6.6% -2.6%
------ ------- ---------- ------- -------- ------- ---------
Developing Markets 1,162 -0.6% +6.3% +5.7% -16.4% +0.5% -10.2%
------ ------- ---------- ------- -------- ------- ---------
Total net revenue 3,424 +0.3% +5.3% +5.6% -6.9% -1.0% -2.3%
------ ------- ---------- ------- -------- ------- ---------
1. Adjusted measures are defined on page 6
North America Q1 net revenue grew 3.0% on a LFL basis, with
strong growth in IFCN and OTC brands, offset by the expected
declines in Lysol.
Europe / ANZ Q1 revenue grew 8.3% on a LFL basis, with
broad-based growth across most markets. Lysol saw strong growth in
the quarter, benefitting from launches in new markets over the last
two years.
Developing markets Q1 revenue grew 5.7% on a LFL basis, driven
by Latin America, India and Greater China.
portfolio management
The sale of Dermicool and E45 completed on 25 March and 1 April,
respectively, with combined net cash proceeds of around GBP240m.
The combined 2021 net revenues and adjusted operating profits of
these brands were GBP54m and GBP29m, respectively. Our latest
outlook takes these disposals into account.
Russia / ukraine
Following a thorough internal review and our announcement on 13
April 2022, Reckitt has begun a process aimed at transferring
ownership of its Russian business, which may include a transfer to
a third party or to our local employees.
We will work closely with our colleagues in Russia on the
details of the various options available to ensure an orderly
process. We will do our utmost to ensure those colleagues' ongoing
employment in any new structure and we commit to paying their
monthly salaries and benefits throughout the transition and until
the end of 2022.
This action builds on our previously announced decision to
freeze capital investments, advertising, sponsorships and
promotions in Russia. We will update on progress as soon as we have
more information to share.
In 2021 Ukraine and Russia combined represented around 3% net
revenue and adjusted operating profit for the Group.
Financial Position
There has been no material change to the financial position of
the Group since the publication of the 2021 Annual Report and
Accounts on 14 April 2022.
Other Matters
The Humidifier Sanitiser ('HS') issue in South Korea is a tragic
event, with many parties involved. We continue to make both public
and personal apologies to victims. Details of existing provisions
and contingent liabilities relating to the HS issue can be found on
page 239 of the 2021 Annual Report and Accounts.
Alternative Performance Measures
Like-for-like ('LFL'): Net revenue growth or decline at constant
exchange rates (see below) excluding the impact of acquisitions,
disposals and discontinued operations. Completed disposals are
excluded from LFL revenue growth for the entirety of the current
and prior years. Acquisitions are included in LFL revenue growth
twelve months after the completion of the relevant acquisition. LFL
growth also excludes countries with annual inflation greater than
100% (Venezuela).
Constant exchange rate ('CER'): Net revenue growth or decline
adjusting the actual consolidated results such that the foreign
currency conversion uses the same exchange rates as were applied in
the prior financial year.
Adjusted Operating Profit and Adjusted Operating Profit margin:
Adjusted operating profit reflects the IFRS operating profit
excluding items in line with the Group's adjusted items policy,
which can be found on page 81 of the 2021 Annual Report and
Accounts. The adjusted operating profit margin is the adjusted
operating profit expressed as a percentage of net revenue.
Other definitions and terms
eCommerce: eCommerce channel net revenue is defined as direct
sales from Reckitt to online platforms or directly to consumers.
Estimates of total eCommerce sales as a percentage of group
revenues includes direct sales and an estimate of sales achieved by
our brands corresponding to sales through our omnichannel
distributors and retailer' websites.
Category Market Unit (CMU): Reckitt analyses its market share by
CMUs, which represent country and either brand or category, e.g. US
Lysol. This allows us to analyse the components of market share
growth taking into account both geography and brand / category.
Management has identified those Core CMUs that are the most
strategically important. The list of Core CMUs is kept under
continual review and will change over time based on strategic
decisions. Currently, Core CMUs cover c.65% of Group net revenue
and between c.60% to c.80% of each GBU's net revenue. As a measure
of competitiveness, management tracks the percentage of Core CMUs
holding or gaining market share, weighted by net revenue.
Upcoming Events
As part of our Investor Seminar Series, we will be holding an
ESG deep-dive on Friday 6 May 2022.
IFRS to LFL reconciliation
Hygiene Health Nutrition Group
GBPm GBPm GBPm GBPm
2021 Represented(1) 1,641 1,211 654 3,506
-------- ------- ---------- ------
Disposals 0 (68) (197) (265)
-------- ------- ---------- ------
Exchange (13) (8) (2) (23)
-------- ------- ---------- ------
2021 LFL 1,628 1,135 455 3,218
-------- ------- ---------- ------
2022 Reported 1,465 1,402 557 3,424
-------- ------- ---------- ------
Acquisitions and disposals 0 (38) 0 (38)
-------- ------- ---------- ------
Exchange 17 5 (9) 13
-------- ------- ---------- ------
2022 LFL 1,482 1,369 548 3,399
-------- ------- ---------- ------
LFL growth -9.0% +20.6% +20.4% +5.6%
-------- ------- ---------- ------
1. Our VMS portfolio is now reported within the Health Business
Unit, as previously indicated. The re-presentation of historical
financial information reflecting this change is included in the
Appendix to this release.
North America Europe / ANZ Developing Markets Group
GBPm GBPm GBPm GBPm
2021 Reported 1,076 1,136 1,294 3,506
-------------- ------------- ------------------- ------
Disposals (3) (54) (208) (265)
-------------- ------------- ------------------- ------
Exchange 4 (19) (8) (23)
-------------- ------------- ------------------- ------
2021 LFL 1,077 1,063 1,078 3,218
-------------- ------------- ------------------- ------
2022 Reported 1,155 1,107 1,162 3,424
-------------- ------------- ------------------- ------
Acquisitions and disposals (20) (9) (9) (38)
-------------- ------------- ------------------- ------
Exchange (26) 53 (14) 13
-------------- ------------- ------------------- ------
2022 LFL 1,109 1,151 1,139 3,399
-------------- ------------- ------------------- ------
LFL growth +3.0% +8.3% +5.7% +5.6%
-------------- ------------- ------------------- ------
APPIX A: PRESENTATION ON OLD BASIS
To aid comparison between the new and old basis of reporting,
the following table presents Q1 2022 as though presented on the old
basis, with VMS under the Nutrition Business Unit.
Numbers will not be provided on this basis in future
periods.
Q1 2022
GBPm LFL1 M&A(1) FX(1) Reported
------ ------- ------- ------ ---------
Hygiene 1,465 -9.0% +0.0% -1.7% -10.7%
------ ------- ------- ------ ---------
Health 1,296 +20.8% -3.8% -1.6% +15.4%
------ ------- ------- ------ ---------
Nutrition 663 +19.9% -32.0% +1.5% -10.6%
------ ------- ------- ------ ---------
Total net revenue 3,424 +5.6% -6.9% -1.0% -2.3%
------ ------- ------- ------ ---------
1. Adjusted measures are defined on page 6
APPIX B: RE-PRESENTATION OF SEGMENTAL FINANCIAL INFORMATION
Our VMS portfolio is now reported within the Health Business
Unit, as previously indicated. Reckitt has published the additional
information below to provide visibility of the historical GBU
performance under the new basis.
Quarterly LFL(1) net revenue growth
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Hygiene +12.8% +19.4% +19.5% +25.7% +28.5% +7.8% +2.9% -6.1%
-------- -------- -------- -------- -------- -------- -------- --------
Health +24.0% +13.7% +14.7% +3.9% -13.3% -7.7% +3.4% +15.1%
-------- -------- -------- -------- -------- -------- -------- --------
Nutrition -0.2% -4.3% +5.5% -1.2% -6.1% +12.2% +4.2% +3.2%
-------- -------- -------- -------- -------- -------- -------- --------
Group(2) +15.0% +12.9% +15.3% +12.3% +5.3% +2.2% +3.3% +3.3%
-------- -------- -------- -------- -------- -------- -------- --------
1. Adjusted measures are defined on page 6
2. Excluding IFCN China
Quarterly net revenue
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Hygiene 1,355 1,382 1,490 1,589 1,641 1,386 1,449 1,435
-------- -------- -------- -------- -------- -------- -------- --------
Health 1,439 1,290 1,325 1,306 1,211 1,108 1,290 1,443
-------- -------- -------- -------- -------- -------- -------- --------
Nutrition 528 455 494 479 462 466 485 475
-------- -------- -------- -------- -------- -------- -------- --------
Group (excl IFCN China) 3,322 3,127 3,309 3,374 3,314 2,960 3,224 3,353
-------- -------- -------- -------- -------- -------- -------- --------
IFCN China 222 240 204 195 192 132 51 8
-------- -------- -------- -------- -------- -------- -------- --------
Group 3,544 3,367 3,513 3,569 3,506 3,092 3,275 3,361
-------- -------- -------- -------- -------- -------- -------- --------
APPIX B: RE-PRESENTATION OF SEGMENTAL FINANCIAL INFORMATION
Half yearly net revenue
LFL(1)
H1 2020 H2 2020 FY 2020 H1 2021 H2 2021 FY 2021 H1 2020 FY 2020 H1 2021 FY 2021
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Hygiene 2,737 3,079 5,816 3,027 2,884 5,911 +16.1% +19.5% +18.0% +7.5%
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Health 2,729 2,631 5,360 2,320 2,733 5,053 +19.0% +13.9% -10.6% -0.8%
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Nutrition 983 973 1,956 927 960 1,887 -2.1% +0.1% +2.5% +2.7%
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Group(2) 6,449 6,683 13,132 6,274 6,577 12,851 +13.9% +13.9% +3.7% +3.5%
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
1. Adjusted measures are defined on page 6
2. Excluding IFCN China
Adjusted operating profit(1)
H1 2020 H2 2020 FY 2020 H1 2021 H2 2021 FY 2021
Hygiene 687 818 1,505 774 627 1,401
-------- -------- -------- -------- -------- --------
Health 765 641 1,406 480 762 1,242
-------- -------- -------- -------- -------- --------
Nutrition 164 141 305 171 130 301
-------- -------- -------- -------- -------- --------
Group(2) 1,616 1,600 3,216 1,425 1,519 2,944
-------- -------- -------- -------- -------- --------
1. Adjusted measures are defined on page 6
2. Excluding IFCN China
Adjusted operating profit margin(1)
H1 2020 H2 2020 FY 2020 H1 2021 H2 2021 FY 2021
Hygiene 25.1% 26.6% 25.9% 25.6% 21.7% 23.7%
-------- -------- -------- -------- -------- --------
Health 28.0% 24.4% 26.2% 20.7% 27.9% 24.6%
-------- -------- -------- -------- -------- --------
Nutrition 16.7% 14.5% 15.6% 18.4% 13.5% 16.0%
-------- -------- -------- -------- -------- --------
Group(2) 25.1% 23.9% 24.5% 22.7% 23.1% 22.9%
-------- -------- -------- -------- -------- --------
1. Adjusted measures are defined on page 6
2. Excluding IFCN China
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