Reckitt Benckiser Group PLC (RKT)

[ADrunkenMarcus]

Perhaps I didn’t phrase it too well. What I meant is they’re able to maintain margins.

Best wishes

Mark

[idpickering]

1st Quarter Results.

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.

https://www.investegate.co.uk/reckitt-b ... 00037828J/

[idpickering]

3rd Quarter Results.

Highlights;

· Group like-for-like (LFL) revenue growth of 7.4% . Price / mix improvements of 12.0% and volume decline of 4.6% (volume down around 1% excluding Lysol, as the category continues to normalise). Continued broad-based growth and momentum.

· Group reported net revenue growth of 14.0% : LFL growth of 7.4% benefitted from FX tailwinds of 8.5% and a net M&A impact of -1.9%.

· 70% of the portfolio less sensitive to Covid dynamics grew high-single digits (YTD grew low-double digits). Excluding the positive impact from US IFCN, growth was mid-single digits (YTD high-single-digits), driven by continued innovation, improved in-market execution and pricing across the portfolio.

· Hygiene LFL decline of 1.2%: Performance improves as the Lysol base continues to normalise. Hygiene grew 3.3% excluding Lysol, led by Finish, Harpic, and Vanish.

· Health LFL growth of 10.7% : Continued strong momentum, led by OTC brands of Mucinex, Nurofen and Strepsils, and our Intimate Wellness portfolio of Durex and KY.

· Nutrition LFL growth of 24.7% : Driven by mid-single digit growth in Developing Markets and over 40% growth in the US with strong execution amidst temporary infant formula shortages. Growth includes an estimated 20.3% benefit from temporary competitor supply issues.

Outlook:

· We are narrowing the range of our LFL net revenue growth target to +6% to +8% for 2022 (previously +5% to +8%). We continue to target growth in adjusted operating margins.

· We are already delivering sustainable mid-single digit net revenue growth, and remain firmly on track to deliver our medium-term goal of mid-20s adjusted operating margins by the mid-2020s.

Commenting on the results, Nicandro Durante, Chief Executive Officer, said:

"Reckitt delivered another quarter of broad-based growth amidst challenging market conditions, as we continue to innovate and improve on our in-market execution.

Since joining Reckitt in an executive capacity, I have spent time with our people and in our markets. It has been a delight to experience, first hand, the energy and passion of our teams.

We have an excellent portfolio of trusted, market-leading brands in high margin, high-growth categories and a strong culture of ownership and delivery. My priority is firmly focussed on continuing to execute on our strategic path, to deliver sustainable mid-single digit growth, and mid-20s adjusted operating margins by the mid-2020s."

https://www.investegate.co.uk/reckitt-b ... 00030937E/

Ian.

[idpickering]

Final Results.

FY Highlights:
· Group LFL net revenue growth of +7.6%. Growth was broad-based and led by our market-leading brands across the Auto Dishwash, Fabric Additives, OTC, Intimate Wellness, VMS and Nutrition categories. The positive impact on net revenue from the US Nutrition competitor supply issue is approximately +2.5%. On an IFRS basis net revenue grew by +9.2%.

· The Group delivered a three-year CAGR of +8.2% on a LFL net revenue basis. This includes two consecutive years of mid-single digit growth from 70% of the portfolio less sensitive to Covid dynamics. During the year, these brands grew high-single digits. Excluding the positive impact from US IFCN, growth was mid-single digits.

· Hygiene LFL net revenue decline of -3.1%, mostly due to tough comparatives in Lysol. Excluding Lysol, the business delivered mid-single digit growth. Lysol saw improving trends throughout the year, and delivered net revenue growth of around +45% above pre-pandemic levels. On an IFRS basis net revenue grew by +0.8%.

· Health LFL net revenue growth of +14.7% , driven by a combination of strong demand and share gains in our OTC portfolio, and continued momentum in our Intimate Wellness and VMS brands with a stable performance in Germ Protection, which remains around +40% ahead of pre-pandemic levels. On an IFRS basis net revenue grew by +18.6%.

· Nutrition LFL net revenue growth of +22.9% , driven by mid-single digit growth in our Developing Markets business and around +40% growth in the US with strong execution amidst temporary competitor supply issues. On an IFRS basis net revenue grew by +10.2%.

· Double-digit adjusted operating profit (excluding IFCN China) growth of +16.8% (+9.2% on a constant FX basis) driven by strong top line growth, productivity and positive product mix. Adjusted operating margin (excluding IFCN China) grew by +90bps to 23.8%. The benefit on adjusted operating profit in 2022 from the US Nutrition competitor supply issue is approximately +80bps. 2022 IFRS operating margin was 22.5%.

· Double-digit adjusted EPS (diluted) growth +18.4% to 341.7p, driven by net revenue growth, operating margin expansion, and foreign exchange tailwinds. On an IFRS basis total diluted EPS was 324.7p.

· Strong balance sheet with net debt reduced to 2.1x adjusted EBITDA. Free cash flow generation of £2.0bn (2021: £1.3bn) and cash conversion of 83% (2021: 61%).

· Full year dividend increased by 5% to 183.3p (2021: 174.6p), with the aim to deliver sustainable dividend growth in future years.

And later;

The Directors are proposing a final dividend in respect of the financial year ended 31 December 2022 of 110.3 pence per share which will absorb an estimated £789 million of Shareholders' funds. If approved by Shareholders it will be paid on 24 May 2023 to Shareholders who are on the register on 11 April 2023, with an ex-dividend date of 6 April 2023.

https://www.investegate.co.uk/reckitt-b ... 00084111R/

Ian (No holding).

[idpickering]

2022 Annual Report and Financial Statements and Notice of 2023 Annual General Meeting.

Reckitt confirms that the following documents are today published and are available on its website, http://www.reckitt.com:

· Annual Report and Financial Statements for the year ended 31 December 2022 ("2022 Annual Report")

· Notice of the Annual General Meeting 2023 to be held on 3 May 2023 ('2023 AGM Notice')

In compliance with LR 9.6.1, the following documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism :

· 2022 Annual Report

· 2023 AGM Notice

· Form of Proxy for 2023 Annual General Meeting

In conformity with DTR 6.3.5(1A) the regulated information required under DTR 6.3.5 is available in unedited full text within the 2022 Annual Report as uploaded and available on the National Storage Mechanism and on the Company's website as noted above.

The Company's Annual General Meeting will be held at 2pm on Wednesday 3 May 2023, at the London Heathrow Marriott Hotel, Bath Road, Hayes UB3 5AN. The 2022 Annual Report together with the Notice of AGM and Form of Proxy will be mailed or otherwise made available to shareholders in due course.

https://www.investegate.co.uk/reckitt-b ... 05248735T/

Ian (No holding).

[idpickering]

Q1 Trading Statement.

Highlights:
· Group like-for-like ('LFL') net revenue growth of +7.9%: Broad-based growth across all Business Units and geographies. Price / mix was +12.4% benefitting from strong carry over pricing from H2 2022. Volumes declined by -4.5% with improving trends.

· Hygiene LFL net revenue growth of +2.0%: Strong growth in Finish, Harpic and Vanish led by innovation and penetration building initiatives. Lysol performed in line with expectations, with sequential improvement through the quarter, as it lapped the final quarter of tough Covid-related comparatives.

· Health LFL net revenue growth of +12.5%: Excellent performance across our OTC portfolio with +30% growth in the quarter. Intimate Wellness delivered mid-single digit growth. Dettol remains on track for growth in the year, despite a slight decline in the quarter.

· Nutrition LFL net revenue growth of +11.9%: Broad-based delivery with continued mid-single digit growth in developing markets and mid-teens growth in the US, due to restocking of retailer inventories and maintaining our market leading share position.

· Outlook: We now expect Group LFL net revenue growth of +3% to +5% for the year (including the lapping of the US Nutrition impact in 2022).

· Kris Licht to become CEO. Kris will become CEO-designate effective 1 May 2023 and will take over as CEO by the end of 2023.


Commenting on these results, Nicandro Durante, Chief Executive Officer, said:

"We have made a strong start to the year across each of our business units and geographies reflecting further delivery from the investments we have made. In particular, our innovation programme has seen good early success across multiple launches, including Air Wick Active Fresh and Air Wick Vibrant, Finish Ultimate Plus All-In-One, our Dettol long-lasting germ protection platform, and Durex Invisible . Further innovations are planned for the upcoming quarters.

I am encouraged to see improving volume and share trends across our Hygiene GBU. Lysol performed in line with expectations, and we continue to expect Lysol to return to growth from Q2 underpinned by improved distribution and innovation. Our OTC brands continue to perform well in a strong growth category, and our Enfa brands are maintaining their leading market share positions in the US. Europe delivered a strong quarter across Health and Hygiene and China is yet to show the full benefit of reopening.

Considering the strong start to the year, we are now targeting +3% to +5% Group LFL net revenue growth for the year, underpinned by our well supported and exciting innovation programme, a resilient supply chain and ongoing executional improvements.

We have announced today that Kris Licht, current President of our Health GBU, has been appointed as CEO designate and will succeed me as CEO. Having played a pivotal role in both the transformation strategy and the significant turnaround of our Health GBU over the last three years, Kris is the right leader to take Reckitt on the next stage of its exciting journey. I look forward to working with Kris to deliver a seamless and uninterrupted transition."

https://www.investegate.co.uk/reckitt-b ... 00084444X/

Ian (No holding).

[idpickering]

Reckitt Announces Kris Licht as CEO Designate.

Slough, United Kingdom, 26 April 2023, Reckitt today announces the appointment of Kris Licht as Chief Executive Officer to succeed Nicandro Durante. Kris will become CEO Designate as of 1 May and will immediately begin the transition to the CEO role, working alongside Nicandro Durante. Kris will be appointed to the Board as an Executive Director effective 1 June 2023 and will take over as CEO by the end of 2023. Nicandro Durante will stay with Reckitt up to December 2023 to ensure a smooth transition, at which time he will step down from the Board.

Kris has served as President of Reckitt's Health business and as Chief Customer Officer since July 2020. Prior to this, he served as Reckitt's Chief Transformation Officer from November 2019 to July 2020. He has been pivotal in both setting the strategic direction of the company and returning Health to the strong growth trajectory that it is delivering today. He joined Reckitt from PepsiCo, where he held a variety of senior operational and strategic leadership positions. Prior to PepsiCo, he was a Partner at McKinsey & Co with a focus on the consumer, health and retail practices.

https://www.investegate.co.uk/reckitt-b ... 00114443X/

Ian.

[idpickering]

Reckitt Wins First-Ever Gold Lion & Total of Six Wins at Annual Cannes Lions Festival of Creativity.

https://www.investegate.co.uk/announcem ... f-/7591517

Ian (No holding).

[ADrunkenMarcus]

Reckitt has announced half year results for 2023:

https://www.reckitt.com/investors/resul ... t-results/

The interim dividend was increased by 5%, following a 5% increase of the previous dividend payment. Listening to the results call, this morning, the new CEO also stated that further shareholder returns are under review and that buybacks are an option. However, the first priority - as it should be - is to invest in the business for ongoing growth. Debt is coming down and reduced from 2.1x to 2x EBITDA.

Best wishes


Mark.

[Pendrainllwyn]

The future always seems to be brighter with Reckitt. One of my larger UK holdings. It’s a relatively safe investment as my UK portfolio goes. I remain patient.

Pendrainllwyn

[ADrunkenMarcus]

The future always seems to be brighter with Reckitt. One of my larger UK holdings. It’s a relatively safe investment as my UK portfolio goes. I remain patient.

Pendrainllwyn

One of my smaller direct shareholdings at around 2.2% of my portfolio, but it is a decent sum in absolute terms. I've held since 2011 and my main complaint is the damage done after 2017 with the Mead Johnson acquisition. It ate up a lot of capital and loaded the balance sheet with debt, reducing the ROCE substantially. I think they saw growth slowing, so they tried the easy route to 'buy' growth and the company has been trying to undo that damage since...

Best wishes


Mark.

[Pendrainllwyn]

Yes, Mead Johnson was a disaster. I didn't want to bring it up Senior management changes followed and they seem to be more sure footed now. I am hopeful they can deliver consistent strong ROE. They have enough of my hard-earned capital until they do. They have been bringing debt down every year since 2019. I hope that continues especially given where interest rates have headed.

Pendrainllwyn

[idpickering]

Reckitt announces retirement of Jeff Carr, CFO and appointment of Shannon Eisenhardt as CFO Designate.

Reckitt today announces that Jeff Carr (61), Chief Financial Officer (CFO) and Executive Director, has notified Reckitt of his intention to retire as of 31 March 2024. We are delighted to announce that Shannon Eisenhardt will join Reckitt on 17 October 2023, as CFO designate to succeed Jeff. Upon joining Shannon will also be appointed to the Board as an Executive Director.

Jeff has been instrumental in driving financial discipline, leading our world-class productivity programme, reducing our net debt, and driving sustainable long-term shareholder value. Jeff joined Reckitt in 2020 as we launched our transformation programme and has ensured its delivery despite the challenges of Covid and geo-political crises. His strong contributions will stand us in good stead during the next chapter for Reckitt.

Shannon Eisenhardt will join Reckitt from NIKE, Inc., the world's largest athletic footwear and apparel company, where she currently serves as Chief Financial Officer of NIKE Consumer, Brand & Marketplace. In her role, Shannon leads the finance function for the NIKE geographies, the Global NIKE Direct business, which comprises NIKE-owned retail stores and its digital platforms, and Global Marketing. She also holds leadership responsibility for Global Business Planning, including Corporate Financial Planning and Analysis, and the Converse brand. Prior to taking on her current role, Shannon led Finance for NIKE North America, the company's largest market, and NIKE Emerging Markets. Before joining NIKE, Inc. in 2015, Shannon spent close to two decades at P&G in a range of finance roles working at corporate, country and regional levels.

https://www.investegate.co.uk/announcem ... ge/7711851

Ian (No holding).

[idpickering]

Kris Licht to take over as CEO of Reckitt on 1 October 2023.

Further to the Company's announcement on 26 April 2023, Reckitt today confirms that Kris Licht will assume the role of Chief Executive Officer on 1 October 2023, succeeding Nicandro Durante. Nicandro will stay with Reckitt until 31 December 2023 to ensure a smooth transition, at which time he will step down from the Board.

Details of Kris Licht's remuneration arrangements in connection with his appointment as CEO were set out in the RNS announcement of his appointment on 26 April 2023. Details of Nicandro Durante's remuneration arrangements in connection with his departure are set out in the Section 430(2B) Companies Act 2006 Statement which is available in the Corporate Governance section of the Company website.

https://www.investegate.co.uk/announcem ... on/7729323

Ian (No holding).

[idpickering]

Q3 Trading Statement.

Q3 Highlights:

· Like-for-like (LFL) net revenue growth of +3.4%, led by strong broad-based growth of +6.7% across Hygiene and Health combined. Nutrition maintains US market leadership but laps prior year competitor supply issue.

· Group reported net revenue decline of -3.6%. LFL growth of +3.4% offset by FX headwinds of -6.8% and a net M&A impact of -0.2%.

· Improving volume momentum in Hygiene and Health, offset by expected year-on-year rebasing in Nutrition. Group volume decline of -4.1%, with -1.6% for Hygiene and Health combined. Group price / mix was +7.5%.

· Hygiene LFL net revenue growth of +8.1%. Broad-based growth across all core categories, driven by double digit growth in Finish and Vanish.

· Health LFL net revenue growth of +5.4%. Growth driven by OTC and Intimate Wellness portfolios. Dettol and VMS were broadly stable.

· Nutrition LFL net revenue decline of -11.9%. We maintain market leadership in the US but lap the temporary benefits from competitor supply issues in the prior year.

https://www.investegate.co.uk/announcem ... nt/7837137

Ian.

[idpickering]

Strategy Update.

Reckitt today announces a strategy update and commencement of a share buyback programme following the appointment of Kris Licht as CEO on 1 October.

Key highlights are as follows:

· Reckitt is today a strong, well-invested business with a culture and purpose fit for the future.

· We operate in attractive growth categories. Our portfolio of brands is excellent and positions us well to deliver sustainable mid-single digit like-for-like (LFL) net revenue growth over the medium term.

· We will continue to invest in product superiority and to sharpen and improve the consistency of our in-market execution, and our cost base.

· We see a clear runway for sustainable growth, with superior gross margins, and we will extend our productivity programme to focus on fixed costs to fuel both growth and earnings.

· We are well positioned to grow adjusted operating profit ahead of net revenue in the medium term.

· Our strong free cashflow generation and a healthy balance sheet enable us to announce the commencement of an enhanced shareholder returns programme:

https://www.investegate.co.uk/announcem ... te/7837138

Ian.

[idpickering]

Share Buyback Programme - First Tranche.

Reckitt Benckiser Group plc ("Reckitt" or the "Company") announces that, in connection with its intention to commence a £1 billion share buyback programme (the "Programme") which it announced on 25 October 2023, the Company today commences the first tranche of the Programme which will return up to £250 million of capital to shareholders. The purpose of the Programme is to reduce the share capital of the Company.

In accordance with the Company's general authority to make market purchases of existing ordinary shares of 10 pence each in the share capital of the Company (the "Ordinary Shares") as granted by shareholders at the Company's Annual General Meeting on 3 May 2023, the Company will purchase no more than 71,590,000 Ordinary Shares. The first tranche of the Programme will commence on 30 October 2023 and is expected to end no later than 30 January 2024.

https://www.investegate.co.uk/announcem ... he/7846257

Ian (No holding).

[idpickering]

Chair Succession.

Reckitt Benckiser Group plc (Reckitt) today announces that having completed his full nine-year term, Chris Sinclair has indicated his intention to retire as Chair and step down from the Board following the 2024 Annual General Meeting (AGM). Sir Jeremy Darroch will succeed Chris as Chair at the conclusion of the Company's AGM, currently scheduled for May 2024.

The Reckitt Board would like to express its deepest appreciation and gratitude to Chris for his extraordinary contribution, service and leadership during the past nine years, with the last six as Chair, and wish him well when he retires from the Board next year. During Chris Sinclair's tenure as Chair, he oversaw significant transformation of Reckitt, including the introduction of our Purpose - to protect, heal and nurture in the relentless pursuit of a cleaner and healthier world - navigated both challenges and opportunities arising from the Covid pandemic, and has been instrumental in strengthening the governance and oversight of the Board.

https://www.investegate.co.uk/announcem ... on/7881759

Ian (No holding).

[idpickering]

Share Buyback Programme - Second Tranche

On 25 October 2023, Reckitt Benckiser Group plc ("Reckitt" or the "Company") announced a £1 billion share buyback programme (the "Programme"), the purpose of which is to reduce the share capital of the Company. On 30 October 2023, the Company announced commencement of the first tranche of this Programme to return up to £250 million of capital to shareholders (the "First Tranche").

Reckitt today announces its intention to commence the second tranche of the Programme (the "Second Tranche") which will return a further up to £250 million of capital to shareholders, and which will commence two days after the completion of the First Tranche (anticipated to be during January 2024).

https://www.investegate.co.uk/announcem ... he/7953404

Ian.

[idpickering]

Share Buyback Programme - Second Tranche

Reckitt Benckiser Group plc ("Reckitt" or the "Company") confirms the successful completion of the first tranche of £250m (the "First Tranche") of its £1 billion share buyback programme (the "Programme") announced on 25 October 2023.

Under the First Tranche, between 30 October 2023 and 30 January 2024, the Company has purchased 4,581,991 ordinary shares of 10p each (the "Ordinary Shares") at an average price of £54.5614, and which are now held in treasury.

https://www.investegate.co.uk/announcem ... he/8013839

Ian.