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Our Half year results 2023

H1

Press release

Nicandro Durante, Reckitt CEO, stands with his arms crossed
Reckitt’s strong first-half performance across our business units and through our earnings model reflects continued delivery from the investments we have made. We delivered like-for-like net revenue growth of +6.0%, drove gross margin expansion and increased brand investment (by around £100m) behind our innovation programme.

Nicandro Durante

Chief Executive Officer

H1 highlights

The strong first-half performance across our business units and through our earnings model reflects continued delivery from the investments we have made.

We delivered like-for-like net revenue growth of +6.0%, drove gross margin expansion and increased brand investment (by around £100m) behind our innovation programme.

Highlights

Group like-for-like (LFL) net revenue growth of +6.0%. 

Growth was broad-based across our Global Business Units (GBUs), with a strong innovation programme. On an IFRS basis net revenue grew by +8.1%.

Hygiene LFL net revenue growth of +3.6%

Growth was driven by Finish, Harpic, Vanish and Air Wick, and underpinned by early success of innovation launches.

Health LFL net revenue growth of +8.8%.

Growth was led by our OTC portfolio and Intimate Wellness brands with an improving performance in China. Dettol declined by mid-single digits with category decline and in-market challenges across certain Asian markets – we expect an improvement in H2.

Nutrition LFL net revenue growth of +5.3%

Continued strong market share in North America and mid-single digit growth in LATAM, against the lapping of tough prior year comparatives due to the US competitor supply issue.

Adjusted operating margin of 23.8% (-180bps)

Productivity efficiencies and carry-over pricing drove gross margin expansion, and funded increased investment behind innovation launches.

Adjusted diluted EPS of 173.0p (-3.1%)

Net revenue growth and positive impact from foreign exchange is offset by lower operating margins and a higher effective tax rate.

H1 2023 dividend recommended to be 76.6p

The increase of 5% is consistent with our aim to deliver sustainable dividend growth.

Nicandro Durante, Reckitt CEO, stands with his arms crossed

"We look to the future with confidence under Kris Licht’s leadership. Amidst a backdrop of challenging market conditions and uncertainty, the business has strong momentum, yet with an opportunity to further strengthen our execution, optimise our cost base, and deliver improved returns to shareholders."

Nicandro Durante

Chief Executive Officer

Outlook

We maintain our Group LFL net revenue growth target of +3% to +5% in 2023 (including the lapping of the US Nutrition impact in 2022), and now expect adjusted operating margins to be slightly above 2022 levels (previously “in line with or slightly above 2022 levels”) when excluding the one-off benefit of circa 80bps in 2022 related to US Nutrition.

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