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Brits’ love of brands keeps Reckitt sales up
by cityam
LAURA MCGUIRE
DUREX owner Reckitt Benckiser has said it was entering the year as a “strengthened business” after reporting a strong sales increase for the year led by its nutrition business.
The Anglo-Dutch company, which also owns other brands including Dettol and Nurofen, saw like-for-like net revenue growth for the year up 9.2 per cent to £14.45bn.
Revenues in its nutrition offering performed the best for the year, increasing by 22.9 per cent. Moreover, its health likefor-like net revenue also grew by 14.7 per cent.
Despite the increase, the group saw revenues in its hygiene offering decline 3.1 per cent, blaming “tough comparatives in Lysol” for the dip. When excluding Lysol, the business delivered mid-single digit growth.
“We enter 2023 as a strengthened business with enhanced financial, operational and brand resilience, and continued growth momentum,” Nicandro Durante, chief executive officer, at Reckitt Benckiser said.
Durante, who recently stepped into the role following the departure of its former chief Laxman Narasimhan in September, added that the group is now 28 per cent larger than it was in 2019.
AJ Bell analyst Russ Mould said the results underlined how “big brands still count in the nutrition and health market” despite the consumer pressures of the cost of living crisis. Shares finished up over two per cent after the results yesterday.
