Results round-up

Consumer products firm Reckitt Benckiser described its first quarter as “good” on Monday, despite a number of challenging trading conditions, with sales growing 5% on a like-for-like basis and 4% on an actual basis to £2.3bn.

The FTSE 100 group said the results were in line with its full-year targets, where it was aiming for like-for-like revenue growth of between 4% and 5% and moderate margin expansion.

Revenue for Europe and North America, including Australia and New Zealand, was up 3% on a like-for-like basis with Reckitt’s board saying growth was particularly strong in Europe and Australia/New Zealand.

Sales in the US and Russia were weaker, with retailers destocking as a result of a relatively weaker flu season.

Developing markets revenue grew 10%, with India and China the strongest markets. Reckitt said Brazil’s competitive market environment was offset by strong performance for pest control products, while Africa saw modest growth in tough macroeconomic conditions.

“We had a good start to the year despite continued challenging market conditions,” said Reckitt Benckiser’s chief executive officer Rakesh Kapoor.

“We are pleased to see growth across both developed and developing markets as we pursue our strategy of focusing on the health and hygiene powerbrands in our key power markets, supported by continued investment in innovation,” he added.

Kapoor said Reckitt’s consumer health brands once again outperformed, while performance of the group’s hygiene brands was variable.

“We are on track to achieve our full year net revenue and operating margin targets.”