Haleon H1 revenues climb

Haleon, which was spun off from GlaxoSmithKline earlier in July, posted interim revenues of £5.18bn, up 11.6% year-on-year, with organic revenues advancing 11.6%, while prices were up 3.7% and volume mix 7.9%.

The FTSE 100-listed firm stated it had delivered a "strong power brand performance" in the first half, with its Panadol, Theraflu, Otrivin, Advil, and Centrum brands all performing "particularly strong".

Haleon, which noted e-commerce sales accounted for 9% of total sales in the half, did caution that its full-year adjusted operating margin was now tracking "slightly down" at constant currency when measured against 2021's 22.8% margin.

However, the company stated that "strong growth", Pfizer synergies, pricing, and ongoing supply efficiencies would "largely offset" standalone costs, continued investment, inflationary cost pressures, and the impact of Russia's invasion of Ukraine.

Chief executive Brian McNamara said: "Haleon delivered strong growth in the first half continuing the positive momentum seen since the start of year. This reflects the strength of our portfolio, continued innovation, and excellent commercial execution across our markets.

"With two strong quarters delivered and continued momentum into the second half, we now expect to deliver full-year organic revenue growth ahead of our medium-term guidance range. We continue to invest to drive sustainable growth and remain confident in delivering on our medium-term guidance."

Reporting by Iain Gilbert at Sharecast.com