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Reckitt Benckiser Group PLC reported a small fall in revenue in the first quarter of 2022; however it said it expects 2022 like-for-like net revenue growth at the upper end of its guidance.
The Slough, England-based consumer goods company reported that net revenue in the first quarter fell 2.3% year-on-year to £3.42 billion from £3.51 billion. On a like-for-like basis, it was up 5.6%.
Reckitt Benckiser explained that growth had been broad-based across the business in the quarter, with brands less sensitive to Covid dynamics growing at high single-digit percentage rates.
In the company's Hygiene arm, revenue fell 9.0% on a like-for-like basis to £1.47 billion, though like-for-like Nutrition revenue surged 20% to £557 million and Health revenue jumped 21% on the same basis to £1.40 billion.
‘Despite significant cost inflation, we expect adjusted operating margins in-line with prior year and current market expectations,’ the Dettol and Air Wick owner said.
Following the ‘strong’ start to 2022, Reckitt Benckiser now expects like-for-like revenue growth at the upper end of its 1% to 4% guidance.
Chief Executive Laxman Narasimhan said: ‘As we look to the balance of the year, the operating environment remains highly unpredictable. We are well placed to address these market dynamics through the strength of our brands, our favourable product mix, our productivity program and the responsible pricing initiatives already undertaken, with scope to take further actions.’
Shares in Reckitt Benckiser were up 0.5% at 6,238.00 pence on Friday morning in London.
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