Reckitt Benckiser increases growth targets
Household products group Reckitt Benckiser said yesterday (24 April) that it was increasing its revenue growth targets for the year on the back of “a very strong” first quarter.
Reporting on the first three months of the year, the Best Factory Award winning company reported a 20% increase in revenue to £1.5 billion while operating profit was 13% up at £275 million.
The growth was driven by brands such as Vanish, Finish, Airwick, Lysol and Dettol. The company’s new acquisition, Adams Respiratory Therapeutics Inc, contributed £33 million of revenues in the first two months of ownership.
CEO Bart Becht said: “Q1 was a very strong quarter, benefiting from higher investments in our power brands and successful new product initiatives like Airwick Freshmatic Mini and Finish Max in 1.
“Based on the strong start to 2008 we are increasing our like-for-like full year target for net revenue growth to 7-8% (previously 6-7%) and for net income growth to 11% (previously 10%), both at constant exchange.”
