Reckitt reports strong sales but warns of "tough" 2016

Feb 16, 2016, 23:58
Reckitt reports strong sales but warns of

It may sell Nurofen painkillers, but Reckitt Benckiser was anything but a headache for City analysts and investors yesterday.

Net revenue was 8.87 billion pounds ($13 billion) and earnings per share were 258.6 pence, beatings estimates of 8.81 billion pounds and 240 pence per share.

"These were great results", James Edwardes Jones, an analyst at RBC Capital Markets.

Fourth-quarter growth was led by the consumer-health division, even as fewer people came down with flu, the company said. While there was less demand from consumers for remedies such as Strepsils lozenges, sales of such products to retailers were strong, it said. "But Reckitt has done just that over the last 10 to 15 years", he said.

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Reckitt shares, which value the company at £45bn, have risen around 12 per cent over the past 12 months.

One negative aspect of the full-year numbers was the decline in free-cash-flow conversion from 103 percent in fiscal year 2014 to 95 percent in 2015, as actual tax payments rose, but Canaccord Genuity expects that to resume a higher level this year.

The firm forecast further sales growth this year.

Mr Kapoor predicted like-for-like net revenue growth of between 4% and 5% this year and a "moderate" expansion in profit margins.

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"Despite a year of mixed market conditions, we achieved broad-based growth, across both developed and developing markets", said group chief executive Rakesh Kapoor.

The Slough, England-based company is seeking to expand in healthcare - its fastest-growing business that also includes Mucinex and Gaviscon medicines - as sales of those products outpace demand for food and homecare brands.

In January, after the financial year end, Reckitt Benckiser acquired Brazil's biggest condom manufacturer, Hypermarcas.

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