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Reckitt Benckiser says Q1 in line with expectations

StockMarketWire.com

Reckitt Benckiser said its Q1 results were in line with expectations amid challenging macro conditions.

For the quarter it reported revenue of £2.64bn, which was up 15% on a reported basis.

"Our Q1 results are in line with expectations as macro conditions remain challenging," said CEO Rakesh Kapoor.

"Against this backdrop our underlying business remains strong."

Kapoor said Reckitt Benckiser delivered continued outperformance in consumer health and good growth in DvM, offset by previously flagged headwinds, which would persist during the first half.

"I expect our growth trajectory to improve as we progress through the year and we remain on track to achieve our full year net revenue target of +3% LFL growth," said the CEO.

He added that the acquisition of Mead Johnson was progressing well and that Reckitt Benckiser expected completion by the end of Q3.

"We have commenced a strategic review of our Food business as we continue our focus on portfolio optimisation."

The company was "very confident" that the strategic direction it was pursuing would continue to drive shareholder value.

Story provided by StockMarketWire.com