Announcements

RB Press release - 27/04/2010
Good Start to 2010 - Full Year Targets Confirmed

Results at a Glance	Q1 £m	% change actual exchange	% change constant exchange
Net Revenue	2,003	+5	+6
Operating Profit	461	+14	+16
Net Income	348	+15	+17
EPS (diluted)	47.5p	+13

Highlights:

• Total net revenue growth of +6% (constant exchange) to £2,003m. Excluding Reckitt Benckiser Pharmaceuticals (“RBP”), net revenue was ahead +5% (at constant), supported by new initiatives and investment in the Group’s 19 Powerbrands.
• Gross margin +90bp to 59.5%: operating margin +180bp to 23.0%. Excluding RBP, operating profit rose +10% (at constant), with the margin +100bp to 20.0%.
• Net income +15% (actual exchange): diluted EPS of 47.5p (+13%).
• Net cash of £663m, £443m higher than the 31 December 2009 level as a result of strong free cash flow generation.
• Net working capital of minus £1,348m, a £91m improvement versus year-end December 2009.

Commenting on these results, Bart Becht, Chief Executive Officer, said:

“Reckitt Benckiser had a good first quarter in 2010. Excluding RBP, net revenue increased +5% and operating profit was ahead +10% (both at constant exchange) – in line with our full year targets. This result was supported by successful new product initiatives, and significant investment in media and marketing across our Powerbrand portfolio.

The performance of the total Group was similarly positive, with net revenue growth of +6% and net income growth of +17%, both at constant exchange. These results reinforce our confidence in achieving continued good growth in 2010, notwithstanding potential generic competition to Suboxone in the U.S.”

To view the full press release please click on the link below