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RB Press release - 20/04/2011
Strong Start to 2011 - Full Year Targets Confirmed

Results at a Glance

% change actual exchange
% change constant exchange
Net Revenue
 - Like-for-like Growth *
Operating Profit  - reported
 Operating Profit  - adjusted**  530  +15  +17
Net Income - reported
Net Income - adjusted **  384  +10  +12
EPS (diluted) - reported
EPS (diluted) - adjusted **  52.2p  +10  

* Like-for-like (“LFL”) growth excludes the impact of changes in exchange rates, acquisitions and disposals.
** Adjusted results (including % change figures) exclude exceptional items (see page 2). There was an exceptional pre-tax charge of £39m in Q1 2011 relating to the acquisition of SSL International plc, of which £38m is included in reported operating profit and £1m is an exceptional finance cost. There were no exceptional items in Q1 2010.


  • Total net revenue growth of +15% (constant exchange) to £2,283m. LFL growth +5% (+4% ex-RBP).
  • Gross margin unchanged versus Q1 2010, at 59.5%: adjusted operating margin +20bp to 23.2%.
  • SSL integration on track: cost synergies of £11m delivered in the quarter.
  • Adjusted net income +10% (actual exchange, +12% constant): adjusted diluted EPS of 52.2p (+10%).
  • Net working capital of minus £1,000m, a £100m improvement versus year-end December 2010.
  • Net debt of £1,647m, £364m lower than the 31 December 2010 level.

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

“Reckitt Benckiser got off to a strong start in the first quarter of 2011. Like-for-like net revenue growth of +5% was driven by the success of innovations, such as the Dettol No Touch, and continued excellent performance in Developing Markets. RBP is making very good progress with moving more of its business into the patent-protected Suboxone sublingual film. By the end of March, the film had captured a 37% market volume share and represented 35% of the total RBP U.S. net revenue in Q1. The integration of the SSL business is well on track to deliver the targeted cost synergies and net revenue growth in 2011.

With net revenue growth of +15% and adjusted net income growth of +12% for the total Group in the quarter (both at constant exchange), these results position us well to achieve our FY 2011 financial targets of +12% net revenue growth and +10% adjusted net income growth (both at constant exchange), and with that to deliver another year of above industry-average growth.”

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

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