Half Year 2024 Reckitt Benckiser Group PLC Earnings Call Transcript
Key Points
- Reckitt Benckiser Group PLC (RBGLY) reported strong free cash flow growth of 8% in the first half of 2024.
- The company saw good gross margin expansion in the first half, driven by innovation platforms and cost optimization programs.
- Reckitt Benckiser Group PLC (RBGLY) increased its interim dividend and announced a GBP1 billion share buyback program over the next 12 months.
- The health and hygiene portfolio returned to growth with volumes up 0.4% for the half.
- The company is confident in its future, driven by positive underlying momentum and a more balanced trading environment post-inflationary cycle.
- Reckitt Benckiser Group PLC (RBGLY) revised its group outlook for the year from 2%-4% like-for-like net revenue growth to 1%-3% due to a tornado impacting its Mount Vernon warehouse.
- Group like-for-like net revenue growth in the first half was only 0.8%, with a flat performance in Q2.
- The nutrition segment saw a 9% decline in like-for-like net revenue, primarily due to continued rebasing in the United States.
- The percentage of top CMUs holding or gaining share declined to 38%, driven by challenges in the nutrition segment.
- The company faces a more competitive environment in developed markets, particularly in the US and Europe, impacting its hygiene business.
Welcome to Reckitt's half-year 2024 results presentation and our strategic update. Before we start, I'd like to draw your attention to the usual disclaimer in respect of forward-looking statements. Now, presenting today is Kris Licht, our CEO; and Shannon Eisenhardt, our CFO. Following the presentation will be the normal Q&A session.
So without further ado, I'd like to introduce Kris to kick things off.
Good morning, everyone, and thank you for joining us. Shannon and I will kick off today's presentation with some key messages around our half-one performance, followed by a deeper dive into our numbers and outlook for the year. I will then take you through an update on our strategic agenda, in particular, the actions we are taking to reshape Reckitt through a sharper portfolio and a simpler organization. We will finish with the usual Q&A session.
I'm keen to talk to you about the actions we announced this morning
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