Consumer-goods company Reckitt Benckiser has reaffirmed its revenue growth expectations for the full year, despite falling slightly short of market expectations in the third quarter. As part of its strategy, the company has also announced the initiation of a significant share-buyback program worth £1 billion ($1.22 billion).
Revenue Growth Guidance for 2023
Reckitt Benckiser, known for brands such as Dettol, Harpic, and Durex, has maintained its guidance for revenue growth in 2023. The company expects a like-for-like growth rate in the range of 3% to 5%. Furthermore, Reckitt Benckiser aims to achieve an adjusted operating margin slightly higher than the 2022 level of 23.8%. This excludes any one-off benefits associated with U.S. nutrition.
In the third quarter, Reckitt Benckiser reported a 3.6% decline in quarterly revenue compared to the previous year, reaching £3.60 billion. This figure fell slightly below the market expectations provided by the company, which were £3.63 billion. However, when considering like-for-like revenue growth, the company achieved a positive rate of 3.4%.
To further enhance shareholder value, Reckitt Benckiser has initiated a share-buyback program that will commence immediately and continue for the next 12 months.