RBGPF - Reckitt Benckiser Non-GAAP EPS of 173.00p revenue of £7.45B; updates FY23 guidance

2023-07-26 04:05:36 ET

• Reckitt Benckiser press release ( OTCPK:RBGPF ): 1H Non-GAAP EPS of 173.00p.
• Revenue of £7.45B (+8.1% Y/Y).
• Outlook: "We maintain our Group LFL net revenue growth target of +3% to +5% in 2023 (including the lapping of the US Nutrition impact in 2022), and now expect adjusted operating margins to be slightly above 2022 levels (previously "in line with or slightly above 2022 levels") when excluding the one-off benefit of circa 80bps in 2022 related to US Nutrition.
• "In the medium-term, as previously guided, we expect adjusted operating profit to grow ahead of net revenue growth, achieving mid-20s margins by the mid-2020s.
• Adjusted net finance expense is expected to be in the range of £250m to £280m (previously £270m to £300m).
• The adjusted tax rate is expected to be 24% to 25% (previously "around 24%").
• Capital expenditure is expected to be around 3% of net revenue (no change).
• We expect to deliver free cashflow of over £2bn for the year and net debt / adjusted EBITDA to be below 2.0x by the end of the year. In line with our capital allocation policy, we are committed to returning excess cash to shareholders."

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