Dal Finish al Durex !

Ecco i dati semestrali :

Half Year (HY) highlights:

Total net revenue +6% (constant exchange) to £4,064m. Excluding Reckitt Benckiser Pharmaceuticals (RBP), net revenue was ahead +5% (at constant), supported by new initiatives and investment in the Group’s 17 Powerbrands.

Gross margin +90bp to 60.0%: operating margin +210bp to 23.7% (ex-RBP: +100bp to 20.0%).

Net income +19% (actual exchange): diluted EPS of 99.2p (+17%).

Net cash of £577m (31 December 2009: £220m), as a result of ongoing strong free cash flow generation.

Net working capital of minus £1,229m, £28m above the 31 December 2009 level.

The Board declares a +16% increase in the interim dividend to 50.0p per share.

Q2 highlights:

Total net revenue +6% (constant exchange). Excluding RBP, net revenue increased +5% (constant), consistent with the growth rate achieved in Q1.

Gross margin +90bp to 60.5%: operating margin +230bp to 24.4% (ex-RBP: +90bp to 19.9%).

Net income +23% (actual exchange): diluted EPS of 51.8p (+20%).

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

"Reckitt Benckiser's first half results (excluding RBP) were in line with our full year targets, with net revenue growth of +5% and operating profit growth of +10% (both at constant exchange). This performance benefited from excellent growth in Developing Markets, and the success of new Powerbrand product initiatives such as Lysol No Touch and Air Wick Aqua Mist. The total Group delivered an even stronger result, with net revenue growth of +6% and net income growth of +18%, both at constant exchange.

We are re-iterating our full year targets for the Group ex-RBP assuming no change in current market conditions, being net revenue growth of +5% and operating profit growth of +10% (both at constant exchange). For the total Group, we are confident of delivering another year of good growth in 2010, notwithstanding potential generic competition to Suboxone in the U.S.."

Ed ecco la più grande acquisizone in corso :

UPDATE 4-Reckitt agrees to buy condom firm SSL for $3.8 bln

Reuters - 21/07/2010 15:22:11



* Says deal will boost health and personal care unit
* SSL investors to receive 1,171 pence cash per share
* Price was a 33 pct premium to Tuesday's bclose
* SSL shares up 33.8 pct; Reckitt up 3.4 pct
* Outside chance of counterbid
(Adds GlaxoSmithKline CEO's comment; update shares)
By Paul Sandle
LONDON, July 21 (Reuters) - Consumer goods group Reckitt Benckiser (RB.L) has agreed to buy Durex condoms and Scholl sandals maker SSL (SSL.L) for 2.54 billion pounds ($3.8 billion) to increase its presence in health and personal care.

The British maker of Nurofen painkillers and Strepsils and Lemsip cold remedies will pay 1,171 pence per SSL International share, representing a 33 percent premium to Tuesday's closing price. The price includes the 8 pence final dividend.

SSL's shares rose just above the recommended offer as investors speculated whether a big drugmaker, looking for growth in the over-the-counter (OTC) sector, would offer more.

Reckitt's health and personal care business has been a key driver of its growth, and the premium being paid for the condom and foot products maker underscores the value attached to key health and consumer brands by large groups looking to diversify.

Reckitt Chief Executive Bart Becht said the deal should increase the group's health and personal care net revenues by over 36 percent to around 2.8 billion pounds, one third of the group's total revenues.

"The acquisition will add two new Powerbrands, with good further growth potential, to Reckitt Benckiser's current arsenal, making 19 Powerbrands in total," said Becht, who was the best-paid FTSE 100 chief executive last year.

"Durex, in the sexual wellbeing category, is the global number one condom brand and Scholl is the market leader in the footcare category in many of the markets where it is present."