Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Expert blogger and former Barclays Stockbroker has added Reckitt Benckiser to his blog watchlist. See what he thinks here: http://www.lse.co.uk/blogs/expert/david-harbage-blog/azio2t/
The manufacturer is Beacon Pharma part of Kent. There is no indication tt was ever RB. As ever when a query why not use your own search engine. I always seem to be answering others questions!
Do RB still own this drug i can't find it anywhere in the annual report
Reckitt’s Boss is nicely focused on raising revenues and margins: Reckitt Benckiser, which boasts of how its health and hygiene products benefited from pestilence and disease in the first half, has a strange grasp of the word “nice”. But no, the group describes its target for operating margin expansion in the second half as simply “nice”. It smacks of obfuscation by a company that has been cutting costs aggressively and managed to boost revenues and operating margins, the latter by 1.6 percentage points in the first half. That is on top of sharp margin growth last year. However, “nice”, according to the English dictionary, primarily means punctilious, precise, fastidious and hard to please. Its colloquial meaning is agreeable. And Rakesh Kapoor, Reckitt’s courteous Chief Executive, is very precise about the need to keep the company sharp and focused. He wants the company to be the most competitive in the world, continuing to pump up revenues and profitability while ensuring the business remains fast on its feet and resists a natural urge to slow down as it gets bigger
First-quarter numbers from Reckitt Benckiser were better than the market expected, with like-for-like sales from the household goods behemoth up 5%. "A strong and broad-based performance from our consumer health brands continues to deliver growth and outperformance, aided by a strong flu season," said chief executive Rakesh Kapoor.
Reckitt Benckiser: soft soap: Congratulations to consumer goods group Reckitt Benckiser for taking corporate vagueness to a whole new level. Does “nice” mean 50 basis points? 100? 200? Or perhaps 10? Who knows. One can only hope that the targets applied to Chief Executive Rakesh Kapoor’s bonus are somewhat firmer. All this (and perhaps more) is necessary because top line growth in the sector has been slowing, according to data from Jefferies. Developed markets have been tough for a while, and emerging markets are no longer the saviour that they once were. While some of the smaller companies are growing nicely, the likes of Unilever and Procter & Gamble are making only slow progress. Sales at the former rose 2% last year (before the impact of currency changes); sales at the latter are growing at a similar rate. Reckitt Benckiser, with its focus on attractive markets such as health and hygiene, managed to eke out sales growth of 4% last year and is promising something similar in 2015. A little sales growth and a “nice” increase in margins (say 75 basis points, but really it could be anything at all) might add up to something decent. If Reckitt could do both, it might be producing net profits of about £1.75 billion this year. That puts it on a prospective PE multiple of 24, not far out of kilter with other large consumer staples companies. But this is an industry for which cost cutting is an increasingly important part of the investment case. The sorts of multiples enjoyed by Reckitt and its peers no longer look quite so nice.
In the first set of results after offloading its drugs business, Reckitt Benckiser said fourth-quarter net revenue grew ahead of forecast and revealed a new 'Supercharge' project to simplify the business and cut costs. Net sales excluding Reckitt Benckiser Pharmaceuticals were up 5% to £2.3bn in the final three months of the year, beating expectations of a 4% rise, leading to a full-year rise of 4% at constant currencies to £8.84bn.
Britain's financial regulator has fined Reckitt Benckiser for not informing the market properly about share trading by two senior executives, in the latest crackdown on disclosure failures by London-listed firms.
Reckitt Benckiser shareholders should sell new pharma shares: Household goods giant Reckitt Benckiser has confirmed plans to hand shares in the demerged pharmaceutical business to investors. So, should investors hold onto the shares in the new company — Indivior — for the long term or flog them at the flotation? Reckitt would probably have preferred to sell the pharma business but it has struggled to attract buyers. The business is struggling with falling revenue and profits as its drugs face stiff competition from copycat versions. In the third quarter, pharma revenue was down 16% to £161 million. So, despite the pharma division contributing only 7% of the total group revenues, it accounted for just under a fifth of Reckitt’s profits. The decision to dispose of the pharma unit should leave the rest of the business as a solid long-term investment. In terms of Indivior’s prospects as a stand-alone pharmaceutical company, the future looks tough. The company will not have the backing of a cash rich parent to fund research into new drugs and competition will be fierce. Questor would sell the Indivior shares once they have been received and then either reinvest in Reckitt, or for pharmaceutical exposure, opt for AstraZeneca or GlaxoSmithKline. Reckitt Benckiser shares are by no means cheap, trading on 20 times forecast earnings and offering a prospective dividend yield of 2.6%, but the company has a proven track record. Reckitt Benckiser at £53.20-5p Questor Says “Hold”.
Reckitt Benckiser: the season of giving: One for every Reckitt Benckiser share (if the shareholder has been good this year). The demerger of Reckitt Benckiser Pharmaceuticals – due to complete on December 23 – is as close to a plain vanilla demerger as you can get, for which the company should be applauded. But do not expect this deal to “unlock” much value. Revenues at RB’s pharma business peaked at £837 million in 2012, according to S&P Capital IQ. Its pretax profit fell 13% in the first nine months of this year. The hope is that it can use its cash flow to develop ever more forms of Suboxone, or buy or even discover new products. And there is the chance that it might be bought. The rump (if one can call it that) of RB is far larger. A consumer goods company increasingly focusing on health and hygiene, it has annual sales of about £9 billion, growing at about 4%. Add in some margin improvement, and profits rose 8% in the first half of this year. Based on first half trends, the business could make a net profit of £1.6 billion this year. Put that on 21 times earnings (a small premium to where the group trades at the moment) and there is a £34 billion market capitalisation. Add the two together: £37 billion. At the close of business on Monday RB’s market capitalisation was £38 billion. The demerger will do a lot, not least set a valuation for potential buyers of Indivior. Just don’t expect it to deliver a Christmas bonus.
Reckitt Benckiser to launch pharma spin-off: Reckitt Benckiser, the U.K. consumer goods group, is expected this week to launch the spin-off of its pharmaceuticals division when it reveals detailed plans to list the addiction control specialist as a standalone company on the London Stock Exchange.
Bought into this just before finish,,,,,think this may spike up in morning.
Consumer-goods giant Reckitt Benckiser missed analysts' estimates slightly in its third quarter on the back of continuing currency headwinds, while like-for-like sales growth was held back by "tougher markets". The Anglo-Dutch firm, famous for brands such as Nurofen, Durex and Cillit Bang, said that sales excluding its pharmaceuticals division totalled $2.21bn in the three months to 30 September, down 6% from $2.36bn the year before and just shy of the $2.25bn consensus forecast.
Already up 3% within 12mins
Hopefully a bit of a take off from here.
Reckitt Benckiser Group Plc (LON:RB) had its buy rating reiterated by analysts at Oriel Securities Ltd. They currently have a GBX 5,200 ($86.21) target price on the stock.
Reckitt Benckiser: Deutsche Bank ups target price from 4600p to 4800p and stays with its buy recommendation. Credit Suisse raises target price from 3700p to 4000p retaining a neutral rating. Nomura increases target price from 4800p to 4900p, while its buy recommendation is kept.
As for 2013, the firm is expecting net revenue growth of 5-6% at constant currency rates, up from 4.0% growth in 2012. "While much has yet to be done and markets remain challenging, we approach 2013 with the confidence that we have the right strategic focus, the right organisation and culture, and with the right innovation platforms," said Chief Executive Rakesh Kapoor. "Strong momentum" Nomura maintained its 'buy' recommendation for Reckitt on Wednesday, saying that the company has "strong momentum" going into 2013. "We expect consensus estimates for 2013 to be revised up by c4.0% this morning, reflecting RB's stronger-than-anticipated finish to the year and upbeat outlook," the broker said.
Profit before tax in 2012 totalled 2,420m, up from 2,376m previously, while adjusted earnings per share (EPS) rose 247.1p to 264.4p, some 6.0% ahead of consensus forecasts. The company raised its final dividend per share (DPS) by 11% to 78p, bringing the total 2012 dividend to 134p, up 7.0% on 2011. Net debt rose from 1,795m to 2,426m over the period, reflecting the payment of dividend and acquisitions. Looking ahead The firm's medium-term target for Health and Hygiene to be 72% of core net revenues has now been brought forward to 2015, from 2016 previously. The contribution of LAPAC and RUMEA revenues to group revenues is expected to rise to 50% by 2015 also, also a year earlier than planned.
Consumer products giant Reckitt Benckiser managed to narrowly beat consensus expectations with its 2012 results, as a strong performance in the Health & Hygiene division - responsible for brands such as Durex, Gaviscon and Dettol - helped drive growth. As such, the company said it is now bringing forward two medium-term key performance indicator (KPI) targets to 2015, a year earlier than planned. Net revenue in the 12 months to December 31st totalled �9,567m, up 1.0% from �9,485m in 2011. The consensus estimate was for a flat reading year-on-year. Meanwhile, group like-for-like (LFL) revenue rose by 5.0% (consensus: +4.3%) which the firm said was well ahead of its market growth. The Health & Hygiene divisions, which together accounted for 69% of core net revenue in the fourth quarter, both delivered LFL growth of 6.0%. The Health unit in particular was helped by higher bouts of cold and flu in the fourth quarter, which boosted sales of seasonal brands Mucinex and Strepsils. Results were also driven by the LAPAC (Latin America, Pacific and Asian countries) and RUMEA (Russia, the Middle East and Africa) regions and an improved result from (ENA) Europe and North America in spite of "challenging market conditions".
Positive Points: Fourth quarter like-for-like sales growth materialized at the upper end of analyst forecasts. The relatively new Chief Executive's plans to rebalance the company towards Health & Hygiene categories continue to be pursed. A US vitamin manufacturer has recently been acquired, a licensing deal with Bristol Myers-Squibb for Latin American health brands such as painkiller Tempra, with an option to buy after three years, has recently been signed. Management guidance appeared to broadly reassure investors. It noted that "we remain committed to our goal of net revenue growth on average +2.0% per annum above our market growth, and moderate operating margin expansion (ex its pharmaceutical business). For 2013, we are targeting net revenue growth of +5-6% including acquisitions and disposals announced to date. Given the early achievement of cost savings in 2012, we expect to maintain operating margins in 2013." Sales to the Emerging Markets are growing. Its LAPAC division (comprising: Latin America, North Asia, South and South East Asia, Australia New Zealand) reported annual like-for-like growth of 11%, with expansion coming from Latin America, North Asia and South East Asia, driven by distribution expansion, innovation and increasing penetration. Its RUMEA division (comprising: Russia & CIS, Middle East, North Africa and Turkey, Africa-Sub-Sahara) reported annual like-for-like growth of 8%, driven by strong growth in Russia & the CIS (Commonwealth of Independent States - former Soviet Union states). Management previously confirmed that the group's new organisational structure was fully in place and that they were seeing early benefits of increased operational focus, in particular, speed, scale and consistency in execution. Cost savings from acquisitions continue to be pursued. Many of the group's products e.g. Nurofen painkillers, continue to prove defensive in difficult economic times. The group's dividend policy remains progressive. The total dividend for 2012 was increased by 7% compared to 2011.
Negative Points: For its Europe and North American (ENA) region, unadjusted reported sales declined by 3%. Consumers remain pressured, particularly in Southern Europe. Competition from rivals remains intense, particularly in the group's home European market. Furthermore, other household goods companies are also looking to the Emerging Markets to provide future growth. Concerns regarding potential rival drugs impacting on the group's Pharmaceutical business remain. The company's heroin substitute drug Suboxone lost its US tablet patent in October 2009. The company has received a civil claim for damages from the Department of Health and others in the United Kingdom, regarding alleged anti-competitive activity involving its Gaviscon (heartburn) brand. The claim is under review and at the time of the results the Directors do not believe that any potential impact would be material to the Group financial statements. Volatile input and packaging costs remain a threat with regards to its profit margins. Largely due to its acquisition of US vitamin business Schiff Nutrition, group net debt has risen to £2.42 billion compared to £1.79 billion at the end of 2011.
Financial Highlights: Group net revenue rose by 1% to £9.56 billion Gross margin increased by 0.5% to 57.9% Operating profit rose by 2% to £2.43 billion The total dividend for 2012 was increased by 7% compared to 2011
Full year results: Reckitt pursues Health & Hygiene in the Emerging Markets. The announcement pleased investors, with the share price gaining by over 3% in opening trading. The relatively new Chief Executive's strategy to rebalance the company's product portfolio towards Health & Hygiene products looked to be paying off. Management noted that "strong results from Health Powerbrands Durex and Gaviscon, and from Hygiene Powerbrands Dettol, Lysol, Finish and Harpic had led performance." Furthermore, the gross profit margin had increased by 0.5% to 57.9%, aided by a more benign input cost environment, product pricing adjustments, an improved product mix and savings from its ongoing cost optimisation programme. A high incidence of flu in the final quarter of the year, particularly in North America, had also played its part, whilst the company's drive to increase its sales in the Emerging Markets remained ongoing. Finally, management outlined further its strategy going forward, highlighting that it was now setting the target of Health & Hygiene categories becoming 72% and Emerging Market areas becoming 50% of its core business net revenue by 2015 - a year earlier than previously targeted. In all, some investor doubts persist. The timing of expected generic competition for its Suboxone heroin substitute drug in the US continues to overhang, whilst competition such as Unilever has also been looking to grow its Emerging Market exposure. Furthermore, the share price has already enjoyed a 20% plus gain over the last six months compared to a lift of just over 8% for the wider FTSE-100 index (as of 13Feb2013). Nonetheless, US vitamin manufacturer Schiff Nutrition has recently been acquired, a licensing deal with Bristol Myers-Squibb for Latin American health brands such as painkiller Tempra, with an option to buy after three years, has recently been signed, whilst Emerging Market sales have grown.
"These market-leading brands have strong margins and I firmly believe they have extremely good growth potential. They fit into our existing over-the-counter categories of pain relief, sore throat, cough and cold, anti-acid, and dermatological and will benefit from RB's consumer marketing and innovation capabilities, and our significant levels of brand equity investment." Under the terms of a separate supply agreement BMS will be RB's supplier of the products during the collaboration period.