(Alliance News) - Reckitt Benckiser Group PLC on Wednesday reported a double-digit rise in revenue for the first quarter of 2023, and appointed Kris Licht as chief executive designate.
The Slough, England-based consumer goods company said total net revenue in the quarter rose 14% to GBP3.92 billion from GBP3.42 billion a year earlier, or 7.9% on a life-for-like basis.
Hygiene revenue increased by 8.6% or 2.0% on a like-for-like basis to GBP1.59 billion. Health revenue was up 17%, or 13% on a like-for-like basis, to GBP1.64 billion, while Nutrition revenue increased by 23%, or 12% on a like-for-like basis, to GBP683 million.
Chief Executive Officer Nicandro Durante said: "We have made a strong start to the year across each of our business units and geographies reflecting further delivery from the investments we have made. In particular, our innovation programme has seen good early success across multiple launches, including Air Wick Active Fresh and Air Wick Vibrant, Finish Ultimate Plus All-In-One, our Dettol long-lasting germ protection platform, and Durex Invisible. Further innovations are planned for the upcoming quarters."
Looking ahead, Reckitt Benckiser said it expects group like-for-like net revenue growth of 3% to 5% for 2023. In 2022, net revenue was GBP14.45 billion, with like-for-like growth of 7.6% from a year earlier.
Additionally, the company said it promoted Kris Licht to become chief executive officer designate as of May 1. He will immediately begin the transition to the CEO role. Licht will succeed Nicandro Durante, and take over CEO by the end of 2023.
Licht has been chief customer officer and served as president of Reckitt's Health business since July 2020. Prior to this, he was chief transformation officer from November 2019 to July 2020.
He said: "It is an honour to have been appointed as the next CEO of Reckitt. Over the past four years I have been privileged to be a part of the transformation journey and have seen the extraordinary ownership, entrepreneurial spirit and drive for performance that our people demonstrate every day."
Shares were down 1.8% at 6,380.44 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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Reckitt (RKT)