Reckitt Benckiser reported stronger than expected Q1 20 revenue growth of 13.3%, on a lfl basis, to £3.54bn, driven by broad-based growth across segments (except IFCN/baby food). Factoring in FX headwinds of 1pp, reported growth came in at 12.3%. While management expects FY20 to be better than initial expectations (growth above 0.8% and 350bp margin contraction), it hasn’t quantified them due to the uncertainties caused by COVID-19. Given the strong start to FY20, we will raise ou ....