Reckitt reported Q2 2023 revenue of £3.53bn, up 4.1% on a LFL basis, driven by growth in Health and Hygiene. H1 revenue was £7.45bn, up 6% LFL. Adjusted operating profit was flat at £1.77bn, with margins at 23.8%, impacted by rising costs. The momentum in Hygiene was underpinned by Lysol’s return to growth, even as Nutrition held on to the 2022 gains. Health saw sustained momentum in OTC and intimate wellness products. We will marginally upgrade our estimates.
