Full Year results 2023

Commenting on the results, Kris Licht, Chief Executive Officer, said:

“2023 was a year of progress for Reckitt. We delivered a good trading performance in Health and Hygiene. Nutrition began rebasing and held market leadership in the US. Our innovation platforms proved that they can deliver meaningful growth through premiumisation, household penetration and category creation. We drove our gross margins back to historical levels, increased investment behind our brands and innovation and launched our fixed cost optimisation programme. We generated strong free cashflow and significantly increased cash returns to shareholders, enhanced by our new, sustainable share buyback programme.

“The organisation is fully focused on executing the strategy which I outlined in October, including strengthening our product superiority, optimising our fixed cost base and improving our in-market execution.

“While our performance in Q4 was unsatisfactory, we look to 2024 and beyond with confidence. We target another year of mid-single-digit growth in Health and Hygiene, driven by a more balanced contribution from price, mix and volume. We expect Nutrition to return to growth late in the year. We will continue to invest in, and harness the growth from, our strengthened pipeline. We will advance our fixed cost optimisation programme, and we will further increase cash returns to shareholders, aiming to double what we returned in 2019.”