£1bn share buyback programme at health and hygiene giant

Hull-based health, hygiene and home produce company, Reckitt Benckiser Group (Reckitt), has launched a £1bn share buyback programme, which will run over the next 12 months.

The group has also today published a quarter three trading statement, in which it records net revenues of £3.6bn.

This represents a reported 3.6% decline but a like-for-like net revenue growth of 3.4%, led by strong broad-based growth of 6.7% across the group’s Hygiene and Health operations combined.

Kris Licht, chief executive officer, said Reckitt is firmly on track to deliver its full year targets, despite some tough prior year comparatives.

He also said the group has managed to maintain market leadership in its US nutrition business.

In an update on Reckitt’s strategy, Licht added: “The investments we have made in innovation, R&D, and our supply chain have enabled us to deliver sector-leading growth over the past three and a half years.

“And looking forward, our pipeline of large innovation platforms gives me continuing confidence to deliver mid-single digit net revenue growth.

“We do, however, have room to sharpen and improve. We will continue to invest in the superiority of our products, work to improve the consistency of our in-market execution and optimise our cost base.

“At the same time, we will constantly sharpen our portfolio in line with our clear principles for portfolio value creation.”