By Andy Silvester
A “strong” cold and flu season and the end of Chinese lockdowns contributed to a healthy revenue boost for Haleon, the spin-out of GSK’s consumer healthcare division.
Organic revenues within the group were up 9.9 per cent, with operating profit hitting £627m – reflecting a large reduction in the costs of spinning out the business last year and the cost of admission to the Stock Exchange.
Guidance for the year remained unchanged, with organic revenue growth expected to sit at the upper end of the 4 – 6 per cent range.
The company saw 39 per cent growth in revenues around respiratory health, which it said was boosted by a “continued strong cold and flu season.”
Pain relief growth was also driven by sales of Fenbid in China following the end of lockdowns at the end of last year – perhaps suggesting some celebrated their freedom a little too hard.
Brian McNamara, Chief Executive Officer, Haleon said: “The new year has started well, and I am particularly pleased that we delivered a healthy balance of positive volume mix and price in the first quarter; demonstrating the strength of the brand portfolio combined with exceptional execution across our markets.”
Haleon’s share price is up 11 per cent since the spin-out from GSK, representing one of London’s more successful recent floats.
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