Haleon confident on outlook, raises guidance

by | Aug 2, 2023

(Sharecast News) – Haleon sounded a confident note on the outlook after delivering a big rise in revenues and free cash flow.
“One year from listing, we are very pleased with Haleon’s first half results. We delivered double digit organic revenue growth, with both price and positive volume mix. Encouragingly this trend was consistent across the first and second quarters,” chief executive officer Brian McNamara said.

“Looking ahead, whilst we continue to expect a challenging environment given further pressure on consumer spending and global geopolitical and macroeconomic uncertainties, we remain confident in the resilience of Haleon’s incredible portfolio of category leading brands.”

For the six months ending on 30 June, the healthcare company said that revenues grew at a 10.6% clip on an organic basis to reach £5.74bn, helped by a 7.5% uplift from prices and a 2.9% contribution from volume and mix.

The company added that 55% of ts business had gained or maintained market share year-to-date.

On an adjusted basis, free cash flow moved into the green to the tune of £369m, after an outflow of -£184m during the year earlier period.

Adjusted diluted earnings per share came in at 8.5p, against -8.3p one year before.

Net debt at period end stood at £9.53bn or 3.4 times Haleon’s adjusted earnings before interest, taxes, depreciation and amortisation.

Looking ahead, the company guided towards full-year organic revenue growth of 7-8% and of 9-11% for adjusted operating profits at constant currencies.

Management declared an interim dividend of 1.8p.

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