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Reckitt Benckiser’s share price is down 2% in early trading this morning after its results fell short of analysts’ expectations.
The owner of brands like Strepsils, Dettol, and Lemsip, saw operating profit slump 4.2% to £2.4m for the year to 31 December, less than analysts’ consensus forecast of £3.3 billion.
Total revenue was down 3% to £14.2bn, broadly in line with expectations.
Reckitt Benckiser’s shares hit an eleven-year low in July but a major turnaround strategy outlined by CEO Kris Licht in the summer has helped it discover some positive momentum.
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Morning update
Barry Williams has been made permanent MD of Poundland as its owner Pepco Group looks to sell the UK discount chain.
Poundland has been struggling with a slump in sales following a disastrous transition last year to sourcing clothing and GM through the group, which left it with gaps in crucial seasonal ranges such as DIY.
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THG expects to have its shares traded on the FTSE 250 as part of its latest review later this month.
The company’s stock hit rock bottom on Monday morning, its lowest price since it went public in 2020.
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