HomeBusiness NewsBusinessShares slump after Reckitt Benckiser reports flat annual sales

Shares slump after Reckitt Benckiser reports flat annual sales

by LLB Reporter
19th Feb 18 10:33 am

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Household goods giant Reckitt Benckiser was the worst-performing stock on the FTSE 100 today morning despite reporting a “solid finish to the year”.

The company shares plunged 3.5 per cent today morning — the biggest fall by a European blue-chip stock — after it reported flat annual sales. The group’s net revenue came in at £11.5bn for the year to December 31, while total reported revenue growth was 21 per cent.

Meanwhile, the group’s pperations in regions including North Africa, the Middle East, Latin America and Asia grew 3 per cent.

Reckitt has vowed to return to growth. Chief executive Rakesh Kapoor said he expects the company to return to like for like sales growth this year, after it was forced to issue a pair of sales warnings and suffered disruption from a major cyber breach in 2017.

The giant behind Nurofen, Durex and Cillit Bang was hit by the NotPetya ransomware in June last year.

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