Reckitt Benckiser highlights ‘strong start’ to new fiscal year

Reckitt Benckiser has hailed its first quarter financial performance for 2011 as a "strong start" to the new fiscal year.

The company's net revenue for the period totalled 2.28 billion pounds, up by 15 percent year-on-year on a constant exchange rate basis, while like-for-like growth stood at five percent.

During the quarter, the firm made progress with the integration of the recently purchased SSL International, achieving cost synergies of 11 million pounds and setting Reckitt Benckiser on target to meet revenue growth goals for the year.

It also saw good market penetration from its pharmaceutical sublingual film treatment Suboxone and strong sales of newer products.

Bart Becht, the company's chief executive officer, said: "These results position us well to achieve our full-year 2011 financial targets of 12 percent net revenue growth and ten percent adjusted net income growth."

The company announced earlier this month that Mr Becht will retire from his position at Reckitt Benckiser in September 2011, with Rakesh Kapoor having been named as his successor.