Reckitt Benckiser Q3 revenue falls on manufacturing disruptionStaff Writer | October 30, 2018
Reckitt Benckiser Group maintained its annual revenue target as it reported a drop in third quarter revenue due to manufacturing disruption in Europe.
Reckitt Benckiser Reckitt Benckiser posted total net revenue of GBP3.12 billion
Year-to-date, however, revenue was up at GBP9.26 billion from GBP8.22 billion with strong performances from North America and developing markets.
Reckitt said that, while the disruption at its at its European Infant Formula & Child Nutrition manufacturing plant was temporary and resolved within the quarter, it is likely to have some residual impact on the final quarter of the year.
Reckitt Chief Executive Officer Rakesh Kapoor said the disruption occurred "during a period of unusually high market growth" and before the opening of new Australian facilities.
Kapoor said Reckitt has "sufficient momentum and progress" to absorb the disruption and reiterated the company's target of between a 14% and 15% growth in net revenue for the year, as constant rates, implying like-for-like revenue growth at the upper end of 2% to 3% range. ■