GCIHaleon H1 profits grow despite revenue contraction
Consumer healthcare business said on Thursday that profits had grown in the six months ended 30 June, driven by solid H1 sales of its vitamins and oral health products.
Haleon said adjusted operating profits had grown 11% to £1.29bn despite also reporting an 8% drop in interim revenue to £5.69bn. Organic revenue, on the other hand, grew 3.5%.
The London-listed firm said its improved profit showing was principally a result of lower cost inflation and productivity savings, as well as the closure of its Maidenhead site and continued "strong" momentum in oral health and vitamins, minerals and supplements.
Chief executive Brian McNamara said: "Haleon reported a good first half, with solid organic revenue growth and strong organic operating profit growth, demonstrating that our strategy is delivering.
"Looking ahead, we are well positioned to deliver on our full year organic revenue growth guidance and now expect high-single digit organic profit growth."
As of 1010 BST, Haleon shares were up 1.72% at 355.60p.
Reporting by Iain Gilbert at Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.