Growth for Durex owner Reckitt as punters find new way to warm the home

CONSUMER giant Reckitt enjoyed another bumper quarter heading into the winter – with strong momentum in one particular category suggesting consumers across the world might have found alternative ways to keep warm amid the energy crisis.

The firm said it had seen “strong growth” in its intimate wellness portfolio, which includes Durex and KY, alongside revenue increases across the consumer giant’s broad product offering.

The group saw revenues of £3.7bn in the third quarter of the year, 7 per cent up on the same period last year. Revenues would have been higher if not for continued lockdowns in China.

“Reckitt delivered another quarter of broad-based growth amidst challenging market conditions, as we continue to innovate and improve on our in-market execution,” said Nicandro Durante, the former boss of British American Tobacco who took the top job at Reckitt earlier this year.

He replaced Laxman Narasimhan, who jumped ship to helm Starbucks.

“Since joining Reckitt in an executive capacity,I have spent time with our people and in our markets. It has been a delight to experience, first hand,the energy and passion of our teams,” said Durante.

“We have an excellent portfolio of trusted, market-leading brands in high margin, high-growth categories and a strong culture of ownership and delivery. My priority is firmly focussed on continuing to execute on our strategic path, to deliver sustainable mid-single digit growth, and mid-20s adjusted operating margins by the mid-2020s,” he continued.

Reckitt has been forced to increase prices over the past year due to broad-based inflation.