The HALEON PLC (LON: HLN) share price fell 2.57% after releasing its unaudited financial results for the six months ended 30 June 2023. The company’s revenues rose 10.6% to £5.74 billion, with organic growth of 10.4%, with price contributing about 7.5% and volume adding the remaining 2.9% improvement.
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The British multinational consumer healthcare company revealed that 55% of its businesses maintained or increased their market share compared to last year. The company’s power brands, including Sensodyne, Parodontax, Panadol, Denture Care and Otrivin, contributed 10.1% of the organic growth.
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Haleon’s adjusted operating profits rose 8.9% to £1.27 billion on constant currency terms, while its adjusted operating profit margins were down 0.4% at 22.2% on a constant currency basis. The company’s reported operating profits surged 26.8% to £1.14 billion.
The firm’s net cash flow from operating activities was £749 million, with Free cash flow of £369 million. The company had net debt of £9.53 billion, representing 3.4x the last 12 months' net debt/adjusted EBITDA.
Haleon also agreed to the disposal of Lamisil for an aggregate consideration of £235 million. The company expects the total cash from the transaction to be about £250 million due to the release of £15m from the working capital allocated to Lamisil. The disposal is expected to be completed in Q4.
The company’s board announced a dividend payout of 1.8p per share. The firm also revised its full-year outlook for organic revenue growth and adjusted operating profit to the upside.
Brian McNamara, Haleon’s Chief Executive Officer, said: “One year from listing, we are very pleased with Haleon's first half results. We delivered double-digit organic revenue growth, with both price and positive volume mix. Encouragingly this trend was consistent across the first and second quarters. Our growth was also broad-based across regions and categories. Performance in the first half also remained competitive, with c.55% of our business gaining or maintaining share, reiterating the resilience of the brand portfolio. Operating results constant currency were strong, underpinning the increase in full-year organic sales growth and adjusted operating profit constant currency guidance shared today.”
Haleon share price.
The Haleon share price fell 2.57% to trade at 321.8p, from Tuesday’s closing price of 330.3p.
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