CITY AM – Going Soft? Durex-maker Reckitt’s shares flop as consumer slowdown begins to hit home
The London business newspaper CITY AM reports on a growing slowdown in consumer spending that hit London-listed operations yesterday – including Durex-maker Reckitt.
Catch up on today’s business papers here
Haleon reports single-digit growth in revenue after year of disposals
British consumer healthcare company, Haleon, revenue has single-digit growth of over 2023 as the company generated £11.3bn, in a year that saw it make several disposals.
Its revenue went up by four per cent from £10.8bn reported in 2022, as the company’s adjusted operating profit had a healthy growth of 10.4 per cent, at constant currency to £2.5bn.
The FTSE 100-listed business was spun out from GSK, formerly GlaxoSmithKline, in a blockbuster £31bn listing in 2022. GSK completed its demerger of Haleon in July 2022.
Over the last year, its net cash flow from operating activities generated £2.1bn, with free cash flow of £1.6bn, while net debt as of 31 December 2023 was £8.6bn. The company stated that within 18 months of its demerger with GSK, it has reduced net debt by over £2bn.
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Metro Bank brings in Barclays executive as new CFO amid major restructuring
Metro Bank has appointed Barclays executive Marc Page as its new chief financial officer as the lender undergoes a major restructuring designed to shore up its balance sheet.
Page is set to take over from interim CFO Cristina Alba Ochoa on 2 September, who herself succeeded James Hopkinson after he stepped down last month.
Page has been a managing director at Barclays overseeing customer and product financials since 2021.
He originally joined the bank in 2017, becoming the CFO of Kensington Mortgages after it was acquired by Barclays last year. Page also holds a non-executive director post at Barclays-owned Clydesdale Financial Services, previously being its CFO.
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Spring Budget 2024: Hospitality bosses urge Government for more relief before ‘doing irreversible damage’
Ahead of the Spring Budget, bosses across the UK’s troubled hospitality sector are piling fresh pressure on Chancellor Jeremy Hunt to provide greater relief before “doing irreversible damage”.
Only two months into the new year and already a spate of hospitality and nightlife venues have been permanently closed due to customers spending less and red-hot supply costs.
Adam Handling, chef owner at Adam Handling Restaurant Group and operator of The Loch & the Tyne restaurant in Windsor told City A.M of the pressures his business is currently facing.
He said:“It’s a tough time for all operators at the moment, across the industry. I try to stay positive, adapt and overcome.
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