Six months ended 30 June 2022
· H1 revenue +13.4% to £5,188m, organic revenue growth +11.6%; 3.7% price and 7.9% volume/mix
· Strong power brand performance in H1: +13.4% organic growth with Panadol, Theraflu, Otrivin, Advil and Centrum particularly strong
· 2/3 of our business gained or maintained share in the six months ended 30 June 20221
· E-commerce 9% total sales, growth in the high teens
· H1 Reported operating profit increased 22.1% to £900m, with margin 17.3% up 120bps
· H1 Adjusted operating profit increased 21.2% to £1,191m, up 15.5% at constant currency (CER)
· H1 Adjusted operating margin 23.0%, up 90bps (CER) and 150bps at reported rates
· H1 net cash from operating activities was £680m, which included £224m related to the net cash outflow from separation, restructuring and disposals; Free cash flow for H1 2022 was £553m with free cash flow conversion of 102%
· Net debt at 18 July 2022 was £10,707m; recently repaid £750m of £1.5bn term loan
· FY22 organic revenue growth and Adjusted operating margin guidance unchanged from HY Trading update on 27 July 2022
Brian McNamara, Chief Executive Officer, Haleon said:
"I am incredibly proud that in the first half Haleon successfully completed its separation from GSK and became an independent listed company. This was the result of a huge amount of hard work and preparation, and I would like to thank all of my colleagues for their tireless efforts, focus and commitment.
Haleon performed strongly in the first half of the year with double digit revenue growth, importantly with a healthy balance of price and volume/mix reflecting brand strength across our portfolio. Furthermore, we gained or maintained share in most of our business, demonstrating that continued investment is driving sustainable growth, even in difficult market conditions. I am also pleased that we delivered margin expansion in the first half despite significant cost inflation and absorption of standalone costs for the business. Strong free cash flow generation underpins confidence in our ability to de-lever quickly over the coming years.
Whilst navigating the current macro-economic challenges and uncertainties, positive momentum in our business has continued into the second half. This combined with the strength of the business reinforces our confidence that we are well positioned to deliver on guidance this year and over the medium term."
And later;
6 DIVIDENDS
During the periods ended 30 June 2022 and 2021, the Group declared and paid a series of dividends to GSK and Pfizer under the Company's Shareholders Agreement valid at that time. These dividends included the following:
· On 30 March 2022, £421 per share for a total amount of £421m.
· On 29 June 2022 £452 per share for a total amount of £452m.
· On 30 June 2021, £621 per share for a total amount of £621m.
No further dividends were declared or paid.
Prior to the demerger, the Group declared and paid dividends of £11,057m in July 2022. Further information about these dividends are provided in Note 15 'Post balance sheet events'.
https://otp.tools.investis.com/clients/ ... 9120775813Ian.