Haleon PLC (LSE:HLN, NYSE:HLN) has grown profits more slowly in the first quarter of 2023 amid higher costs and unhelpful currency swings.
The Voltarol and Centrum manufacturer remained confident of its organic sales guidance for the full year, towards the upper end of its 4-6% range, as revenue grew 9.9% in the first three months of the year.
Total sales were up 13.7% to £3bn for the quarter, mostly from price rises at 7.1% and volume/mix at 2.8%.
The FTSE 100-listed company grew adjusted operating profit 9.5% to £691mln or 3.3% at constant currency rates, down from 13.8% and 5.9% respectively for the whole of last year.
Price rises and efficiencies were partly offset by additional 'standalone costs' and currency moves, with costs having increased throughout last year, the company said.
On a reported basis, operating profit surged 34.5% to £627mln, as last year’s figures included costs from the separation from former parent GSK and admission to the London Stock Exchange.
Chief executive Brian McNamara said he was pleased with the “healthy balance of positive volume mix and price in the first quarter; demonstrating the strength of the brand portfolio combined with exceptional execution across our markets”.