Strong sales of condoms and growth in emerging markets enabled Reckitt Benckiser Group PLC (LSE:RKT) to offset weaker trading in Europe, North America and the Home division in the first quarter of 2025.
The FTSE 100 maker of fast-moving consumer goods said Donald Trump's new tariff regime would cause only an "immaterial annualised impact" on its cost of goods, which it is "confident in mitigating over the short to medium-term", and limited imports from China into the US.
Like-for-like net revenue rose 10.7% in emerging markets, driven by demand for its 'Intimate Wellness' and germ protection products. Intimate Wellness, which includes Durex, grew 16.6% following launches in China and Europe.
Chief executive officer Kris Licht called it a "solid first quarter", though developed markets recorded declines, with North America 0.9% and Europe dropping 1.7%, affected by macroeconomic conditions and prior-year shipment phasing.
The Essential Home business posted a 7.0% fall in like-for-like revenue. Reckitt confirmed it is still targeting a 2025 exit for the unit, but flagged that market conditions may affect the timing.
Total group revenue on a like-for-like basis increased 1.1% to £3.68 billion.
The company continues to implement its Fuel for Growth programme and bought back £815 million of shares as part of a £1 billion repurchase plan.
Reckitt reaffirmed its full-year 2025 outlook, targeting like-for-like net revenue growth of 2-4% at group level and 3% to 4% in 'core Reckitt'.