Maiden results rock Haleon shares

HALEON shares dived yesterday after posting its first set of full-year results since its spin-off from drugs giant GSK.

Shares in the FTSe 100 firm fell 4pc, or 13p, to 313.6p after analysts at Jefferies warned ‘technical factors’ would trigger downgrades for its 2023 forecasts.

The results had been keenly awaited by the City following Haleon’s demerger from pharmaceutical giant GSK in July. Haleon owns brands such as Sensodyne toothpaste and Panadol paracetamol. For 2023, it said its profit margin would be ‘broadly flat’, but revenue would rise 4-6pc.

In 2022 revenues were up 14pc to £10.9bn. Profit swelled 14pc to £2.5bn, helped by booming sales of cold and flu products.

Unlike some other consumer titans, Haleon’s revenues were lifted by volume sales and price increases, with 4.3pc price rises offsetting the impact of inflation.

It said consumers stuck with big brands for healthcare after the easing of lockdown restrictions triggered more colds and flu.