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Reckitt Benckiser: stock a wreck as Q3 growth disappoints

( - On Wednesday, Reckitt Benckiser reported a quarterly performance that fell short of the consensus, while its trading update and strategy came as no great surprise, which sent its share tumbling.

The manufacturer of convenience products recorded organic sales growth of 3.4%, with the dynamic nature of its hygiene (+8.1%) and health (+5.4%) divisions more than offsetting the weakness of its nutrition division (-11.9%).

However, the consensus was for looking for more dynamic organic growth of around 3.7%.

Company management also unveiled a new strategic program, albeit with no major surprises in store, including organic sales growth of around 5% in the medium term.

The owner of the Airwick, Harpic, Strepsil and Nurofen brands also announced plans for a £1bn share buyback program to be carried out over the next 12 months.

Despite this good news, which was not necessarily anticipated by the market, the share fell by over 4% on Wednesday morning in London, the second biggest faller on the FTSE 100.

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