LONDON, June 22, 2026, 13:07 BST
- LSE:RKT slipped 0.22% to 4,602 pence at 12:45 BST, according to delayed London trade.
- Brent crude slipped 0.7% to $80.07, with traders watching the latest in U.S.-Iran peace talks.
- Reckitt shares trade roughly 5.2% under the group’s last buyback average of £48.55; interim figures land July 29.
Reckitt Benckiser Group plc slipped at the open in London on Monday, with LSE:RKT trading close to 4,600 pence. The drop put the group’s market value near £29.2 billion. Investors weighed weaker first-quarter numbers and lagging inflation pressure against softer oil prices.
Cheaper crude could mean lower prices for things like plastic packaging and transportation, both tied to oil. But the timing may not line up. Chief Executive Kris Licht said last week, “We’re really just at the beginning of seeing all that come through and affect the consumer,” and recent cost pressures could continue over the next year. Reuters
London shares started a bit softer after Prime Minister Keir Starmer said he’s quitting. The FTSE 100 slipped 0.1% early and the pound edged lower. But Reckitt’s only minor move in the session puts the focus back on its margins and demand.
Core Reckitt posted a 1.3% rise in first-quarter like-for-like revenue, short of the 2.9% analysts had called for. Like-for-like numbers exclude currency and portfolio movements. Reckitt also flagged that first-half margins could drop around 200 basis points, or two percentage points, from a year ago. Harsharan Mann at Aviva Investors called it “broad-based muted growth.” Reuters
Unilever is a tough comparison. The company posted 3.8% underlying sales growth for the quarter, with CFO Srinivas Phatak saying any future price hikes would be “in small doses.” Quilter Cheviot’s Chris Beckett called out the sector’s limits: “There are limits to what they can do.” For Reckitt, missing on sales makes bold pricing moves even harder. Reuters
One less-obvious signal is in the buyback numbers. Reckitt picked up 11.12 million shares in its last round at an average of £48.55. That compares with the current market price, which was about £46.02 on Monday — meaning shares now trade at a 5.2% discount to what Reckitt just paid. The now-finished £1 billion buyback accounted for around 3.4% of Reckitt’s present market cap. With the programme done, there is no longer routine corporate buying in play.
Some relief for Reckitt’s Mead Johnson unit out of the US, as an Illinois appeals court threw out a $60 million verdict and ordered a new trial. But almost 1,000 cases like this, tied to Mead Johnson and Abbott, are still waiting. The lawsuits focus on necrotizing enterocolitis, a serious gut disease in premature babies. This overturned verdict softens the immediate blow but leaves the bigger liability in place.
Risks cut both ways here. If Iran talks break down, crude and freight costs could climb again. Price hikes to protect margins might also hit sales volumes. The upside case depends on cheaper inputs, easier comps, and some sign of legal progress in the numbers. Reckitt’s half-year results are due July 29 at 08:30 BST, with management expected to address any buyback then.
