The strong growth in demand for painkillers and nasal drops due to a large number of cold and flu cases pushed Haleon’s share to an all-time high.
The FTSE 100 company, which spun out of GlaxoSmithKline (GSK) nine months ago and is behind Otrivine nasal drops and painkillers Panadol and Advil, said a strong start to 2023 meant sales growth would top the 4 percent to 6 percent reaches. percent range it gave in March.
Shares, which floated 330p a pop in July last year, rose 2.9 percent, or 9.95p, to 353.55p.
Haleon, which also makes Sensodyne toothpaste, said sales rose 9.9 percent to £3 billion in the first three months of this year.
It boosted prices by 7 percent during the period and Panadol and Advil flew off shelves in China after the end of strict lockdown measures.
Stocks up: Haleon said a strong start to 2023 meant revenue growth should top the 4% to 6% range it gave in March
Russ Mould, director of investment at AJ Bell, said: “Many consumers seeking pain relief stick with brands they trust, believing they offer a superior product. That might explain why Haleon has done well.’
Haleon is worth more than £32.5 billion, up from its float valuation of around £30.5 billion. Meanwhile, GSK was down 1 percent, or 15p, to 1470.8p.
The FTSE 100 was almost flat, up 0.1 percent, or 3.84 points, to 7902.61 while the FTSE 250 fell 0.3 percent, or 64.98 points, to 19135.87.
Rio Tinto fell 1.6 percent, or 88 pence, to 5,442 pence after the miner lowered its copper production forecast for this year following an assembly line breakdown and geological issues.
Home goods and furniture retailer Dunelm’s third-quarter sales rose 6 percent to £423 million in the 13 weeks to April 1 compared to the same period a year ago.
Profit for the year to July should be in line with market forecasts of £185m. Shares fell 0.1 percent, or 1 pence, to 1136 pence.
Deliveroo gained 2.7 percent, or 2.8 pence, to 106.5 pence after the food delivery app’s first-quarter sales rose 4 percent to £512 million.
At AJ Bell, the investment platform raked in £1.2 billion in gross inflows and £600 million in net inflows in March, ahead of the fiscal year end, when clients and advisors benefited from annual pension and ISA fees.
Assets under management rose 70 per cent to £3.9 billion in the three months to March 31 compared to the same period a year ago. It rose 2.7 percent, or 8.8 pence, to 336.2 pence.
Segro, the commercial real estate group that buys and builds warehouses, rose 3.6 percent, or 27.4 pence, to 799.2 pence after it said there was strong demand for space amid limited supply.
Data analytics company Relx reiterated its forecast for the year, saying the four companies traded well. It also launched a £250m share buyback programme. The stock rose 1.7 percent, or 46 pence, to 2,689 pence.
RWS, which employs language specialists to translate niche documents such as patient reports for pharmaceutical companies, became the latest company to be hit by a cyberattack.
One of the applications has now been restored and is working again. Shares rose 1.2 percent, or 3.4 pence, to 288.4 pence.
GB Group rose 9.5 per cent, or 26.6 pence, to 308.2 pence after the fraud prevention specialist’s revenue rose 15 per cent to £279m for the year ended March 31.
There was good news for Rentokil after the ratcatcher’s first-quarter sales rose 64.5 percent to £1.25 billion thanks to its £5.4 billion acquisition of rival Terminix in October. It rose 1.8 pc, or 10.8p, to 611.4p.
Rank, the owner of Mecca Bingo and Grosvenor casinos, reported a 13 per cent increase in like-for-like net gaming revenue to £174 million in the three months to March 31 as visitors returned to venues.
Profit for the year to June 30 should be at the high end or above the previous range of £10m to £20m. It rose 8.6 percent, or 6.1 pence, to 77.3 pence.
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