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Reckitt (RKTLN; A3 Pos, A- S); no change to capital allocation

CONSUMER STAPLES

Reckitt headlines shouldn't be a surprise, management has a 12-month/£1b buyback programme ending in October, £500m has been done since & its been continuing daily/standard buybacks since the NEC loss/blowout. Management did reiterate no change in capital allocation 2 weeks ago (though it's also assuming no provisions/losses for NEC right now). Proposed final dividend is ~£1.16/share or £820m.

Management in this morning's notice; "The acceleration of our share buyback programme reflects the Board's confidence in the continued strong free cashflow generation of Reckitt and its framework for enduring value creation, as set out in the strategic update in October last year."

*Reckitt Benckiser to Return Further GBP500M Via Buyback Program

*Reckitt Benckiser: Third Tranche of Buyback to End July

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