3rd Quarter & 9 Mths Results

Reckitt Benckiser PLC
15 November 2000




                                                                 15 Nov 2000

Strong Q3 momentum. 2000 Targets raised due to earlier merger savings.
__________________________________________________________________________
Results at a Glance                         Q3      %change     Year to %change
                                                      actual     Date    actual
Exchange Rate Basis                                                      
                                                                9 months
Net Revenues (continuing operations)      £786m          +8%     £2,309m    +5%

Operating Profit (continuing              £100m         +47%       £296m   +21%
operations) 1
Operating Profit 1                        £100m         +44%       £303m   +20%
Net Income 1                               £62m         +68%       £178m   +27%
Net Income (as reported)                   £87m        +311%       £205m  +110%

    1 Adjusted to exclude non-operating items and reorganisation and merger
                               integration costs
_______________________________________________________________________________



  * Q3 Net revenue growth on a continuing basis of 7% at constant exchange -
    the nearest equivalent to volume growth - (8% actual) bringing year to
    date growth to 7% (5% actual) versus full year target of 5%.
  * Gross Margin increased by 110 basis points in Q3, giving a cumulative
    gain in the nine months of 80 basis points to 48.5%.
  * Normalized operating margins increased by 340 basis points in Q3, a
    cumulative improvement year to date of 170 basis points to 12.8%.
  * Merger savings delivered earlier than expected, realizing savings
    originally planned for next year. Year to date addition to profits of £40m
    after reinvestment shows that the 2000 target of £38m will be exceeded.
    Media reinvestment at 10% of net revenues, increasing by 10% to £226m for
    the year to date.
  * Q3 profit on disposals of £38m brings year to date profits on disposal
    to £40m.
  * Q3 Net Income normalized up 63% at constant exchange (68% actual) to
    give a year to date growth of 33% (27% actual) versus full year target of
    25%.
  * Net Current Assets reduced by £61m in the nine months, fully on track to
    deliver the full year net working capital reduction target of £100m. Net
    debt reduced in Q3 by £45m to £709m.
  * The flow of innovation continues with strong focus on rolling out the
    major initiatives of 2000 internationally such as Calgonit 2-in-1, Lysol
    Wipes and Crystal Air, and on taking advantage of the Company's many
    cross-selling opportunities through the roll-out of Vanish fabric
    treatment and Veet depilatory.

Commenting today, Bart Becht, Chief Executive Officer, said

'We continued in Q3 the strong momentum we established since the merger. These
results are not only a clear tribute to the new Reckitt Benckiser focus and
strategy but even more to Reckitt Benckiser people across the world,
reflecting their intense commitment and substantial efforts over the last
year.

'As a result of the progress to date, we are raising our 2000 targets. For net
revenues from continuing operations we will be ahead of our previous target of
5% growth and for net income, because of the earlier realization of merger
synergies, we are now targeting an increase of around 30% (previously 25%)
both at constant exchange. The achievement of these new targets will firmly
establish the turnaround of the business and create a solid platform for
future growth and value creation.'

                             Detailed Commentary

Basis of Comparatives

For clarity in evaluating the underlying performance of the business, the
following terminology is used:

  * Continuing Operations. Excludes net revenues and operating profit
    relating to businesses sold at the end of 1999 and during the course of
    2000. For the third quarter net revenues from discontinued businesses
    amount to £1m (£19m in 1999) and operating profit to nil (£2m in 1999).
    For the first nine months net revenues from discontinued businesses were £
    33m (£60m in 1999) and operating profit was £7m (£10m in 1999).
  * Normalized. This excludes non recurring items
  * Reorganization charges. Q3 2000 (Q3 1999 charge £14m) and year to date
    2000 have no charges for reorganization (1999 year to date charge £39m).
  * Non-operating items. Profit on disposal of businesses and fixed assets
    were £38m for the third quarter (loss of £1m in 1999) and £40m for the
    first nine months in 2000 (loss of £3m in 1999).
  * Constant Exchange. Movements of exchange rates relative to sterling
    affect actual results as reported. The constant exchange rate basis
    adjusts comparisons to exclude these movements and shows the underlying
    growth rates.

The detailed financial schedules attached to this release contain full detail
of the results as reported and adjusted for these factors.

Third Quarter 2000

Net revenues for the third quarter grew by 5% (4% constant) to £787m (£749m in
1999). Net revenues from continuing operations grew by 8% (7% constant) to £
786m (1999 £730m).

Operating income for the quarter increased 81% to £100m. Normalized operating
profit from continuing operations grew by 47% (46% constant) to £100m compared
to £68m in 1999. Gross margin increased by 110 basis points to 48.4% (47.3% in
1999) due to merger procurement benefits and higher volume throughput, offset
by rising input costs on oil and pulp related materials. Merger benefit in the
quarter was £30m after increased media investment. Normalized operating
margins increased by 340 basis points to 12.7% (9.3% in 1999).

Net Income increased 311% to £87m. Normalized net income was £62m, an increase
of 68% (63% constant) on £37m in 1999. The tax charge for the quarter
continued at 30%, the expected rate for the full year.

First nine months 2000

Net revenues for the first nine months grew by 4% (6% constant) to £2,342m (£
2,260m in 1999). Net revenues from continuing operations grew 5% (7% constant)
to £2,309m (£2,200m in 1999). Growth came from the company's strategy of
refocusing its core categories and improving sales and marketing execution
supported by higher investment in media and other consumer marketing. The year
to date also benefited on comparison to an unusually low first quarter of 1999
due to trade deloading.

Operating profit was £303m, 41% above last year. Normalized operating profit
from continuing operations increased by 21% (26% constant) to £296m (£244m in
1999). Gross margins rose by 80 basis points to 48.5% benefiting from merger
procurement synergies and higher volume throughput, offset by higher input
costs. Merger savings for the nine months were £40m, after increased media
investment. Media investment continued at 10% of net revenues, increasing by
10% in the year to date to £226m. There has also been an increase in other
consumer marketing. Normalized operating profit margins from continuing
operations increased by 170 basis points to 12.8% (11.1% in 1999).

Net income increased by 110% to £205m. Normalized net income was £178m (£140m
in 1999), an increase of 27% (33% constant). Net interest decreased slightly
to £48m due to cash inflow in the period from disposals. The tax rate of 30%
is in line with the full year expectation.

Category Review at constant exchange rates

Fabric Care net revenues in the third quarter grew by 3% and for the first
nine months by 5% to £608m. Fabric Treatment results benefited from the roll
out of Vanish liquid in-wash booster in Asia and Latin America and market
share gains in the USA on Spray 'n Wash. Calgon Water Softener grew strongly
in Europe behind a new and highly effective marketing campaign. Laundry
Detergents also showed strong growth behind market share gains in Europe.

Surface Care net revenues grew by 10% for the quarter and by the same
percentage for the first nine months to £564m. Lysol disinfectant spray
continued to regain market share. The continued roll-out of Lysol wipes
geographically also boosted results. Lavatory Care showed strong growth with a
good performance on Lysol in the USA and strong gains on Harpic behind the
launch of our new 'in toilet bowl' gel product. Multi purpose cleaners did
very well with strong volume growth from Veja in Brazil behind the launch of
the 'perfumes from nature' range.

Dishwashing net revenues were down in the third quarter by 10% and by 1% to £
299m for the first nine months. The decline stems from market share losses in
the USA due to merger transition issues and the repositioning of Electrasol at
higher prices. The latter has resulted in substantially improved margins, but
lower volumes. Market share performance in Western Europe and elsewhere is
good and with the roll out of Calgonit 2-in-1 our goal is to further solidify
this position.

Home Care net revenues grew by 17% for the quarter and by 16% to £258m for the
first nine months. Strong growth on Air Care came behind the continued roll
out of the new and unique Airwick 'Crystal Air' air freshener and the initial
success of the new Wizard Electrical air freshener in the USA. Pest Control
showed a very strong performance in both Asia and Africa behind the new
Mortein longer lasting 'king' coils and mats.

Health & Personal Care net revenues grew by 17% in the third quarter and 11%
in the first nine months to £258m. Strong growth came from Veet Depilatories
in Western Europe due to the latest cream and wax innovations and in Eastern
Europe due to the introduction of the brand to this region. Dettol Antiseptic
grew due to higher investments and range extensions on soap and talc. In the
UK, Lemsip contributed strongly due to market share gains.

Core Household business net revenues grew by 6% in the third quarter to £652m
and by 7% in the first nine months to £1,987m. Non core, other household net
revenues from continuing operations grew by 1% in the first nine months after
stripping out the net revenues from disposed businesses. This brings total
household net revenues from continuing operations to £2,178m, growing at 7% in
the first nine months.

Food net revenues for the third quarter were up 11% and for the first nine
months increased by 7% to £131m supported by a good performance by French's
Yellow Mustard and the sauces business including Frank's Red Hot.



Geographical Analysis at constant exchange and from continuing operations

Western Europe: 42% of net revenues

Net revenues in the third quarter grew by 5% and for the first nine months
were £978m, up 4%. Strong performance in the first nine months came from
Airwick Air Care due to the roll out of Crystal Air, from Veet Depilatories,
from Laundry Detergents and the UK Health Care business. Operating margins for
the first nine months increased by 140 basis points to 20.6% behind gross
margin expansion and fixed cost savings due to merger synergies.

North America: 30% of net revenues

Net revenues in the third quarter increased by 3% and for the first nine
months increased by 6% to £682m. Net revenue growth in the year to date
benefited from the first quarter bounce back and particularly strong
performance by Air Care due to the successful launch of Wizard Electricals, by
Surface Care due to Lysol and by the Food businesses. Operating margin
increased by 260 basis points to 10.3% due to substantial gross margin
improvement and fixed cost reduction as a result of merger reorganization.

Latin America: 7% of net revenues

Net revenues in the third quarter were up by 11% and for the first nine months
were up 12%. Growth came from Surface Care behind the Veja franchise in Brazil
and the recovery of the Mexican business. Operating margin expansion was held
back due to substantially increased media investment.

Asia Pacific: 11% of net revenues

Net revenues in the third quarter were up 8% and for the first nine months
were up 12% to £253m. Growth came from Pest Control behind the launch of
Mortein longer lasting coils and mats. It was also due to a strong Australian
performance in Fabric Treatment with the launch of our in wash liquid booster
and in Air Care due to the launch of our 'Crystal Air' innovation. Operating
margins increased by 420 basis points to 3.3% with substantial gross margin
improvements in Asia and fixed cost merger savings in Australia as main
contributors.

Rest of World: 10% of net revenues

Net revenues for the third quarter grew by 20% and for the first nine months
by 15% to £232m. Key growth drivers were Fabric Treatment in Eastern Europe
and South Africa, and the Veet Depilatories launch in Eastern Europe.
Operating margin improved by 30 basis points to 7.8% despite competitive
detergent price pressure in Eastern Europe and a substantial increase in media
investment.

Cash Flow & Balance Sheet

Cash flow has continued to improve, due to reductions in net working capital,
proceeds from disposals, and enhanced operating profits offset partially by
payment of reorganization costs and dividend payments. As a result, net
borrowings have fallen at the end of the nine months period to £709m (June
2000 £754m) despite exchange differences on the large US component of group
borrowings.

Timetable

Preliminary results for the full year 2000 will be released on February 28th
2001.

The Group at a Glance (unaudited)
Quarter Ended Sept 30                                  Nine Month Ended Sept 30
_______________________________________________________________________________
 2000              1999                                 2000               1999
   £m                £m                                   £m                 £m

                        From total ordinary activities
  787               749 Net revenues                   2,342              2,260
   5%                 - Net revenues growth               4%                  -
48.4%             47.3% Gross margin                   48.5%              47.7%
  119                89 EBITDA normalized*               361                312
15.1%             11.9% EBITDA margin normalized*      15.4%              13.8%
  100                70 EBIT normalized*                 303                254
12.7%              9.3% EBIT margin normalized*        12.9%              11.2%
   86                52 Profit before tax normalized*    255                202
10.9%              6.9% PBT margin normalized*         10.9%               8.9%
   62                37 Net Income normalized*           178                140
 7.9%              4.9% Net Income margin normalized*   7.6%               6.2%
 8.7p              5.3p EPS normalized*                25.5p              20.6p
 8.6p              5.2p EPS normalized, diluted*       25.2p              20.4p

                        From continuing operations
  786               730 Net revenues                   2,309              2,200
   8%                 - Net revenues growth               5%                  -
  119                87 EBITDA normalized*               354                302
15.1%             11.9% EBITDA margin normalized*      15.3%              13.7%
  100                68 EBIT normalized*                 296                244
12.7%              9.3% EBIT margin normalized*        12.8%              11.1%


* Normalized to exclude non-operating items and reorganisation and merger
integration costs.

Selected Financial Information (unaudited)

Group Balance Sheet Data
                                                    Sept 30,          Full Year
                                                        2000               1999
                                                          £m                 £m
_______________________________________________________________________________
Net current liabilities                                 (70)                (9)
Net borrowings                                           709                736

Group profit and loss account

(unaudited)




  Quarter Ended                                                Nine Month Ended
     Sept 30                                                       Sept 30
 2000 1999      %                                              2000 1999 %
           change                                                        change
   £m   £m                                                       £m   £m
_______________________________________________________________________________
  786  730     8% Net revenues - continuing operations         2,309 2,200 5%

                  Discontinued operations
  1     19  (95%)                                                33   60  (45%)
_______________________________________________________________________________
787      749  5%   Total net revenues                     2,342 2,260 4%



(406)  (394)  3%   Cost of sales                       (1,207) (1,182) 2%
_______________________________________________________________________________
381      355  8%   Gross profit                          1,135 1,078   5%

(281)  (299) (6%)  Net operating expenses                (832) (863) (4%)

_______________________________________________________________________________
                   Operating profit - continuing operations
                   before reorganisation and merger
                   integration costs

100       68  47%  Reorganisation and merger integration  296   244 21%
                   costs
-       (14)                                               -    (39)
                   Discontinued operations
0          2                                              7     10 (29%)
_______________________________________________________________________________
100       56  81%  Total operating profit                 303   215 41%



                   Non-operating items:

40         0       Profit/(Loss) on disposal of businesses  40   (3)

(2)      (1)       Loss on disposal of tangible fixed       0     0
                   assets
_______________________________________________________________________________
138       55 152%  Profit on ordinary activities before     343   212 62%
                   interest
(14)    (17) (18%)                                          (48) (51) (6%)
                   Net interest expense
_______________________________________________________________________________
124       38 229%  Profit on ordinary activities before     295   161 84%
                   taxation
(38)    (17) 125%                                           (89) (63) 41%
                   Tax on profit on ordinary activities
_______________________________________________________________________________
86        21 310%  Profit on ordinary activities after      206   98 111%
                   taxation
1          0                                                (1)    0
                   Attributable to equity minority
                   interests
_______________________________________________________________________________
87        21 311%  Profit for the period                    205    98 110%

0          0       Ordinary Dividends                       (88)  (65) 35%
_______________________________________________________________________________
87        21 311%  Retained profit for the period           117    33 255%
_______________________________________________________________________________
                   Earnings per ordinary share:

12.5p   3.1p       On profit for the period                 29.6p 14.5p

8.7p    5.3p       On normalized profit for the period      25.5p 20.6p

12.1p   3.1p       On profit for the period, diluted        29.0p 14.3p

8.6p    5.2p       On normalized profit, diluted            25.2p 20.4p
                   Average common shares outstanding:

696.6  685.9       Basic                                    694.9 676.9

741.7  693.5       Diluted                                  739.6 684.8





Segmental Analysis (unaudited)

Analyses by geographical area and product segment of net revenues and
operating profit are set out below. The figures for each geographic area show
the net revenues and profit made by companies located in that area.


 Quarter Ended Sept 30                                   Nine Month Ended Sept
                                                                  30
_______________________________________________________________________________
2000 1999   % change                                    2000 1999   % change

  £m   £m  exch. rates                                    £m   £m  exch. rates
          actual const.                                           actual const.
                        Net revenues - by geographical
                        area
 315  317   (1%)     5% Western Europe                   978 1,008   (3%) 4%

 245  218    12%     3% North America                    682  616    11%  6%

  56   47    19%    11% Latin America                    164  143    15%  12%

  87   79    10%     8% Asia Pacific                     253  225    13%  12%

  83   69    20%    20% Rest of World                    232  208    11%  15%
_______________________________________________________________________________
 786  730     8%     7%                                 2,309 2,200     5% 7%

   1   19  (95%)  (95%) Discontinued operations           33   60  (45%)  (41%)
_______________________________________________________________________________
 787  749     5%     4%                                 2,342 2,260     4%   6%

_______________________________________________________________________________




                    Operating profit - by geographical area
 66   57    16% 19% Western Europe                       201  193     4%    11%

 26   13   100% 88% North America                         70   47    48%    42%

  0    0     0%  0% Latin America                          1    4  (82%)  (80%)

  3  (2)      -   - Asia Pacific                           8  (2)      -      -

  7    4    75% 84% Rest of World                         18   16    17%    19%

(2)  (4)  (50%)  0% Corporate                            (2) (14)  (84%)  (92%)

  - (14)      -   - Merger Reorganisation Costs            - (39)      -      -
_______________________________________________________________________________
100   54    85% 84%                                      296  205    44%    50%

  0    2      -   - Discontinued operations                7   10  (29%)  (29%)
_______________________________________________________________________________
100   56    81% 78%                                      303  215    41%    47%

_______________________________________________________________________________






%   %               Operating margin - by geographical area %  %
21.0 18.0             Western Europe                        20.6   19.2

10.6 6.0             North America                         10.3    7.7

0.0 0.0             Latin America                          0.5    2.9

3.4 (2.5)             Asia Pacific                           3.3  (0.9)

8.4 5.8             Rest of World                          7.8    7.5

  -   -             Corporate                                -      -

  -   -             Merger Reorganisation Costs              -      -
_______________________________________________________________________________
12.7 7.4                                                   12.8    9.3

0.0 10.5             Discontinued operations               22.6   16.4
_______________________________________________________________________________
12.7 7.5                                                   12.9    9.5
_______________________________________________________________________________



Segmental Analysis (continued)
 Quarter Ended Sept 30                                   Nine Month Ended Sept
                                                                  30
_______________________________________________________________________________
2000 1999   % change                                    2000 1999   % change

  £m   £m  exch. rates                                    £m   £m  exch. rates
          actual const.                                           actual const.
                        Net revenues - by product
                        segment
 743  695     7%     6% Household and Health & Personal 2,178 2,084    5%  7%
                        Care
  43   35    23%    11%                                  131  116    12%     7%
                        Food
_______________________________________________________________________________
 786  730     8%     7%                                 2,309 2,200   5%  7%

   1   19  (95%)  (95%) Discontinued operations           33   60  (45%)  (41%)
_______________________________________________________________________________
 787  749     5%     4%                                 2,342 2,260   4%  6%
_______________________________________________________________________________


                    Operating profit - by product segment
100   71    41% 41% Household and Health & Personal Care 285  250    14%    18%

  2    1   100% 81% Food                                  13    8    62%    53%

(2)  (4)  (50%)  0% Corporate                            (2) (14)  (84%)  (92%)

  - (14)      -   - Merger Reorganisation Costs            - (39)      -      -
_______________________________________________________________________________
100   54    85% 84%                                      296  205    44%    50%

  0    2      -   - Discontinued operations                7   10  (29%)  (29%)
_______________________________________________________________________________
100   56    81% 78%                                      303  215    41%    47%
_______________________________________________________________________________










%   %               Operating margin - by product segment %         %
13.5 10.2             Household and Health & Personal Care        13.1 12.0

4.7 2.9             Food                                        10.3    7.2

  -   -             Corporate                                     -      -

  -   -             Merger Reorganisation Costs                   -      -
_______________________________________________________________________________
12.7 7.4                                                         12.8   9.3

0.0 10.5             Discontinued operations                     22.6   16.4
_______________________________________________________________________________
12.7 7.5                                                         12.9    9.5
_______________________________________________________________________________




                    Net revenues - Household and Health

                    & Personal Care
206 202    2%    3% Fabric Care                             608   606   0%   5%

203 176   15%   10% Surface Care                            564   509  11%  10%

 90 102 (12%) (10%) Dishwashing                             299   314 (5%) (1%)

 92  77   19%   17% Home Care                               258   223  16%  16%

 61  52   17%   17% Health & Personal Care                  258   237   9%  11%
_______________________________________________________________________________
652 609    7%    6% Core Business                         1,987 1,889   5%   7%

 91  86    6%    9% Other Household                         191   195 (2%)   1%
_______________________________________________________________________________
743 695    7%    6% Net Revenues - continuing operations  2,178 2,084   5%   7%
_______________________________________________________________________________



Note on Gross Margin

In preparing Q3 results it has become clear that accounting for freight costs
was inconsistently applied across the merging company in the full year results
for 1999. The accounting policy at Reckitt Benckiser is that freight costs are
included in cost of goods. The full year cost of goods for 1999 has been
restated in line with this policy which has been consistently applied to
results for the first 3 quarters of 2000 and the comparatives for 1999.
                                       As Reported    Adjustment      Revised

Group Profit & Loss Account 1999
                                               1999                        1999
                                                 £m              £m          £m
Net Revenue                                   3,054                       3,054
Cost of Sales                               (1,562)             +36     (1,598)
      ___________________________________________________________________
Gross Profit                                  1,492            - 36       1,456
Net Operating Expenses                      (1,355)            - 36     (1,319)
      ___________________________________________________________________
Total Operating Profit                          137                         137









This restatement is a transfer of £36m from Net Operating Expenses (SG&A) to
Cost of Goods Sold both in Q4 and Full Year 1999. This transfer has no effect
on operating profit, it is merely a re-allocation of costs between
cost-centres.









For further information

Colin Day                              Telephone          + 44 1753 835 835

Chief Financial Officer

Tom Corran                              Telephone          + 44 1753 746 548

SVP Corporate Communications           Facsimile          + 44 1753 746 415

Bobby Leach                              Telephone          + 44 207 329 0096

Shandwick International