Personal care firm PZ Cussons has said that it expects to report like-for-like revenue growth of 3% for its current financial year, with trading in the fourth quarter continuing to be 'in line with expectations'.
In a trading update, the Carex maker sad that fourth-quarter growth is likely to be up 7%, and continues to be driven by improvements in price/mix, with limited impact on volumes.
The group is set to report its full-year 2022 results on 22 September, along with a full-year 2023 outlook.
'Significant Progress'
"As we close our first full financial year under our new strategy, 'Building brands for life. Today and for future generations', I am pleased with the significant progress made in returning the business to sustainable, profitable revenue growth," commented Jonathan Myers, PZ Cussons chief executive.
"With a new team in place, we have re-focused on the core job of building brands and have started to unlock value through dramatically reducing complexity in our business."
The group said that it continues to see 'good revenue momentum' in is Must-Win Brands portfolio, including the recently-acquired Childs Farm, Joy, Morning Fresh, St. Tropez and others, which is set to grow by 4% in the fourth quarter of the year.
It said that the performance of this division 'reflects the ongoing benefit of marketing and executional focus', while demand for its Carex brand has now 'normalised' following a large swing in performance for the hand hygiene category during the pandemic.
High Input Cost Inflation
That said, Myers added that the current trading environment "continues to be challenging", citing high input cost inflation and pressure on household budgets.
"We have plans in place to mitigate the impact of this, as we continue to deliver great value for consumers, whilst also investing behind more premium innovations," he said.
"The recent introduction of our new portfolio brand, Cussons Creations, for the value-conscious consumer, alongside the re-launches of Sanctuary Spa and Imperial Leather, are good examples of such initiatives. They have been well received by customers and have allowed us to secure significant distribution gains."
© 2022 European Supermarket Magazine – your source for the latest A-brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
