Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

PZ Cussons’ FY Pretax Profit Falls 23%, Missing Its Forecast

Soaps and cosmetics maker PZ Cussons Plc's full-year pretax profit dropped 23 percent, well below its estimates, as sales fell in Nigeria, its largest market.

The company's pretax profit fell to £66.6 million for the 12 months to May 31, from £86.5 million a year earlier, it said on Tuesday.

The Imperial Lather brand owner said in June that its full-year pretax profit would be at the lower end of its £80 million to £85 million range.

Full-year revenue dipped 5.8 percent to £762.6 million.

Africa Performance

"Whilst the Group has delivered good profit growth in Asia and a creditable result in Europe, macro-conditions in Nigeria have resulted in a sharp decline in Africa profits for the year and hence a disappointing result for the Group as a whole,” commented Caroline Silver, chairman.

“In Europe, good growth in the Group's Beauty division has helped to partially offset the more challenging trading conditions faced in the UK Washing and Bathing division.

“Furthermore, for all markets, we remain focused on innovation but with a sharpened lens on fewer, bigger, higher margin product launches which will differentiate further our brands, as well as a reduction in overheads through optimising our operating model.”

News by Reuters, edited by ESM. Additional reporting by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days