DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5

Soap Maker PZ Cussons Says Quarterly Results In Line With Expectations

By Steve Wynne-Jones
Share this article
Soap Maker PZ Cussons Says Quarterly Results In Line With Expectations

PZ Cussons Plc said on Wednesday its quarterly results were in line with expectations, even as the soaps and cosmetics maker's prices, volumes and margins in Nigeria remained under pressure.

PZ Cussons said new products and cost cuts helped offset challenging trading conditions in Nigeria for the quarter ended Aug. 31.

Shares of the company were up 1.3% at 232.4 pence in early trading.

Nigeria Slowdown

The company has suffered from a slowdown in its largest Nigeria market, forcing it to warn in July of a challenging year ahead after Africa profits declined sharply in the year to May 31.

In a trading update, the company said consumer disposable income in Nigeria remained subdued ahead of elections in that country.

ADVERTISEMENT

PZ Cussons, which has a more than 130-year-old history, gets about 36% of its revenue from Africa and also sells home appliances in partnership with Haier.

The company said it was focussing on optimising price points and sizes across the key brands in its Africa portfolio.

Its Nutricima business, which makes milk and yogurt-based beverages, had moved into a breakeven position from making losses last year, PZ Cussons said.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

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. You can unsubscribe at any time.