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PZ Cussons performs in line

09 June 2016 07:21

PZ Cussons said its performance for the year ended May 31 was in line with expectations, with performance in Europe and Asia offsetting more difficult trading conditions in Africa.

The financial position of the Group remains strong with cash generation also in line with expectations.

"Performance in Europe and Asia is expected to be strong driven by the continuing brand renovation and innovation programme underpinned by strong cost control," the company said.

"In Nigeria, which represents approximately 25% of group profits, trading conditions are expected to continue to be challenging, with a range of potential outcomes for the new financial year dependent on the translational and transactional impacts of any movement in the naira exchange rate.

"The Group remains well placed to benefit from its position in Nigeria once growth returns to the market.

"The Group's balance sheet remains strong and well placed to pursue new opportunities for growth as they arise."

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