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Annual Results

PZ Cussons' statutory FY pretax profit slips

26 July 2016 07:34

PZ Cussons' statutory FY pretax profit has slipped to £83.7m, from £84.0m. Total dividend was 8.11p a share, from 8p. Revenue came in at £821.2m, from £819.1m.

Chairman Richard Harvey said these were a steady set of results, with a strong performance in Europe offsetting a very difficult trading environment in Nigeria and the impact of weaker currencies in both Asia and Africa.

"Despite these challenging trading conditions, to end the year on a constant currency basis with revenue growth of 5.9% and operating profit broadly flat is a creditable performance.

"The liquidity squeeze and restrictions in foreign exchange availability in Nigeria, caused by the fall in the oil price, have created some of the most difficult trading conditions we have seen for some time and I am proud to see our 130 year experience in Nigeria carry us through this challenging period with our brands holding or growing share.

"It is particularly pleasing to note that the investment we have put into our European region and newly acquired Australian food businesses has been driving growth and has helped rebalance Group profits reducing the dependence on Nigeria.

"The end of the financial year also saw the successful completion of the three year project to move to a new operating model and this will stand us in good stead for the future.

"The Group's balance sheet remains strong with net debt of 1.2 x EBITDA at the year end. The strength of our balance sheet gives us the flexibility to further evolve the Group's portfolio into new areas of growth and to take advantage of new investment opportunities as they arise.

"Performance since the year end has been in line with expectations with liquidity in Nigeria beginning to improve. The Group's focus on its values, robust long-term strategy and innovative product pipeline, provides a strong platform for future sustainable growth, and the Board is pleased to declare a further increase in the full year dividend."

Story provided by StockMarketWire.com

Related Company: PZC

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