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Interim Results

PZ Cussons on track in tough trading conditions

25 July 2017 07:58

PZ Cussons (PZC), the consumer products group, saw like-for-like pre-tax profits edge up by 1.7% to £103.5 million in the year to 31 May, as strong performance in the UK and Asia was dampened by a challenging environment in Nigeria.

Revenues increased by 0.9% on a like-for-like basis to £809.2 million.

The company said performance in the UK washing and bathing division was robust, while Asia traded strongly in the second half driven by continued improvement in Australia.

Businesses in Nigeria traded relatively well but there was a significant year-on-year currency devaluation.

Caroline Silver, chair of the company, said there were tough trading conditions in most of the markets in which it operates.

"Our strategy of ongoing brand innovation and renovation continues to underpin the group's ability to maintain or grow our market shares," she said.

Despite consumer confidence remaining fragile in most markets, the group is on track to deliver full year expectations.

It has declared a final dividend of 5.61p, the 44th consecutive year of full year dividend growth.

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