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01 Jul 2021 | 07:41

PZ Cussons sees FY profits ahead of consensus

(Sharecast News) - PZ Cussons forecast adjusted pre-tax profits would be ahead of consensus of £63m - £64m and the previous year with revenue up 7%. However, unprecedented demand for its hygiene brands at the beginning of the Covid-19 pandemic was currently holding back year on year revenue comparisons and, as a result, fourth sales declined year on year, the company said on Thursday.

"In the immediate term we are lapping some exceptional demand levels from the peak months of the Covid-19 pandemic, both as we ended the last financial year and as we navigate the first quarter of this year," Cussons said in a trading statement for the year to May 31.

"Along with other consumer goods companies, we are dealing with commodity and other cost headwinds. We are accelerating price increases and strengthening Revenue Growth Management plans to mitigate the impact of these headwinds and drive up price / mix to protect gross margin and continue to invest in our brands."

Cussons said its overall gross margin has improved, driven by positive price/mix in each of its core categories. Its Must Win brands grew 11% in the period.
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