Steady as she goes for PZ Cussons
Manchester-based consumer products group PZ Cussons is reporting a “solid performance” with profits slightly ahead last year at £103.5m, (FY 2016: £103m) despite challenging trading its Nigeria – its largest market.
Revenue for the year ended May 31 was £809.2m, down from £821.2m in 2016. However, the group said its brands held firm or grew in all of its major markets and categories.
The company said all its businesses in Nigeria traded relatively well despite significant year-on-year currency devaluation and lack of liquidity.
There was a strong second half performance in Asia driven by continued improvement of results in Australia and a further year of good growth momentum in Indonesia with new product launches performing well.
Meanwhile, PZ enjoyed a robust performance in UK washing and bathing division underpinned by product renovation and despite competitive market conditions.
There was significant innovation within its beauty division including the launch of a new range of products targeting millennials under the Being by Sanctuary sub-brand.
Chair Caroline Silver said: “The group has delivered a solid set of results with profits slightly ahead of the previous year.
“This is despite a significant year-on-year currency devaluation in the Group’s largest market Nigeria and general tough trading conditions in most of the markets in which we operate.
“Our strategy of ongoing brand innovation and renovation continues to underpin the Group’s ability to maintain or grow our market shares.
“During the year we completed a number of significant launches including a refresh of the group’s largest brand Imperial Leather, a relaunch of the Cussons Kids range in Indonesia and the launch of a new range of products within the Beauty division specifically targeting the millennial consumer.
“In Nigeria, our experience and flexibility to ensure our products are sold in the right sizes and at the right price points has enabled us to deliver a creditable result against the backdrop of a weaker currency and poor liquidity.”