26 June 2024
Trading
Statement
PZ Cussons plc ("PZ
Cussons" or the "Group") announces that trading in the final
quarter of the financial year, which ended on 31 May, was in line
with management expectations.
The Group expects to report
FY24 revenue of approximately £528 million. Despite a 23% adverse
movement in the value of the Nigerian Naira since our Q3 trading
update in April [1], the Group expects to report
adjusted operating profit in the region of £55-60 million, in line
with previous guidance. Gross debt as at 31 May 2024 is also
expected to be comfortably within the guided range of £160-180
million. Surplus cash in Nigeria is minimal as a result of
prioritising the continued repatriation of cash.
On 24 April 2024 the Group
announced its plan to maximise shareholder value from a portfolio
transformation, following a strategic review of brands and
geographies. An update will be provided when
appropriate.
The Group will report full
year results on 18 September.
[1] NGN/GBP rate of 1,893 as at 31 May compared to a
rate of approximately 1,450 on 24 April
Contact
details
Investors
Simon Whittington - IR and
Corporate Development Director
+44 (0) 77 1137
2928
Media
Headland PZCussons@headlandconsultancy.com
+44 (0) 20 3805
4822
Susanna Voyle, Stephen
Malthouse, Charlie Twigg
Notes to
Editors
Summary of foreign exchange
rates used
The Naira has devalued by
approximately 70% as at 31 May 2024 compared to 31 May 2023, as
shown below.
|
NGN/GBP
|
FY23
|
FY24
|
|
Rate used for
P&L
|
536
|
1,257
|
|
Rate used for balance
sheet
|
577
|
1,893
|
About PZ Cussons
PZ Cussons is a FTSE 250
listed consumer goods business headquartered in Manchester, UK. We
employ over 2,600 people across our operations in Europe, North
America, Asia-Pacific and Africa. Since our founding in 1884, we
have been creating products to delight, care for and nourish
consumers. Across our core categories of Hygiene, Baby and Beauty,
our trusted and well-loved brands include Carex, Childs Farm,
Cussons Baby, Imperial Leather, Morning Fresh, Original Source,
Premier, Sanctuary Spa and St.Tropez. Sustainability and the
wellbeing of our employees and communities everywhere are at the
heart of our business model and strategy, and captured by our
purpose: For everyone, for life, for good.
Cautionary note regarding
forward-looking statements
This announcement contains
certain forward-looking statements relating to expected or
anticipated results, performance or events. Such statements are
subject to normal risks associated with the uncertainties in our
business, supply chain and consumer demand, along with risks
associated with macroeconomic, political and social factors in the
markets in which we operate. Whilst we believe that the
expectations reflected herein are reasonable based on the
information we have as of the date of this announcement, actual
outcomes may vary significantly owing to factors outside the
control of the PZ Cussons Group, such as cost of materials or
demand for our products, or within our control such as our
investment decisions, allocation of resources or changes to our
plans or strategy. The PZ Cussons Group expressly disclaims any
obligation to revise forward-looking statements made in this or
other announcements to reflect changes in our expectations or
circumstances. No reliance may be placed on the forward-looking
statements contained within this announcement.