PZ CUSSONS PLC Trading Update (3733C)
13 April 2017 - 4:00PM
UK Regulatory
TIDMPZC
RNS Number : 3733C
PZ CUSSONS PLC
13 April 2017
13 April 2017
PZ Cussons Plc
(the "Group")
Trading Update
PZ Cussons Plc, a leading international consumer products group,
today issues the following trading update in respect of the period
25 January 2017 to 12 April 2017.
Overview
The board is pleased to announce that the overall performance of
the Group has been in line with expectations.
The Group's balance sheet remains strong with cash generation
for the period also in line with expectations.
Europe
In the UK, performance in the washing and bathing division has
been robust with new product launches together with the impact of
margin improvement initiatives offsetting higher costs as a result
of the weaker pound. The Imperial Leather range has been completely
relaunched during the period and further successful new product
launches have taken place under the Carex and Original Source
brands.
In the beauty division, performance has been good across
Sanctuary, St Tropez, Charles Worthington and Fudge. The Sanctuary
brand is currently being completely relaunched with a new product
range and a more premium look and feel. In addition, a new
sub-brand of Sanctuary is being launched which will target younger
consumers.
Performance in the smaller markets of Poland and Greece has been
in line with expectations.
Asia
In Australia, new product launches and margin improvement
initiatives are successfully improving the profitability of the
business despite ongoing challenging trading conditions. In
particular, there have been significant range extensions under both
Rafferty's Garden and five:am brands.
In Indonesia, good growth has continued across the brand
portfolio during the period. The previously announced relaunch of
the Cussons Kids range together with a new range of Imperial
Leather products have both been well received by consumers and are
selling well.
Performance in the smaller markets of Thailand and the Middle
East has been in line with expectations.
Africa
In Nigeria, there has been some improvement in liquidity in both
the interbank and secondary markets although exchange rates in the
secondary market continue to be volatile.
All business units across Personal Care, Home Care, Electricals
and Food & Nutrition have traded relatively well in an
environment where ongoing changes to relative pricing are required
given the short term volatility in costs.
The Group's diverse brand portfolio with product offerings at
all price points continues to work well in an environment where the
consumer remains under significant inflationary pressure.
Performance in the smaller markets of Ghana and Kenya has been
in line with expectations.
Full year outlook
The strength and agility of the Group's brand portfolio and new
product pipeline is underpinning solid performance in all regions.
In particular, the brand portfolio in Nigeria is trading well
during the current peak season.
Further margin improvement initiatives are underway to mitigate
ongoing raw material and exchange rate volatility.
The outlook for the financial year ending 31 May remains in line
with expectations.
The Group's balance sheet remains strong and well placed to
pursue new opportunities as they arise.
A further trading update will be made on 15 June 2017 after the
close of the financial year.
- ENDS -
For further information contact:
PZ Cussons Plc Tel: 0161 435
Brandon Leigh - Chief Financial Officer 1236
Instinctif Tel: 020 7457
Tim Linacre / Guy Scarborough 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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