PZ CUSSONS PLC AGM Trading Statement (8875R)
27 September 2017 - 4:00PM
UK Regulatory
TIDMPZC
RNS Number : 8875R
PZ CUSSONS PLC
27 September 2017
27 September 2017
PZ Cussons Plc
(the "Group")
AGM Trading Statement
PZ Cussons Plc, a leading international consumer products group,
today issues the following trading update in advance of its Annual
General Meeting, to be held at 10:30 today:
PZ Cussons remains on track to deliver full year growth in
operating profits with performance underpinned by a robust and
innovative product pipeline and tight control of costs. This is
despite tough trading conditions in most markets which have been
evident in the first quarter and which are expected to continue for
the full year.
In the UK, it is increasingly clear that consumers are shopping
cautiously reflecting general cost inflation outstripping wage
growth, and broader economic uncertainty.
In the Washing and Bathing division, product launches across
Imperial Leather, Carex and Original Source brands have been well
received, however volumes remain very sensitive to price points and
discounting.
In the beauty division, recent new product launches such as the
new Sanctuary Being range have performed well over the summer.
In Australia, there has been an improved performance across all
categories of Personal Care, Home Care and Food & Nutrition,
continuing the positive momentum of the second half of the prior
year, and despite general tough trading conditions.
In Indonesia, good growth has continued across both the core
Cussons Baby range as well as from recent new product launches
across Imperial Leather and Cussons Kids.
In Nigeria, the Naira has been stable against the US dollar on
the interbank market and has strengthened slightly on the secondary
market as a result of improved dollar liquidity levels. However,
naira credit availability in the trade has tightened in recent
months and the environment for consumers remains challenging
following the very significant cost inflation of recent years.
Recent performance in Personal Care and Home Care and in the PZ
Wilmar joint venture has been robust. Tougher trading conditions
have been evident in sales of bulk milk as a result of competitor
pricing pressure and in Electricals which is reliant on
discretionary spend affordability. A number of initiatives across
the Nigeria business, including distribution expansion and new
product launches, are planned for the remainder of the year to
continue to improve performance as the business enters peak
season.
In conclusion the business remains in good shape with market
shares holding or growing in key categories. Whilst tough trading
conditions are evident in most markets and expected to continue,
brand initiatives, tight cost control and our deep knowledge of our
markets provide a solid basis for the year ahead.
Enquiries:
PZ Cussons Plc
Brandon Leigh Tel: 0161 435 1236
Instinctif
Tim Linacre / Guy Scarborough Tel: 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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