PZ CUSSONS PLC Trading Update (5916W)
12 December 2019 - 6:01PM
UK Regulatory
TIDMPZC
RNS Number : 5916W
PZ CUSSONS PLC
12 December 2019
PZ Cussons Plc
("PZ Cussons" or the "Group")
Trading Update
12 December 2019
PZ Cussons Plc announces its trading update in respect of the
half year to 30 November 2019.
Summary
-- Challenging market conditions across key geographies led to a
decline in first half revenue and operating profit compared with
last year.
-- Market share grew in the UK, USA and Indonesia, with revenue
for our Focus Brands stable versus last year.
-- Marketing investment in line with prior year and planned to accelerate in the second half.
-- Overhead saving initiatives underway; further details to be provided later in the year.
-- Sale of Greek and Polish businesses agreed; portfolio restructuring continues.
-- Good improvement in net debt reflecting disposal proceeds and
continued focus on cash management.
Regional Overview
In Europe & the Americas, whilst Imperial Leather and
Original Source continued to demonstrate market share growth,
continuing consumer uncertainty and well-documented challenges in
the UK high street adversely impacted overall revenue and profit.
Results remained solid in Beauty with continued growth in retail
sales of St Tropez in the USA.
In Asia Pacific there was continued good revenue and profit
growth in Indonesia driven by Cussons Baby, offset by lower revenue
and higher promotional costs in Australia. The region was also
adversely impacted by higher manufacturing costs related to raw
materials and the strengthening of the Indonesian rupiah.
Africa revenue declined due to weakness in our mass market Home
and Personal Care brands offsetting strong growth in Electricals.
Profitability was impacted by continued consumer pricing pressure,
continuation of charges associated with the Port in Lagos and the
closure of the borders limiting exports.
Full year outlook
A stronger second half is expected subject to no further
worsening of the economic and trading environments across our key
geographies. Full year revenue and adjusted profit before tax is
expected to be modestly below the prior year on a like-for-like
basis.
Interim Announcement
Interim results for the half year to 30 November 2019 will be
announced on Tuesday 28 January 2020.
Retirement of Chief Executive Officer
The Company has today separately announced the retirement of
Alex Kanellis, Group Chief Executive Officer, with effect from 31
January 2020.
- ENDS -
For further information contact:
PZ Cussons Plc
Alan Bergin, Interim Chief Financial
Officer 0161 435 1027
Instinctif Partners
Tim Linacre
Guy Scarborough 020 7457 2020
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END
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