PZ CUSSONS PLC Trading Statement (6451W)
27 April 2021 - 4:00PM
UK Regulatory
TIDMPZC
RNS Number : 6451W
PZ CUSSONS PLC
27 April 2021
Continued momentum in an exceptional year - and investing in
building brands for life
PZ Cussons plc ("PZ Cussons" or the "Group") today issues the
following trading update in respect of its third quarter, ended 27
February 2021.
Highlights
-- Q3 revenue (1) growth of 4.7%, up to GBP145.3m
-- All Regions grew revenue (1) and profit versus the prior year
-- Must Win Brands revenue (1) increased 12%, fuelling overall performance
-- Carex in the UK and Morning Fresh in Australia and Nigeria
performed strongly, with both brands continuing to meet the
evolving hygiene needs of our consumers
-- Strong performance amongst our other Must Win Brands
- Sanctuary Spa delivered strong double-digit growth, thanks to
increased bricks and mortar retail sales and exceptional online
performance
- Original Source returned to growth in the quarter
- Cussons Baby grew in both Indonesia and Nigeria, continuing the year to date trend
-- Continued investment behind our brands, strategic
capabilities and operations, with Media & Consumer spend in the
quarter up approximately 30% on the prior year
-- Balance Sheet remains robust. Net Debt, of GBP35m, is down from GBP116m a year ago
Quarter 3 GBPm Growth vs. Q3 Growth vs. Q3
FY20 FY20
(reported) (constant currency)
Europe & Americas 44.4 8.1% 8.7%
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Asia Pacific 47.2 1.4% 2.6%
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Africa 52.7 (7.0)% 3.2%
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Central 1.0 16.9% 18.8%
------ -------------- ---------------------
Group 145.3 0.1% 4.7%
------ -------------- ---------------------
(1) Revenue growth is quoted on a constant currency basis,
unless otherwise stated
Outlook
Despite continued market volatility, we remain on track to
perform in line with the current range of market expectations for
full year FY21.
Jonathan Myers, Chief Executive Officer, commented "Our third
quarter results maintained the renewed momentum of our business
despite the quarter ending with the anniversary of the start of the
global COVID-19 pandemic. The encouraging growth was broad-based,
with all Regions delivering top and bottom-line growth, enabling
the Group to deliver operating margins ahead of Q3 last year, while
continuing to increase investment behind our Must Win Brands and
new strategic capabilities. In the final quarter of this current
financial year, as some of our brands come up against strong levels
of demand in the base period, we intend to continue increasing
investment behind building our brands and capabilities, to maintain
momentum as we move to more normal comparatives.
Looking ahead, we will continue to proactively navigate the
volatility of the pandemic, the competitive landscape and commodity
cost headwinds, but at the same time remain focused on executing
the initial phase of our new strategy - Building Brands for Life,
Today and for Future Generations.
We continue to take the appropriate steps to safeguard the
health and wellbeing of our employees during the pandemic, and to
ensure our supply chain remains resilient and fully operational.
I'd like to thank our employees in all our markets for their
continued dedication to PZ Cussons and our consumers."
FY21 reporting timetable
In light of the impact of COVID-19 on reporting and audit
procedures, and further to the Financial Conduct Authority's (FCA)
policy statement issued on 27 January 2021, the Group confirms it
intends to report preliminary results for the year to 31 May, in
September. The Group also intends to issue a pre-close trading
statement, as soon after the year end as is practical.
Notes to Editors
Sales data is for the 13 weeks to 27 February 2021
Figures are unaudited, and not subject to review by the Group's
auditors
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 macro-economic, 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 at the date of this announcement,
actual outcomes may vary significantly owing to factors outside the
control of the 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
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.
For further enquiries, please contact
Sarah Pollard, PZ Cussons plc - Chief
Investors Financial Officer 0161 435 1000
Tim Linacre / Guy Scarborough / Bryn
Media Woodward - Instinctif 020 7457 2020
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END
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