REG - PZ CUSSONS PLC - Trading Statement

PZ CussonsAnnouncement

26/06/2024 07:00

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RNS Number : 8638T  PZ CUSSONS PLC  26 June 2024

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
(mailto: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.

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