24th Jul 2018 08:49
LONDON (Alliance News) - Imperial Leather soap maker PZ Cussons PLC said Tuesday that tough trading conditions in Nigeria led to an overall drop in annual profit and revenue.
The consumer products group recorded a pretax profit of GBP66.6 million for the year ended May 31, down from GBP86.5 million in the same period a year ago, on a revenue of GBP762.6 million and GBP809.2 million, respectively.
The drop in earnings was mainly attributed to lower volumes, prices and margins in Nigeria due to a sustained lack of liquidity at both consumer and trade level in the country.
PZ Cussons has commenced group wide initiatives to strengthen brand portfolios and reduce cost base. It expects macro conditions to remain challenging in most of its operating markets. Commodity costs and exchange rates are also expected to remain volatile.
The company has declared a final dividend of 5.61 pence per share, making a total of 8.2p, unchanged from last year.
Shares in PZ Cussons were 2.7% lower at 211.90p each on Tuesday.
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