11th Jun 2015 07:08
LONDON (Alliance News) - PZ Cussons PLC Thursday said that the group's performance in its recently-ended financial year was in line with expectations, as it did well in the UK, Australia and Indonesia, and as trading in Nigeria is stabilising.
The maker of bath products Imperial Leather and Original Source said that in the year to May 31, all brands performed well in the UK driven by a significant renovation and innovation programme, while performance in the smaller markets of Poland and Greece was in line with expectations.
Trading in Asia also performed well, it said, with the Australian business benefiting from the acquisition of organic food company five:am in August, and with strong revenue growth in Indonesia, while Thailand and the Middle East also met expectations.
In Africa, where PZ Cussons has been struggling of late due to the devaluation of the Nigerian naira, business is picking up and growth has been achieved in Nigeria, while its businesses in Kenya and Ghana also performed in line with expectations.
"Whilst trading conditions in most markets remain challenging, the group remains focused on delivering its dynamic brand renovation and innovation programme in conjunction with an ongoing cost reduction programme," PZ Cussons said in a statement.
"In the group's largest market Nigeria, whilst the naira is currently stable there remains a risk of further currency devaluation. The market is currently adjusting relative pricing and consumer spending power is likely to be impacted in the short term by the imported inflation. The group's balance sheet remains strong and well placed to pursue new opportunities for growth as they arise," PZ Cussons added.
The company said it will release its final results for the year on July 21.
Shares in PZ Cussons opened down 0.2% at 361.41 on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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