14th Apr 2016 06:38
LONDON (Alliance News) - PZ Cussons PLC on Thursday said the overall performance in its most recent trading period was in line with expectations, while its outlook for the year also remains in line, but warned on difficulties in the Nigerian market.
The consumer products company, which makes brands including Imperial Leather and Carex, said
a better performance in Europe and Asia offset more difficult trading conditions in Africa in the period between January 27 and April 13.
However, it warned that while the official naira exchange rate in Nigeria continues to be stable, a lack of availability at that rate is resulting in the majority of dollars being purchased at a premium of 50-70%.
PZ Cussons said it is managing the resultant cost impact through changes to relative pricing but that trading conditions remain challenging and consumer disposable income is under pressure.
"Whilst the overall outlook for the financial year remains in line with expectations, the situation in Nigeria remains extremely fluid and is the largest variable to the year-end outturn," PZ Cussons said.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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