22nd Sep 2015 07:07
LONDON (Alliance News) - PZ Cussons Tuesday said that the group's performance in its most recent trading period was in line with expectations, and said that its financial position remains strong as it makes progress in a challenging market.
The consumer products group said that trading in the UK was strong in the period from June 1 to September 21, driven by the washing and bathing and beauty divisions, while Poland and Greece performed in line with expectations.
In Asia, weakening exchange rates led to an increase in local costs and poor translation into sterling, although revenue growth in Indonesia was strong.
Africa saw a good performance in personal care, home care and food and nutrition, which offset a more difficult trading environment for bigger ticket electrical items.
"Ongoing challenges relate principally to weakening exchange rates, particularly in Australia, Indonesia and Nigeria where imported inflation is affecting margins as well as consumer disposable income. In Nigeria, the tightening in foreign currency rules is also restricting dollar availability for certain items. The strength of the group's new product pipeline and the success of recent product launches leave the group well placed to counter these challenges. The group's balance sheet remains strong and well placed to pursue new opportunities as they arise," the company said in a statement.
PZ Cussons is holding its AGM at 1030 BST on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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