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PZ Cussons PLC on Tuesday said it will look to limit its exposure to Nigeria, with “extremely challenging” trading there continuing to hinder the Imperial Leather soap maker’s overall growth.

PZ Cussons shares were down 11% in early trade in London on Tuesday at a price of 187.58 pence each. The consumer products firm, which also makes St Tropex tanning lotion among many other personal care and home care brands, registered a 23% fall in revenue to GBP111.3 million in Africa for the six months to November.

At constant currency, revenue slipped 13% and the like-for-like decline was also 13%. Adjusted operating profit in Africa slumped 71%, or 68% at constant currency, to just GBP1.2 million.

Asia followed Africa in reporting a revenue decline, by 6.8%, or 0.7% at constant currency, to GBP95.6 million. Like-for-like revenue fell by 0.7%.

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