PZ Cussons ends year as expected amid currency headwinds

26th Jun 2024 07:18

(Sharecast News) - PZ Cussons said in an update on Wednesday that trading in the final quarter of the financial year, which ended on 31 May, met management expectations.

The FTSE 250 personal care products maker said it expected full-year revenue of about £528m, aligning with prior projections despite facing a significant 23% depreciation in the Nigerian Naira since its third-quarter trading update in April.

Despite the currency headwinds, PZ Cussons said it expected to achieve adjusted operating profit in the range of £55m to £60m.

Additionally, its gross debt was projected to remain within the forecast range of £160m to £180m as of 31 May.

The group noted that surplus cash in Nigeria remained minimal, as it prioritised the repatriation of funds.

In a strategic move to enhance shareholder value, PZ Cussons announced on 24 April that it intended to undertake a portfolio transformation following a strategic review of its brands and geographical presence.

It said on Wednesday that further updates on the initiative would be provided when available.

The group said it had scheduled the release of its full-year results for 18 September.

Reporting by Josh White for Sharecast.com.