Business
Interim Management Statement
Interim Management Statement.
About this update from Pz Cussons Plc
[{"type":"text","content":"\n \nRNS Number : 3075S PZ CUSSONS PLC 23 September 2014 \n \n\n23 September 2014\nPZ Cussons Plc\n(the \"Group\")\n \nInterim Management Statement\n \nPZ Cussons Plc, a leading international consumer products group, today issues the following interim management statement which covers the period 1 June 2014 to 22 September 2014, in advance of its Annual General Meeting, to be held at 10:30 today.\n \nOverview of financial performance and position\n \nThe board is pleased to announce that the performance of the Group during the period has been in line with management expectations. The financial position of the Group remains strong with cash generation during the period also in line with management expectations.\n \nTrading Update\n \nEurope\n \nIn the UK, performance in the washing and bathing division has been strong despite challenging trading conditions, driven by an exciting innovation pipeline including the relaunch of the entire Imperial Leather range during the period. \n \nThe beauty division has performed well across its key markets of UK, US and Australia, with St Tropez's performance continuing to be boosted by Kate Moss as brand ambassador.\n \nPerformance in the smaller markets of Poland and Greece has been in line with expectations.\n \nAsia\n \nIn Indonesia, good progress has been made in expanding the babycare portfolio as well as building non-babycare brands such as Original Source.\n \nPerformance in Australia has been good across the categories of Home Care, Personal Care, Beauty and Food & Nutrition. The acquisition of Australian food brand 5:AM, which completed in early August for £44.1m in cash, has shown pleasing performance to date with growth in line with expectations. The international expansion of Rafferty's Garden, acquired last year, will commence shortly with the launch of the range into the New Zealand market.\n \nTrading in Thailand and the Middle East has also been in line with expectations.\n \nAfrica\n \nIn Nigeria, disruption in the north of the country has continued to worsen, resulting in a decline in sales in that region. Good growth has continued in the south of the country, in particular in the electrical goods business and in the two food and nutrition joint ventures. Whilst the impact of the West African...