Business
Trading Statement
Trading Statement.
About this update from Pz Cussons Plc
[{"type":"text","content":"\n\n26 June 2024\nTrading Statement\n \nPZ Cussons plc (\"PZ Cussons\" or the \"Group\") announces that trading in the final quarter of the financial year, which ended on 31 May, was in line with management expectations.\n \nThe Group expects to report FY24 revenue of approximately £528 million. Despite a 23% adverse movement in the value of the Nigerian Naira since our Q3 trading update in April [1], the Group expects to report adjusted operating profit in the region of £55-60 million, in line with previous guidance. Gross debt as at 31 May 2024 is also expected to be comfortably within the guided range of £160-180 million. Surplus cash in Nigeria is minimal as a result of prioritising the continued repatriation of cash.\n \nOn 24 April 2024 the Group announced its plan to maximise shareholder value from a portfolio transformation, following a strategic review of brands and geographies. An update will be provided when appropriate.\n \nThe Group will report full year results on 18 September.\n \n[1] NGN/GBP rate of 1,893 as at 31 May compared to a rate of approximately 1,450 on 24 April\n\nContact details\nInvestors \nSimon Whittington - IR and Corporate Development Director\n+44 (0) 77 1137 2928\nMedia\nHeadland [email protected]\n+44 (0) 20 3805 4822\nSusanna Voyle, Stephen Malthouse, Charlie Twigg\n Notes to Editors\nSummary of foreign exchange rates used\nThe Naira has devalued by approximately 70% as at 31 May 2024 compared to 31 May 2023, as shown below.\n\n\n\n\nNGN/GBP\n\n\nFY23\n\n\nFY24\n\n\n\n\nRate used for P&L\n\n\n536\n\n\n1,257\n\n\n\n\nRate used for balance sheet\n\n\n577\n\n\n1,893\n\n\n\n\n \nAbout PZ Cussons\nPZ Cussons is a FTSE 250 listed consumer goods business headquartered in Manchester, UK. We employ over 2,600 people across our operations in Europe, North America, Asia-Pacific and Africa. Since our founding in 1884, we have been creating products to delight, care for and nourish consumers. Across our core categories of Hygiene, Baby and Beauty, our trusted and well-loved brands include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh, Original Source, Premier, Sanctuary Spa and St.Tropez. Sustainability and the wellbeing of our employees and communities everywhere are at the heart of our business model and strategy, and ca...