PZ Cussons Plc (PZC) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good morning everyone and welcome. Thank you to those who have joined us in person and to those who are on the line. Today Sarah and I will update you on our results for the financial year ending May 31st 2024 and provide some colour on the strategic steps we are taking. Let's take a look then at what we'll cover this morning. I'll start with some overall comments before Sarah takes us through the financials in more detail. I'll then provide an update on our strategic progress and the key priorities for FY25 before handing over to you in the room and on the line for Q&A. So let me start with some overall comments on our journey to transform PZ Customs into a business with stronger brands and a more focused portfolio. First of all, we have executed against the strategic priorities we set out last year to make continued operational progress, strengthening business fundamentals and driving in-market performance. I'll go through this in more detail later, but it is important to note up front that we have had to deal with the challenges of operating in Nigeria. While our reported numbers are obviously heavily impacted by the 70% devaluation in the Nigerian Naira, we have delivered operating profit in line with our guidance. We have clearly flagged this before, and Sarah will take you through the detail of the impact on our numbers. Later, I will cover the comprehensive actions we have taken and continue to take to mitigate the risk involved while sustaining competitive operations on the ground. Secondly, alongside the operational progress and following a detailed strategic review, we announced plans in April to reduce the complexity of our operations and to mitigate risk, thereby enabling us to maximise shareholder value in the years to come. As we announced this morni...