PZ Cussons said trading in most of its markets was challenging, but that it was confident of a return to profitable growth in the current financial year.
In a trading update the Imperial Leather soap maker said performance for the first half of the year had been in line with management expectations.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, the firm said profits had increased by around 10% compared to the year before.
This was driven in particular by an improvement in the profitability of its Australian business and a robust performance in the UK.
"The group's focus remains on new product development and further margin improvement," the statement said.
"Raw material cost trends are expected to be favourable this year and the benefits of the supply chain optimisation project are also beginning to be seen."
-
The most likely outcome of the AI boom is a big fallOpinion Like the dotcom boom of the late 1990s, AI is not paying off – despite huge investments being made in the hope of creating AI-based wealth
-
What we can learn from Britain’s "Dashing Dozen" stocksStocks that consistently outperform the market are clearly doing something right. What can we learn from the UK's top performers and which ones are still buys?
