PZ Cussons still expecting profits growth this year

Tough trading conditions in Nigeria and Australia plus soaring raw material costs took the shine off results for PZ Cussons, the 'Imperial Leather' soap maker.

Tough trading conditions in Nigeria and Australia plus soaring raw material costs took the shine off results for PZ Cussons, the 'Imperial Leather' soap maker.

For the year to May 31st profit before tax and exceptional items was down 15.2%, in line with guidance issued at the time of the group's profit warning in March, to £92.3m from £108.9m the year before. Sharp increases in raw material costs, estimated at £25m year-on-year, and unfavourable market conditions in Australia and Nigeria, put a serious dent in profits. Currency movements wiped off around £2m from profits. The market had pencilled in a figure of £88.8m for adjusted profit before tax.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.