Pz Cussons Share News (PZC)

LONDON (Alliance News) - Stock prices in London are seen opening higher on Tuesday as the pound drifted lower ahead of the Commons debate on UK Prime Minister Theresa May's 'Plan B' for Brexit.MPs will debate and vote on a series of amendments to the EU Withdrawal Act, starting Tuesday afternoon.In early UK company news, fund supermarket Hargreaves Lansdown blamed Brexit uncertainty as it turned in a mixed first-half performance, and soap maker PZ Cussons continued to be plagued by problems in Nigeria and is looking to reduce its exposure to the west African country as a result. IG futures indicate the FTSE 100 index is to open up 23.10 points at 6,770.20. The blue chip index closed down 62.12 points, or 0.9%, at 6,747.10 on Monday. Wealth manager Hargreaves Lansdown reported a drop in net new business and assets under administration amid "geopolitical uncertainty, market volatility and weak investor confidence". For the six months ended December 31, pretax profit was up 4% to GBP153.4 million from GBP146.9 million a year before, and net revenue increased 9% to GBP236.4 million from GBP216 million. However, net new business fell 24% to GBP2.53 billion from GBP3.34 billion a year before and total assets under administration was down 0.2% to GBP85.9 billion on December 31 from GBP86.1 billion a year before. Hargreaves raised its interim dividend 2% to 10.3p from 10.1p last year. The company added that it remains committed to paying special dividends when possible."Brexit is on the horizon, and until certainty is reached, it will continue to impact markets and consumer confidence. Financial decision making becomes trickier and clients can become reluctant to invest more in volatile markets and prefer to sit on the side-lines. As we have done already, throughout the whole Brexit process, we will keep clients updated on our views, potential scenarios and impacts. We will also ensure that we have sufficient resources in place in order to help clients at the critical moments. For many clients, however, their investment goals are long-term and they remain willing to invest and look to us for guidance in such times," said Hargreaves Chief Executive Chris Hill. PZ Cussons said it continued to make progress in Europe and Asia but said macroeconomic conditions in Nigeria remain "extremely challenging" and has dented its overall performance. It said it may streamline its portfolio as a result to "limit exposure to volatility in Nigeria".For the half year ended November 30, pretax profit fell 20% to GBP26.7 million from GBP33.5 million the year before and revenue fell 10% to GBP335.1 million from GBP373.9 million last year. Adjusted pretax profit was down 1.5% to GBP32.8 million from GBP33.3 million last year. As a result of its woes in Nigeria, the company said adjusted profit before tax for the full year is now expected to be towards GBP70 million. This includes an estimated GBP5.5 million hit as a result of port disruption in the country. PZ Cussons attributed its challenges in Nigeria to a weak consumer environment, higher supply chain costs and a lower exchange rate which contributed to lower prices, volumes and margins.PZ Cussons held its interim dividend at 2.67p."We anticipate that consumer demand in all our key markets will remain subdued. Whilst these conditions prevail, we will maintain our strong market shares in key product categories in Nigeria until growth returns to the market. In Personal Care and Beauty across Europe and Asia, identified as sources of growth for the group, we will continue to prioritise higher investment levels behind carefully targeted key brand and market opportunities. Furthermore, the board has approved specific strategic initiatives which will streamline our portfolio of activities and limit exposure to volatility in Nigeria, with more information to be provided in due course," said Chair Caroline Silver. Domino's Pizza said it saw a strong performance in the UK in the fourth quarter but some weaker sales in some international markets. As a result it said it full-year underlying pretax profit will be at the lower end of the range of GBP93.9 million to GBP98.2 million.For the 13 weeks to December 30, system sales were up 5.5% to GBP339.5 million from GBP321.8 million last year and sales in the UK & Ireland were up 6.2% to GBP312.9 million. Like-for-like UK sales growth was up 4.5% and in Ireland was up 7.5%. However international system sales were down 2.0% to GBP26.6 million from GBP27.1 million last year. "Our international businesses offer significant long-term potential, but we have experienced growing pains this year, particularly in Norway, where we have faced business integration challenges. Looking ahead, we will invest further in robust teams and infrastructure in our newer markets, to create a solid platform for profitable growth," said CEO David Wild. The pound was marginally lower, quoted at USD1.3148 early Tuesday against USD1.3161 at the London equities close Monday. May faces a crucial day in the Commons that could carve the shape of Brexit, with fewer than 60 days remaining until the UK is due to leave the EU.Amid an ongoing revolt among backbenchers and her DUP allies, May has swung behind a motion amendment that would allow her to go back to Brussels and seek changes to the Irish border backstop.She will whip members of Parliament to support the amendment tabled by 1922 Committee chairman Graham Brady, which states that Parliament would be willing to support the Withdrawal Agreement reached with the EU if "alternative arrangements" were found to avoid a hard border.The dramatic move is far from guaranteed to deliver a majority for the plan after it failed to win the support of the influential European Research Group of Conservative eurosceptics, who have not ruled out voting against it.Downing Street said the PM remains committed to quitting the EU on March 29 and will take her plan back to the Commons for a second "meaningful vote" as soon as possible after Tuesday's debate."MP's will debate Theresa May's Brexit Plan B proposal. It is tipped to be similar to the withdrawal agreement proposal that was comfortably defeated in parliament two weeks ago. Time is running out for a deal to be put in place, but the currency markets seem to be overlooking the possibility of a no deal Brexit, even though that is what we are facing unless something is agreed upon," said David Madden, market analyst at CMC Markets.The Japanese Nikkei 225 index closed up 0.1%. In China, the Shanghai Composite closed down 0.2%, while the Hang Seng index in Hong Kong is down 0.2%.Trade worries also resurfaced after the US Department of Justice unsealed sweeping criminal charges against Chinese tech giant Huawei and Chief Financial Officer Meng Wanzhou.Asian stocks were broadly lower as investors looked ahead to a fresh round of US-China trade talks and the start of the FOMC meeting.In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average and S&P 500 down 0.8%, while the Nasdaq Composite closed down 1.1%. In the US earnings calendar Post-It note maker 3M and drugmaker Pfizer will report earnings before the market open in New York, while iPhone maker Apple will report after the market close. Still to come in the economic calendar Tuesday is Italy producer prices at 0900 GMT.