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(Sharecast News) - Imperial Leather maker PZ Cussons said on Wednesday that full-year results are expected to be in line with the previous year amid "challenging" market conditions.
In a statement ahead of its annual meeting, the company said its key markets continue to be hit by consumer fragility, with the Nigerian economy remaining depressed, uncertainty in the UK and "highly competitive" markets in Australia.
Cussons noted some "encouraging" progress in its core brands in Europe and the Americas, while in the US, its beauty category continued to perform well.
In the UK, however, the performance of its personal care brands was dented by consumer uncertainty and heavy promotional activity, leading to lower revenue.
Revenue in Asia Pacific fell versus the previous year, with continued good growth in Indonesia offset by increased promotional spend across all categories in Australia.
In Africa, meanwhile, revenue continued to drop, albeit at a slower rate compared to last year. Good growth in the electricals category and selected premium brands was offset by the drop of value brands, primarily in home care, Cussons said.
The company said its balance sheet remains strong, with cash generation in line with expectations.
"We anticipate market conditions will remain challenging across our key geographies for the balance of the first half of the year. Improvement is anticipated in the second half of the year, as planned marketing activities behind our focus brands and overhead reduction programmes take effect. The strategic refocusing and simplification of our activities will continue.
"We expect the full year results to be in line with prior year, adjusted for the impact of disposals, but dependent on no further worsening in our key markets, specifically the UK and Nigeria."
2 Apr 2025 14:18
