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(Alliance News) - Personal care products maker PZ Cussons PLC on Thursday said third quarter revenue fell but its Carex hand wash and sanitiser brand benefitted from increased demand due to the Covid-19 pandemic.
In what was a largely qualitative update for the three months to February 29, PZ Cussons said its third quarter revenue declined year-on-year, "albeit at a reduced rate compared to the first half of the year".
"Key markets continued to be impacted by consumer fragility, and towards the end of the period, the start of Covid-19 pandemic," the company explained.
The company, which also owns the Imperial Leather toiletries brand, said the rate of decline in the UK personal care division softened.
"Carex benefitted from a significant increase in demand towards the end of the quarter driven by the Covid-19 pandemic. Our Beauty category faced tough competitive conditions in the UK in particular, resulting in a decline in revenue for the quarter compared to last year," PZ Cussons said.
In the Asia Pacific region, growth in Indonesia was offset by increased promotional activity in Australia.
Third quarter revenue in Africa declined year-on-year.
The Covid-19 pandemic has painted a mixed trading picture for PZ Cussons so far.
They company said: "In the UK, we are experiencing exceptionally high demand for our Carex hand wash and sanitiser gel products and Imperial Leather soap. Our focus remains on sourcing, producing and distributing these.
"Our Beauty business has been severely impacted. St Tropez has been hit hard by the social distancing measures in place in the UK, US and across Europe. Our significant marketing activities planned for the fourth quarter have been cancelled and we expect this business to be slow to recover."
The St Tropez beauty brand offers a range of self-tanning sprays.
In Nigeria, the company said that the collapse in oil prices has heaped pressure on the country's economy, meaning trading there is likely to be dented.
"Whilst there is a high level of uncertainty regarding the full impact of Covid-19 across all of our different businesses and markets continues, at this point our guidance on profit remains within consensus, albeit at the lower end," PZ Cussons added.
Shares in the company were 1.9% lower at 176.40 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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