(Alliance News) - PZ Cussons PLC on Monday said trading in its financial fourth quarter was in line with expectations despite a challenging business environment.
The Manchester-based manufacturer of personal care brands expects revenue for the financial year that ended May 31 of GBP590 million, with full-year like-for-like revenue growth of 3% and fourth-quarter LFL growth of 7%.
PZ Cussons recorded revenue of GBP603.3 million in financial 2021. Pretax profit was GBP63.2 million, more than triple GBP18.3 million the year before.
The company said revenue at its Must Win Brands division recovered, growing 4% in the fourth quarter. Must Win Brands comprise of Carex, St Tropez, Sanctuary Spa, Premier Cool, Joy, Cussons Baby, Morning Fresh and Original Source. Back in September of last year, PZ Cussons had said Must Win Brands revenue had declined 20% year-on-year in the first quarter.
PZ Cussons said growth continues to be driven primarily by improvements in price mix, with limited impact on volumes. Its expectations for the annual adjusted pretax profit are unchanged.
Chief Executive Officer Jonathan Myers said: "The trading environment continues to be challenging, with high input cost inflation and pressures on household budgets. We have plans in place to mitigate the impact of this, as we continue to deliver great value for consumers, whilst also investing behind more premium innovations."
PZ Cussons will report its full financial year results and an outlook for the current financial year on September 22.
PZ Cussons shares were 1.0% higher at 199.40 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Pz Cussons (PZC)