Last checked at 5 Jun 2008 07:00
5 June 2008
PZ Cussons Plc
(the "Group")
TRADING UPDATE
PZ Cussons Plc today issues the following trading update in respect of the year ended 31 May 2008.
Overview
PZ Cussons Plc is pleased to confirm that its results for the year ended 31 May 2008 are anticipated to be in line with expectations.
The Group is currently offsetting further significant rises in input costs through cost reduction initiatives and price increases.
Markets
Trading in the Group's largest market, Nigeria, has been strong across all our categories, namely homecare, personal care, electricals and nutrition.
In the UK, the Group's second largest market, sales have also been strong, although the group remains conscious of the difficult consumer environment.
In our other markets, trading overall has been in line with expectations.
Major initiatives
Performance of The Sanctuary, acquired in January this year, has also been in line with expectations, with both the products business and the spa performing well.
Production has now commenced at our new UK manufacturing facility in Agecroft, Manchester, with transfer of the remaining production capacity expected to be completed on schedule by the end of the calendar year. Construction of the new Innovation Centre, located on the same site, has also now begun.
In September 2007, the Group concluded the first part of a major two stage review of its Nigerian manufacturing facilities and announced an £18m investment programme. The Group has now concluded the second part of the review and today announces a further £21m investment to upgrade the soaps and detergents production facilities with expenditure to be incurred over the next three years.
Preliminary Results
Preliminary results for the year to 31 May 2008 will be announced on Tuesday 29 July 2008.
An analysts' presentation will be given at 9:30am on that day at the offices of JPMorgan Cazenove, 20 Moorgate, London, EC2R 6DA.
For further information contact:
PZ Cussons Plc Tel: 0161 491 8000
Graham Calder, Deputy Chairman, or
Brandon Leigh, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
John Olsen / Sarah MacLeod / Sarah Richardson