PZ Cussons Plc (LON: PZC), a leading international consumer products group, today issued the following trading update in respect of the year ended 31 May 2019.
Full year profit expectations remain in line with the guidance issued at the time of the interim results in January, and reiterated again in the April trading update, with profit before tax and exceptional items for the year expected to be close to £70m.
The expected outturn for the year reflects a resilient performance in Europe and Asia driven by product innovation and renovation as well as distribution expansion, and with the Group’s beauty division performing particularly well. Performance in Africa has continued to be disappointing as a result of the macro economic situation in Nigeria and the challenging conditions at the port.
The Group’s balance sheet remains strong with net debt lower than the previous year close.
Full year results and update on strategic initiatives
Full year results will be released on 23 July 2019 together with a formal presentation to analysts and investors which will include detail on the Group’s previously indicated strategic initiatives.
Brandon Leigh, Chief Financial Officer, has resigned and has stepped down from the Board with immediate effect.
Caroline Silver, Chair of PZ Cussons, said:
“The Board wishes to express its thanks to Brandon for the significant contribution which he has made to PZ Cussons over 22 years with the business. He was appointed to the Board in 2006 and has played a leading role in the Company’s development since that time. We wish him all the very best for the future.”
Pending the appointment of a new Chief Financial Officer, Mr Leigh’s responsibilities will be assumed by Alan Bergin, currently Commercial Finance Director on the Company’s Executive Leadership Team, supported by the Chief Executive Officer.