TIDMPZC
RNS Number : 7491D
PZ CUSSONS PLC
01 July 2021
PZ Cussons plc ("PZ Cussons" or the "Group") trading update
A year of solid progress and broad-based growth
PZ Cussons today issues the following trading update in respect
of its financial year ended 31 May 2021, in advance of the
preliminary results announcement on 22 September 2021.
Performance Highlights
-- Adjusted Profit Before Tax is expected to be ahead of
consensus (1) and the prior year
-- Revenue (2) up +7%, with all Regions and Hygiene, Baby and
Beauty categories in growth. Must Win Brands grew +11%
-- Overall gross margin improved, driven by positive price / mix
(2) in each of our core categories
-- Brand investment accelerated in H2, with the full year
increase wholly behind Must Win Brands
-- Balance Sheet remains robust. Net Debt reduced since Q3 and
lower than last year
-- Unprecedented demand for our hygiene brands at the beginning
of the COVID-19 pandemic is currently holding back year on year
revenue comparisons and, as a result, Q4 declined versus the prior
year. However, our Must Win Brands still showed strong momentum,
with Q4 growth of +7% over the two-years since FY19
-- Current trading since the end of the financial year remains
in line with management expectations
Delivering Our New Strategy - Building Brands for Life, Today
and for Future Generations
-- Further evolution and focus of the portfolio. Disposal of
Nutricima, our Nigerian milk business, in H1, and our Australian
yogurt business five:am on 4 June 2021
-- Chief Sustainability Officer and Chief Marketing
Transformation Officer to join the Executive Leadership Team early
September to lead our ESG efforts and strengthen our brand building
capabilities
Jonathan Myers, Chief Executive Officer, commented
"It's been a year of solid progress at PZ Cussons. Despite the
obvious volatility and challenges, we returned the business to
revenue growth, delivered positive price / mix to improve gross
margin and put our focus and investment back into building brands.
We rolled out our new strategy - Building Brands for Life, Today
and for Future Generations - and have already started to deliver
against it.
However, our work has only just begun. In the immediate term we
are lapping some exceptional demand levels from the peak months of
the COVID-19 pandemic, both as we ended the last financial year and
as we navigate the first quarter of this year. Along with other
consumer goods companies, we are dealing with commodity and other
cost headwinds. We are accelerating price increases and
strengthening Revenue Growth Management plans to mitigate the
impact of these headwinds and drive up price / mix to protect gross
margin and continue to invest in our brands.
In the longer term we are working to sustain the early impetus
of the turnaround over the coming years. We have much to do but I
am confident that we are building the team and the momentum to
deliver this multi-year transformation. The commitment and
determination of the PZ Cussons team around the world has been
clear for me and all to see over the past year and I am grateful
for their hard work. We have re-ignited our pioneering spirit and
are ready for the challenges and opportunities ahead."
Notes to Editors
(1) Consensus PBT GBP63-64 million
(2) Revenue growth and price / mix quoted on a constant currency basis, unless otherwise stated
Q4 figures are for the 13 weeks to 31 May 2021. Full Year
figures for the 52 weeks to 31 May 2021
Figures are unaudited, and not yet subject to review by the
Group's auditors
In light of the impact of COVID-19 on reporting and audit
procedures, and further to the Financial Conduct Authority's (FCA)
policy statement issued on 27 January 2021 and the Group's trading
update on 27 April 2021, the Group confirms it will report
preliminary results for the year to 31 May on Wednesday 22
September 2021.
The Annual General Meeting will be held in November. We will
monitor government guidance and provide details on the exact date,
location and meeting arrangements in due course.
Cautionary note regarding forward-looking statements
This announcement contains certain forward-looking statements
relating to expected or anticipated results, performance or events.
Such statements are subject to normal risks associated with the
uncertainties in our business, supply chain and consumer demand
along with risks associated with macro-economic, political and
social factors in the markets in which we operate. Whilst we
believe that the expectations reflected herein are reasonable based
on the information we have as at the date of this announcement,
actual outcomes may vary significantly owing to factors outside the
control of the Group, such as cost of materials or demand for our
products, or within our control such as our investment decisions,
allocation of resources or changes to our plans or strategy. The
Group expressly disclaims any obligation to revise forward-looking
statements made in this or other announcements to reflect changes
in our expectations or circumstances. No reliance may be placed on
the forward looking statements contained within this
announcement.
For further enquiries, please contact
Investors Sarah Pollard, PZ Cussons plc - Chief Financial
Officer 0161 435 1000
Media Tim Linacre / Guy Scarborough / Bryn Woodward - Instinctif 020 7457 2020
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END
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