PZ CUSSONS PLC AGM Trading Statement (5351N)
25 Septiembre 2019 - 01:00AM
UK Regulatory
TIDMPZC
RNS Number : 5351N
PZ CUSSONS PLC
25 September 2019
PZ Cussons Plc
("PZ Cussons" or the "Group")
AGM Trading Statement
PZ Cussons Plc, a leading international consumer products group,
issues the following trading update in advance of its Annual
General Meeting, to be held at 10:30 a.m. today:
Q1 Headlines
-- Early progress on the implementation of new Group strategy
with disposal of food business in Greece and local Polish personal
care brand Luksja for over GBP50m.
-- Key markets continue to be impacted by consumer fragility,
with the Nigerian economy remaining depressed, uncertainty in the
UK and highly competitive markets in Australia.
-- Balance sheet remains strong with cash generation in line with expectations.
Q1 Regional Revenue Performance
In Europe & the Americas, there was some encouraging
progress in our core brands. In the US our Beauty category
continued to perform well in the market. The UK Personal Care
brands were impacted by consumer uncertainty and heavy promotional
activity, leading to lower revenue.
Asia Pacific revenue declined versus the prior year. Continued
good growth in Indonesia was offset by increased promotional spend
in Australia across all categories.
Africa revenue continued to decline albeit at a slower rate
compared to last year. Good growth in the Electricals category and
selected premium brands was offset by the decline of value brands,
primarily in Home Care.
Outlook
We anticipate market conditions will remain challenging across
our key geographies for the balance of the first half of the year.
Improvement is anticipated in the second half of the year, as
planned marketing activities behind our focus brands and overhead
reduction programmes take effect. The strategic refocusing and
simplification of our activities will continue.
We expect the full year results to be in line with prior year,
adjusted for the impact of disposals, but dependent on no further
worsening in our key markets, specifically the UK and Nigeria.
- Ends -
Press enquiries
PZ Cussons
Alan Bergin (Interim Chief Financial
Officer) 0161 435 1236
Instinctif
Tim Linacre / Guy Scarborough 020 7457 2020
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END
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