Trading Statement
PZ Cussons plc (“PZ Cussons” or the “Group”) announces that trading in the final quarter of the financial year, which ended on 31 May, was in line with management expectations.
The Group expects to report FY24 revenue of approximately £528 million. Despite a 23% adverse movement in the value of the Nigerian Naira since our Q3 trading update in April [1], the Group expects to report adjusted operating profit in the region of £55-60 million, in line with previous guidance. Gross debt as at 31 May 2024 is also expected to be comfortably within the guided range of £160-180 million. Surplus cash in Nigeria is minimal as a result of prioritising the continued repatriation of cash.
On 24 April 2024 the Group announced its plan to maximise shareholder value from a portfolio transformation, following a strategic review of brands and geographies. An update will be provided when appropriate.
The Group will report full year results on 18 September.