February 2, 2021
PZ Cussons 1H 2021: Revenue up but operating profit dips
THE WHAT? PZ Cussons has reported its results for the six months to November 30, 2020. The UK manufacturer of Imperial Leather saw revenue growth of 14.6 percent with growth in all regions, with revenue from its focus brands, Carex, Morning Fresh, Cussons Baby and St Tropez, rising an impressive 21.9 percent.
THE DETAILS However, reported profit from continuing operations fell 1.4 percent to £36.3 million due to the profit on the disposal of its Greek business last year and, in this year, exceptional costs primarily related to Nigeria, PZ Cussons said.
In Europe and the Americas, the group saw unprecedented growth (+32.6 percent) driven by the hand wash and hand sanitizer category but warned that demand remains volatile and competition was increasing as new brands enter the market. Modest growth was recorded in Asia Pacific (+4.2 percent) and Africa (+5.9 percent).
THE WHY? Commenting today, Caroline Silver (Chair) said, “The organisation has been stabilised in the last 12 months with the arrival of Jonathan Myers as CEO and his new management team. Our fast start to this financial year was maintained with the Group delivering strong growth in revenue and adjusted profit across all Regions, notwithstanding increased investment in marketing and organisational capabilities. In the second half of this year, with our recent strategy review moving into execution, we expect further progression in brand building, the continued turnaround of key brands and the implementation of our simplification project in Nigeria. The external environment continues to remain very challenging and volatile but we remain focused on developing our strategic plans that will benefit all stakeholders in the longer term.”
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