PZ CUSSONS PLC AGM Trading Statement (9935K)
September 28 2016 - 1:00AM
UK Regulatory
TIDMPZC
RNS Number : 9935K
PZ CUSSONS PLC
28 September 2016
28 September 2016
PZ Cussons Plc
(the "Group")
AGM Trading Statement
PZ Cussons Plc, a leading international consumer products group,
today issues the following trading update which covers the period 1
June 2016 to 27 September 2016, in advance of its Annual General
Meeting, to be held at 10:30 today.
Overview of financial performance and position
The board is pleased to announce that the overall performance of
the Group during the period has been in line with expectations. The
financial position of the Group remains strong with cash generation
during the period also in line with expectations.
Trading Update
Europe
In the UK, performance in the washing and bathing division has
been robust across the brand portfolio of Imperial Leather,
Original Source and Carex with the Group's renovation and
innovation strategy continuing to play an important role in holding
or growing market shares in a competitive trading environment.
In the beauty division, a poor summer has adversely affected
sales of St Tropez in the UK, however sales in the US have been
particularly strong. A significant number of new product launches
will take place across the portfolio of St Tropez, Sanctuary, Fudge
and Charles Worthington over the remainder of the financial
year.
Performance in the smaller markets of Poland and Greece has been
in line with expectations.
Asia
In Australia, whilst tough trading conditions are evident in all
channels, there is a strong new product pipeline in place for the
remainder of the year across all categories of personal care,
beauty, home care and food and nutrition.
In Indonesia, revenue growth has continued to be strong across
both babycare and non-babycare portfolios and performance in the
smaller markets of Thailand and the Middle East has been in line
with expectations.
Asian results are also benefiting on translation to sterling as
a result of the weaker pound.
Africa
In Nigeria, following the introduction of the new flexible
exchange rate regime in June which led to a 40% devaluation of the
naira, there has been some improvement in liquidity although the
currency has continued to weaken on both the interbank and
secondary markets.
Performance across personal care, home care, electricals and
food and nutrition has been robust in the period. The Group's
diverse brand portfolio with product offerings at all price points
is working well in an environment where the consumer is under
significant inflationary pressure.
Performance in the smaller markets of Ghana and Kenya has been
in line with expectations.
Outlook
The strength of the Group's brand portfolio and new product
pipeline is serving us well and, together with a continued focus on
costs, leaves the Group well placed to manage the challenging
trading conditions that exist in most markets.
The Group's balance sheet remains strong and well placed to
pursue new opportunities as they arise.
A further trading update will be made on 15 December 2016.
Enquiries:
PZ Cussons Plc Tel: 0161 435 1236
Brandon Leigh
Instinctif Tel: 020 7457 2020
Tim Linacre / Guy Scarborough
This information is provided by RNS
The company news service from the London Stock Exchange
END
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