PZ Cussons H1 Profit Down; Sees FY Adj. Profit Towards £70 Mln

PZ Cussons Plc. (PZC.L), a consumer products group, reported Tuesday that its first-half profit before tax declined 20.3 percent to 26.7 million pounds from last year’s 33.5 million pounds.

Basic earnings per share were 4.57 pence, down 6.7 percent from 4.90 pence last year.

Adjusted profit before tax was 32.8 million pounds, compared to 33.3 million pounds a year ago. Adjusted basic earnings per share were 5.67 pence, compared to 5.62 pence a year ago.

Revenue dropped 10.4 percent to 335.1 million pounds from 373.9 million pounds last year. Revenues declined 4.6% on a constant currency basis and like-for-like basis.

The company noted that good performance in Europe and Asia was offset by extremely challenging conditions in Nigeria.

Further, the company maintained interim dividend at 2.67p per share.

Looking ahead, the company said its adjusted profit before tax for the full year is now expected to be towards 70 million pounds driven by conditions in Nigeria, including an estimated 5.5 million pounds impact as a result of significant port disruption.

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