Consumer products maker PZ Cussons Plc (PZC.L) said Monday that the company's overall performance and position at the end of the June 1-October 4 period is in line with the Board's expectations and that profit for the period increased from last year. The company added that it remains cautiously optimistic for the full year out-turn, despite the uncertain global economy.
"During the last financial year, the Group's strategy and business model proved robust despite the global economic downturn, and this positive trading momentum has continued across the Group into the current financial year. Performance has been strong with an increase in profitability over the same period last year," PZ Cussons said in an interim management statement for the period.
The Manchester, England-based company said its performance during the period has been in line with expectations and that financial position remains strong. The company noted that cash generation during the period also was strong and as estimated, and the company continued to focus on minimizing working capital levels across the Group, following last year's significant reduction. Capital expenditure continues to be funded from operating cashflow.
The company is organized in three segments: toiletries and household products, food and nutrition and electrical goods. Its geographical segments include Africa, Asia and Europe.
In Nigeria, which is the Group's largest market, Personal Care, Home Care, Electricals and Nutrition businesses performed well during the period, in spite of the temporary tightening of liquidity in the market due to the new banking controls. The company noted that its GBP 39 million investment in Nigeria's wider supply chain capability, termed Project Unity, remains on schedule and the new national distribution center is now operational.
The company's performance in Nigeria was influenced by several factors. The political environment has remained relatively stable in the country and economically the nation continued to achieve positive GDP growth. Additionally, owing to increase in oil prices, the weakening of the exchange rate compared to the US dollar has stabilized. Also, the recent strengthening of controls in the banking sector is viewed as positive for the long term economic health of the financial system.
In the UK, the company said its strategy of launching new products targeted at UK consumers has been successful across the brand range of Imperial Leather, Original Source, Carex, Charles Worthington, Morning Fresh and The Sanctuary.
Performance in the UK has been strong and is benefiting from the new facility at Agecroft in Manchester which has been fully operational since February, the company added. The new facility provides low cost manufacturing and an integrated research and development and perfumery capability.
Performance in the group's other units has also been strong during the period, the consumer products maker said.
In late July, the company announced preliminary results for fiscal 2009, reporting a rise in profit benefiting from a 27% increase in revenues. Profit attributable to shareholders for the year increased to GBP 49.6 million or 11.56 pence per share from GBP 47.0 million or 10.96 pence per share in fiscal 2008. Pre-tax profit increased to GBP 84.4 million from GBP 76.5 million a year ago. The company generated revenues of GBP 838.1 million in the year, higher than GBP 660.9 million in the previous year.
PZC.L is currently trading at 254.00 pence, up 6.50 pence or 2.63%, on 2,585 shares.
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