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PZ Cussons FY Pre-tax Profit Down 37.5%; Expects Challenging Economic Conditions

PZ Cussons Plc. (PZC.L), an international consumer products group, reported Tuesday that its profit before taxation the year ended 31 May 2019 declined 37.5 percent to 37.0 million pounds from a restated 59.2 million pounds last year.

The decline in profit was largely driven by the non-cash impairment of intangible assets. This impairment is for five:am in Australia and Nutricima in Nigeria.

Adjusted profit before tax was 69.8 million pounds, compared to 80.1 million pounds a year ago. Adjusted basic earnings per share were 13.01 pence, compared to 13.39 pence last year. The company noted that the adjusted profit was in line with expectations announced at the half year.

Profit attributable to owners of the parent for the year decreased to 26.1 million pounds from 40.3 million pounds in the prior year. Basic earnings per share were 6.24 pence, down 35.2 percent from 9.63 pence last year.

Revenue for the year declined 6.8 percent to 689.4 million pounds from a restated 739.8 million pounds in the previous year.

Looking ahead, the company said it anticipates that the current economic conditions in its key markets will remain challenging while it transitions towards a return to revenue growth.

The company's board recommended a final dividend of 5.61 pence per share, the same as last year, making a total of 8.28 pence per share for the year, also in line with the prior year.

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