PZ Cussons (PZC.L) posted a first half pretax loss of 94.2 million pounds compared to profit of 40.5 million pounds, last year. Loss per share was 10.84 pence compared to profit of 5.84 pence. Adjusted pretax profit declined to 26.1 million pounds from 34.5 million pounds. Adjusted basic earnings per share was 4.32 pence compared to 5.16 pence.
For the half year to 2 December 2023, revenue was 277.1 million pounds compared to 336.9 million pounds, prior year. Like for like revenue growth was 2.2% driven by price/mix improvements of 7.0% and a 4.8% decline in volume.
The Group now expects fiscal 2024 adjusted operating profit, at reported rates of exchange, to be in the range of 55 million pounds-60 million pounds.
The Board has elected to pay an interim dividend of 1.50 pence. The dividend will be paid on 4 April 2024 to shareholders on the register at the close of business on 8 March 2024.
Jonathan Myers, CEO, said: "The macroeconomic developments in Nigeria would be the key determinant of the FY24 results. Whilst we continue to make good progress in managing this volatility, the further devaluation in recent weeks will inevitably impact our FY24 results. As a Board, we have taken the prudent step to reduce the interim dividend in light of the devaluation."
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