British consumer products maker PZ Cussons plc (PZC.L) on Thursday, in its interim management statement, said trading outlook for the full year 2010 remains positive and in line with expectations, despite challenging trading conditions and higher input costs. The board also added that results for the period from January 27 to April 14, 2010 were in line with management view.
The Manchester, England-based company noted that revenues and profits in the UK region continued to grow despite challenging trading conditions in supermarkets which continue to operate with high levels of promotional activity. PZ Cussons expects "significant" new product launches over the coming months to provide platform for further continued growth, and stated that the Sanctuary continues to perform well with further product launches also anticipated.
The group noted that Poland has continued to perform well, with revenues and profitability maintained at prior year levels, amid challenging economic conditions in Greece. Performance in Australia, Indonesia and the Middle East were noted to have been strong with revenues and profits ahead of the previous year.
The company said political environment in Nigeria remains stable and at economic front, liquidity continues to return to the market following the financial squeeze earlier in the year as a results of strengthening of controls in the banking sector.
Further, PZ Cussons noted that naira has remained stable against the US dollar with oil prices continuing to rise, and that performance in the period across personal care, home care and electricals continued to improve with overall profitability ahead of last year. According to the company, nutrition joint venture continues to make good progress with new UHT product sales in line with expectations.
In addition to this, the Imperial Leather, Carex soap and Original Source products maker said Project Unity in Nigeria, a GBP 39 million investment in updating manufacturing and broader supply chain facilities, is on track for completion later this year.
Going forward, the board said it anticipates trading for fiscal 2010 to remain positive and in line with expectations, despite challenging trading conditions in certain territories and input costs now rising again. The group intends to release a further trading update on June 10, 2010, after the close of the financial year.
For fiscal 2009, PZ Cussons posted an attributable profit of GBP 49.6 million or 11.56 pence per share as compared with GBP 47 million or 10.96 pence per share a year ago. Full year revenues rose to GBP 838.1 million from GBP 660.9 million in fiscal 2008.
PZC is currently trading on the London Stock Exchange at 270.20 pence per share, up 0.20 pence or 0.07%, on a volume of 10,898 shares. In the past 52-week period, the stock has been trading in a range of 154.50 pence to 294 pence.
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