THE WHAT? PZ Cussons has announced its preliminary results for FY2023. The manufacturer of St Tropez said that it has delivered its third year of like-for-like revenue growth and made continued strategic progress, despite a challenging external backdrop.
THE DETAILS Indeed, like-for-like revenue rose 6.1 percent yoy for the 12 months ended May 31, 2023, hitting £656.3 million, helped by the first full year of ownership of Child’s Farm. Profit before tax was up 12.6 percent for a total of £74.1 million.
Performance in FY24 to date has been in line with expectations, PZ Cussons said, and it expects to deliver a fourth consecutive year of Group LFL revenue growth.
THE WHY? Jonathan Myers, Chief Financial Officer, commented, “We have delivered a third consecutive year of like for like revenue growth and increased operating profit by over 10% since launching our strategy nearly three years ago. We have achieved these improvements by investing in our brands and capabilities, serving cost-conscious consumers better with targeted innovation and productivity initiatives helping us to reduce complexity across the Group. In FY23 sustained momentum in our ANZ business and the return of the UK Personal Care business to growth by the end of the year demonstrated our ability to improve and sustain business unit performance even in a year when we had to absorb further significant cost inflation.”