PZ Cussons hit by £17 million charge in Nigeria

PZ Cussons hit by £17 million charge in Nigeria

PZ Cussons has released a trading update for the year ended May 31, 2016, revealing that it expects an exceptional charge of £17 million in relation to settling a bought forward dollar liability in Nigeria.

The charge will be accounted for as it is realized, with around £7 million being lifted from the coffers for the year ended May 31.

The group revealed that performance has been in line with expectations, with strong results in Europe and Asia off-setting more difficult trading conditions in Africa.

Nigeria is PZ Cussons second largest market, accounting for 25 percent of group profits.

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