PZ Cussons Q1: Revenue jumps 23 percent as COVID ups demand for personal care

PZ Cussons Q1: Revenue jumps 23 percent as COVID ups demand for personal care

THE WHAT? PZ Cussons has announced its results for the first quarter of the current fiscal year. In the three months to August 31, 2020, the UK-based manufacturer of St Tropez and Imperial Leather saw revenue jump 23 percent.

THE DETAILS The company saw revenue growth in all regions, with Africa (+13 percent) and Europe & Americas (+49 percent) the strongest performers.

Growth was driven, said PZ Cussons, by the personal care category thanks to high demand for hand wash and hand sanitizer, while beauty continues to recover with revenue modestly ahead of last year, driven by strong online performance.  

THE WHY? Jonathan Myers, Chief Executive Officer commented, “The first quarter results have given us a good start to the year with growth in all three regions and an improvement in profitability. The majority of our Focus Brands are now in growth, led by Carex in the UK. In the second quarter we plan to increase investment further in building our brands and capabilities. We are currently in a process to examine and evolve our strategy to deliver sustainable top line growth and improved operating margin.

However, he cautioned, “The operating landscape remains highly volatile with many of the economies we operate in moving into recession, the continuing uncertainty of the COVID-19 pandemic and categories remaining highly competitive with pressure on discounting and cost. While it remains very difficult to forecast and give guidance we expect some adverse headwinds for the rest of the year following this good start.”

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