THE WHAT? PZ Cussons has reported that trading in Q4 has remained in line with expectations, with the company anticipating reporting Group revenue for the year to approximately £590 million, with full year like for like (LFL) revenue growth of 3% and Q4 LFL growth of 7%.
THE DETAILS According to a statement, “We continue to see good revenue momentum on our Must Win Brands, which grew 4% in Q4. This sequential improvement reflects the ongoing benefit of marketing and executional focus, a normalising of the supply challenges for US Beauty, and a significantly lower rate of decline in Carex, as the demand for the Hand Hygiene category in the UK normalises following the COVID pandemic.”
THE WHY? Growth is said to continue to be driven primarily by improvements in price/mix, with limited impact on volumes.
The company has maintained its expectations for FY22 Adjusted Profit Before Tax.
Jonathan Myers, Chief Executive Officer, said: “As we close our first full financial year under our new strategy, ‘Building brands for life. Today and for future generations’, I am pleased with the significant progress made in returning the business to sustainable, profitable revenue growth. With a new team in place, we have re-focused on the core job of building brands and have started to unlock value through dramatically reducing complexity in our business.
“The trading environment continues to be challenging, with high input cost inflation and pressures on household budgets. We have plans in place to mitigate the impact of this, as we continue to deliver great value for consumers, whilst also investing behind more premium innovations. The recent introduction of our new portfolio brand, Cussons Creations, for the value-conscious consumer, alongside the re-launches of Sanctuary Spa and Imperial Leather, are good examples of such initiatives. They have been well received by customers and have allowed us to secure significant distribution gains.
“We have great brands and great people and, whilst there is more to be done to deliver against our strategy, we remain excited by the long-term opportunities ahead of us.”