UK personal care company PZ Cussons has reported a drop in pre tax profit for the year to May, but has suggested its confident of future growth.
The maker of Imperial Leather reported a drop of 5.3 percent to £103 million, a fall which is put down to a difficult trading period in Nigeria.
However, despite revenue rising just 0.3 percent, the company experienced a strong performance in Europe with the company stating that the results were in line with expectations.
Chairman Richard Harvey said, “These are a steady set of results, with a strong performance in Europe offsetting a very difficult trading environment in Nigeria and the impact of weaker currencies in both Asia and Africa.
“Despite these challenging trading conditions, to end the year on a constant currency basis with revenue growth of 5.9% and operating profit broadly flat is a creditable performance. It is particularly pleasing to note that the investment we have put into our European region and newly acquired Australian food businesses has been driving growth and has helped rebalance Group profits reducing the dependence on Nigeria.”
He continued, “Performance since the year end has been in line with expectations with liquidity in Nigeria beginning to improve. The Group’s focus on its values, robust long-term strategy and innovative product pipeline, provides a strong platform for future sustainable growth, and the Board is pleased to declare a further increase in the full year dividend.”