PZ Cussons has announced that it expects its profits to be at the lower end of its revised range, according to a report published by The Times.
The manufacturer of Imperial Leather and Carex soaps said that, while UK consumer spending was in line with expectation, shoppers in Nigeria remained cautious. It therefore expects pre-tax profits to fall at the lower end of its revised £80 million to £85 million range, as opposed to the £100 million previously forecast.
“Wage inflation has continued to remain well behind the significant cost of inflation of recent years, resulting in consumer discretionary income under pressure with subdued buying levels. As a result, the usual peak season uplift has not materialised, resulting in volumes, prices and margins being impacted across most areas of the Nigerian portfolio,” said the company in a statement per The Times.