PZ Cussons, the personal care group that owns brands such as Imperial Leather and Carex, has revealed that its sales are growing again after recording a 19.6% slump during its last financial year.
Back in September, the group’s annual results showed income from its operation in Nigeria had been impacted by a significant devaluation of the Naira currency against sterling.
Ahead of its annual general meeting today, PZ Cussons said it expects to report like-for-like revenue growth of approximately 5% for the first half of its current financial year.
The group noted that this reflects a continuation of the favourable trends led by growth in the UK and more pricing shifts in Africa due to further FX-driven inflation. Sales in its Asia-Pacific unit declined slightly, with continued improvement in Indonesia offset by some category softness in Australia and New Zealand.
Meanwhile, PZ Cussons reiterated that it was progressing with the sale of its St.Tropez brand and discussions with interested parties that could lead to the partial or full sale of its troubled African business.
In April, the group revealed that it planned to offload the St. Tropez self-tanning brand as part of a wider reorganisation that will allow it to invest in the business and pay down debt.
PZ Cussons said today that its debt was expected to be less than £160m at the end of November, compared to £167m in May. It noted that it was also taking action to reduce the impact of currency volatility in relation to intercompany loans to its business in Nigeria.
