PZ Cussons, the consumer-goods company known for its Imperial Leather soap and Morning Fresh washing-up detergent brands, has announced that its performance for fiscal 2024 is on track with the board’s expectations. However, it reported a decline in pretax profit for fiscal 2023 due to increased costs.
For the year ending May 31, PZ Cussons expects to achieve like-for-like revenue growth and strong operating profit growth. In fiscal 2023, the company’s pretax profit fell to £61.8 million ($75.5 million), compared to £64.5 million the previous year.
The company’s revenue, on the other hand, increased by 11% to £656.3 million. This growth was driven by a 6.1% increase in like-for-like revenue, the contribution of the Childs Farm acquisition, and favorable foreign exchange movements.
Chief Executive Jonathan Myers commented on the results, stating, “In fiscal 2023, our ANZ business showed sustained momentum, and by the end of the year, our U.K. Personal Care business returned to growth. This demonstrates our ability to improve and maintain performance, even in a year with significant cost inflation.”
To reflect the devaluation of the Nigerian naira, which is expected to negatively impact near-term performance, the board has declared a final dividend of 6.40 pence per share, consistent with the previous year.