Cussons sees profit in line, despite Nigeria currency

Manchester consumer products company PZ Cussons plc said it expected full-year results in line with expectations, despite problems caused by the devaluation of Nigeria’s currency, which has reduced earnings. 

The maker of Carex and Imperial Leather soap said it expects to report full-year revenue of about £528 million, despite a 23% adverse movement in the value of the Nigerian Naira since the company’s last trading update in April. It said it expects to report adjusted operating profit in the region of £55 million to £60 million, in line with previous guidance. 

On 24 April, Cussons announced its plan to maximise shareholder value from a portfolio transformation, following a strategic review of brands and geographies, including its African operations amid ongoing issues in Nigeria.

The Group will report full year results on 18 September.