Manchester consumer products company PZ Cussons plc reported lower full-year revenue and profit, hurt by the devaluation of the currency in Nigeria, where it has a significant market. 

The maker of Carex and Imperial Leather soap reported annual revenue of £527.9 million, down 20% from £656.3 million a year ago, and adjusted operating profit of £58.3 million, down from £73.3 million.

“The period was marked by a 70% devaluation of the Nigerian Naira, which has had significant implications on our reported financials,” said Jonathan Myers, Chief Executive Officer. “We have worked hard to mitigate the impact of this on the Group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties. Elsewhere, we significantly improved trading in our UK Personal Care business as we returned Carex to growth, maintained our momentum in ANZ, delivered a return to volume-led revenue growth in Indonesia in Q4 and led Childs Farm to a year of profitable, double-digit revenue growth.”

Looking ahead, the company said that assuming that the average foreign exchange rates for the first quarter of this financial year remain steady for the rest of the year, it expects to report operating profit in the range of £47 million to £53 million for the year. 

Separately, it said John Nicolson, Non-Executive Director and Senior Independent Director, has decided to retire and will not stand for re-election at the Company’s Annual General Meeting on 21 November 2024.