PZ Cussons (LON: PZC), the Manchester-based consumer goods group behind Imperial Leather, Carex and Original Source, saw its shares fall sharply on Thursday despite reporting FY26 adjusted operating profit up 8.4%, as markets focused on a dip in earnings per share and unchanged guidance.
The shares closed Wednesday at 108.4p and fell to 102.2p in early Thursday trading, down 5.7%, within a 52-week range of 62.542p to 114p. The drop came after the stock had rallied nearly 30% in the six weeks running into results.
PZ Cussons published its final results for the year to 31 May before Thursday’s market open. Revenue rose 5.4% to £541.4m, while adjusted operating profit climbed 8.4% to £59.5m, or 24.5% excluding the contribution from the now-sold PZ Wilmar joint venture. Net debt fell by £87.0m to £25.0m, helped by £51.2m of proceeds from selling the Wilmar stake, and the Board proposed a final dividend of 2.20p, taking the total FY26 payout to 3.70p, up 2.8% and marking a return to dividend growth.
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Beneath those headlines, adjusted basic earnings per share fell 2.7% to 7.14p from 7.34p in FY25, reflecting higher minority interest from growth in Nigeria and a higher effective tax rate. The Board guided FY27 adjusted operating profit only in line with current market expectations, offering no upgrade, a measured tone that gave the market little reason to extend the pre-results rally.
Chief executive Jonathan Myers said the group had delivered a strong trading performance in FY26, with revenue growth across each of its four lead markets and each of its top ten brands.
The next test for the shares is whether trading updates through FY27 can eventually support an upgrade to guidance that, for now, has only been held rather than raised.
