The PZ Cussons plc (LON: PZC) share price rose 3.17% after issuing its AGM trading ahead of its Annual General Meeting scheduled for today. The company noted that its trading performance remained consistent with the outlook provided during its FY23 full-year results release in September.
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The Group anticipates low-single-digit like-for-like revenue growth for the first half of FY24 (H1 FY24), with robust growth in Nigeria and ANZ, partially offset by a decline in Indonesia. The Europe and Americas business maintains overall stability, with notable momentum in the UK washing and bathing brands, although the Beauty business has declined.
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Moreover, PZ Cussons expects to achieve a robust year-on-year improvement in operating margin in H1 FY24, and it anticipates that both revenue growth and operating margin will improve in the second half of the fiscal year compared to the first half.
The company intends to provide further guidance on various financial aspects, including the effective tax rate, non-controlling interest, and net interest charge, all of which will be influenced by the trading environment in Nigeria and other developments.
PZ Cussons issued an update on its Nigeria business, underscoring its strategic progress in Nigeria, which has seen continued strength in the first half of the fiscal year. Most of the company’s brands in Nigeria have maintained or gained market share, and there have been no significant fluctuations in volume trends in recent weeks.
Despite the challenging backdrop of high inflation, the company expects to improve gross and operating profit margins in the first half of the fiscal year.
As noted in September, the shortage of US Dollars in Nigeria has posed funding challenges for the Nigerian business and cash repatriation to the Group’s holding companies. This issue was exacerbated following the Nigerian government’s liberalisation of the foreign exchange regime and the devaluation of the Naira in June 2023.
However, PZ Cussons has expedited its operational and corporate plans, allowing it to mitigate these risks in FY24. Additionally, there have been recent signs of tentative improvement in FX market liquidity.
The Nigerian business expects to meet its foreign currency requirements for daily operations, eliminating the need for further lending from the Group’s holding companies.
PZ Cussons share price.
The PZ Cussons share price rose 3.17% to trade at 141.55p from Wednesday’s closing price of 137.20p.
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