REG - PZ CUSSONS PLC - 2024 Interim Results
07/02/2024 07:00
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RNS Number : 2521C PZ CUSSONS PLC 07 February 2024
7 February 2024
This release contains inside information
2024 INTERIM RESULTS
for the six months ended 2 December 2023
Jonathan Myers, Chief Executive Officer, said: "PZ Cussons is a stronger
business than when we launched our new strategy, as demonstrated by our ninth
consecutive quarter of like for like revenue growth and, on a constant
currency basis, double-digit operating profit growth in the first half of the
financial year. We have clearly had our challenges but have also delivered a
turnaround in our UK Personal Care business and put in place measures to
address the underperformance in our Beauty business.
The most significant challenge we have faced by far has been the devaluation
of the Nigerian Naira, which is today around 70% weaker than a year ago,
representing the biggest drop in the currency's history. As we set out in
September 2023, macroeconomic developments in Nigeria would be the key
determinant of the FY24 results. Whilst we continue to make good progress in
managing this volatility, the further devaluation in recent weeks will
inevitably impact our FY24 results. As a Board, we have taken the prudent step
to reduce the interim dividend in light of the devaluation.
As we look ahead we remain confident about the long-term potential for PZ
Cussons as we build a higher growth, higher margin, simpler and more
sustainable business."
£m unless otherwise stated Adjusted Statutory
H1 FY24 H1 FY23 Change H1 FY24 H1 FY23 Change
Revenue 277.1 336.9 (17.8)% 277.1 336.9 (17.8)%
LFL revenue growth ( 1 ) 2.2% 6.1% - n/a n/a n/a
Operating profit/(loss) 30.6 33.2 (7.8)% (89.7) 39.2 n.m.
Operating margin 11.0% 9.9% 110bps (32.4)% 11.6% n.m.
Profit/(loss) before tax 26.1 34.5 (24.3)% (94.2) 40.5 n.m.
Basic earnings per share 4.32p 5.16p (16.3)% (10.84)p 5.90p n.m.
Dividend per share n/a n/a n/a 1.50p 2.67p (43.8)%
See page 12 for definitions of key terms and page 13 for the reconciliation
between Alternative Performance Measures and Statutory results.
'n.m.' represents non-meaningful growth rates.
Numbers are shown based on continuing operations. With the exception of LFL
revenue growth, % changes are shown at actual FX rates.
H1 FY24 refers to the 6 months ended 2 December 2023 and H1 FY23 refers to the
6 months ended 3 December 2022.
1 Like for like revenue growth definition has been updated in H1 FY24 to
exclude revenue related to unbranded sales which represented approximately 1%
of FY23 revenue. H1 FY23 LFL revenue growth has not been re-presented but
would have been 6.6% under the revised definition.
Summary
Naira devaluation
· As indicated in previous announcements, the devaluation of the Nigerian
Naira has had a significant impact on our financial results and comparisons to
the prior year. The foreign exchange loss in the period was £88.2 million and
was wholly the result of the devaluation of the Naira which fell by 51%
between 31 May 2023 and 2 December 2023( 2 :)
o Statutory results show an operating loss of £89.7 million having been
materially impacted by these foreign exchange losses.
o Revenue declined by 17.8% (£59.8 million) to £277.1 million of which
£52.9 million was attributable to the Naira devaluation.
o Given the material financial impact of the Naira devaluation, the Board has
determined it is prudent to reduce the interim dividend by 44% to 1.50p.
2 From NGN/GBP of 577 as at 31 May 2023 to NGN/GBP of 1,176 as at 2 December
2023. Historic NGN/GBP rates are summarised on page 11.
Performance and strategic progress
· Like for like (LFL) revenue growth was 2.2% driven by price/mix
improvements of 7.0% and a 4.8% decline in volume.
· Adjusted operating profit margin increased 110 basis points (bps) with an
improvement in each of our three regions driven primarily by an increased
gross profit margin.
· Profit before tax declined by 24.3% reflecting an increased interest
charge, but the reduction in both the effective tax rate and non-controlling
interest as a result of the Naira devaluation resulted in a lower decline in
adjusted EPS of 16.3%.
· On a constant currency basis, the financial performance has been more
robust with adjusted operating profit growth of 17.2% and EPS growth of 9.0%.
· Strong cash generation with free cash flow of £20.0 million (H1 FY23:
£4.2 million) with headroom on banking facilities of £105.0 million (31 May
2023: £73.0 million) and further improvements since the period end.
· Delivery against our FY24 priorities including:
o Improved USD sourcing in Nigeria allowing for cash repatriation and a
reduction in the Group's gross borrowings.
o Turnaround in UK Personal Care performance benefitting from a focus on
executional capabilities.
o Strong growth of Childs Farm continuing to deliver on the significant
international opportunity with distribution gains in the US and Europe.
o Organisational changes under way to simplify our UK structure and
strengthen Group-wide brand-building and growth capabilities, addressing
underperformance in Beauty.
Dividend
The Board has reviewed the dividend carefully given the material devaluation
of the Naira, particularly as it is difficult to foresee a significant rebound
in the value of the currency in current circumstances. Had the exchange rate
as at 31 January 2024 been the rate used to translate the FY23 results, FY23
EPS would have been over 30% lower. As a result, the Board has determined that
it would not be prudent to pay an unchanged dividend. It has therefore
elected to pay an interim dividend of 1.50p with the objective of achieving a
cover of approximately two times for FY24.
The dividend will be paid on 4 April 2024 to shareholders on the register at
the close of business on 8 March 2024.
FY24 outlook
At our FY23 full year results in September, we noted that the Nigerian
macroeconomic environment, and the currency particularly, would be the key
determinant of FY24 results. Since then, we have experienced further
depreciation of the Naira, with the official rate falling more than 30% since
our balance sheet date of 2 December. As a result, we now expect FY24 adjusted
operating profit, at reported rates of exchange, to be in the range of £55-60
million( 3 ).
3 Compares to prevailing consensus operating profit range of £61.5-68.2m as
at 21 September 2023
For further information please contact:
Investors
Simon Whittington - IR and Corporate Development Director +44 (0) 77
1137 2928
Media
Headland PZCussons@headlandconsultancy.com
(mailto:PZCussons@headlandconsultancy.com)
+44 (0) 20 3805 4822
Susanna Voyle, Stephen Malthouse and Charlie Twigg
Investor and Analyst conference call
PZ Cussons' management will host a presentation for analysts and institutional
investors at 9.00 am UK time to present the results and provide the
opportunity for Q&A. The event will be held at:
Deutsche Numis UK
45 Gresham Street
London
EC2V 7BF
A webcast of the presentation is available at the link below and will also be
available via our corporate website: www.pzcussons.com
(http://www.pzcussons.com) .
Audience Webcast link:
https://www.investis-live.com/pzcussons/65ae81394f87571200b92b11/jges
Dial in: +44 20 3936 2999
Access code: 938419
Notes to Editors
About PZ Cussons
PZ Cussons is a FTSE 250 listed consumer goods business headquartered in
Manchester, UK. We employ over 2,600 people across our operations in Europe,
North America, Asia-Pacific and Africa. Since our founding in 1884, we have
been creating products to delight, care for and nourish consumers. Across our
core categories of Hygiene, Baby and Beauty, our trusted and well-loved brands
include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh,
Original Source, Premier, Sanctuary Spa and St.Tropez. Sustainability and the
wellbeing of our employees and communities everywhere are at the heart of our
business model and strategy, and captured by our purpose: For everyone, for
life, for good.
Cautionary note regarding forward-looking statements
This announcement contains certain forward-looking statements relating to
expected or anticipated results, performance or events. Such statements are
subject to normal risks associated with the uncertainties in our business,
supply chain and consumer demand, along with risks associated with
macroeconomic, political and social factors in the markets in which we
operate. Whilst we believe that the expectations reflected herein are
reasonable based on the information we have as of the date of this
announcement, actual outcomes may vary significantly owing to factors outside
the control of the PZ Cussons Group, such as cost of materials or demand for
our products, or within our control such as our investment decisions,
allocation of resources or changes to our plans or strategy. The PZ Cussons
Group expressly disclaims any obligation to revise forward-looking statements
made in this or other announcements to reflect changes in our expectations or
circumstances. No reliance may be placed on the forward-looking statements
contained within this announcement.
GROUP REVIEW
Introduction from our Chief Executive Officer
It was nearly three years ago that we launched our new strategy and we are,
overall, making good progress as we build brands to better serve consumers. In
doing so, we will ultimately transform the Group creating value for all
stakeholders. The business has now delivered nine consecutive quarters of LFL
revenue growth and adjusted operating profit for the first half of the year is
up 17% on a constant currency basis.
Particularly encouraging in the first six months of the year has been the
turnaround of the UK Personal Care business which has delivered growth in
market share, revenue and profitability. This follows an extended period of
volatility driven by Covid, cost inflation and cost of living pressures. Carex
exited the first half of the year in growth and each of our UK Personal Care
brands grew volumes in the second quarter.
Offsetting this in the first half of the year has been the devaluation of the
Nigerian Naira. Given the scale of Nigeria within our business - representing
35% of revenue and 22% of net assets in FY23 - this has had a material impact
on our earnings and our balance sheet. In addition, it has created trading
challenges in the market itself given its inflationary impacts with inflation
now at a 30-year high of 29% ( 4 ).
We are continuing to navigate these challenges effectively with both
operational and corporate interventions. However, given the size of our
business in Nigeria and the ongoing macroeconomic uncertainty, we believe the
prudent course of action is to reduce our interim dividend by 44%.
Longer-term, we will continue to simplify and strengthen our business in
Nigeria in order to capture the longer-term opportunities that the market
offers.
Elsewhere, we also know we have much more to do. The performance of our Beauty
brands, even after allowing for some intentional volume reductions to protect
margin, has fallen short of our expectations in recent months and we have
already taken action to address this. Trading in Indonesia has been soft in
the half largely due to pressures on the consumer, however we remain confident
in the long-term prospects for the market and are confident that our
innovation plans will support a return to growth over the coming months.
Meanwhile, we see good progress in the UK as noted above and continued solid
growth from Australia as Morning Fresh continues its expansion 'beyond the
sink'.
4 Source: 28.9% based on Central Bank of Nigeria, December 2023.
Our strategic progress: Building brands for life. Today and for future
generations.
In the first half of the year, we have made good progress against our strategy
which is centred around five choices: Build Brands, Serve Consumers, Reduce
Complexity, Develop People and Grow Sustainably. For FY24 specifically, we
have established four clear priorities for the business focusing on the most
urgent activity whilst investing resources into longer-term opportunities.
#1: Further simplifying and strengthening Nigeria
We have continued to improve our sourcing of US Dollars and, as previously
noted, our local business expects to be able to continue to meet its needs for
the foreign currency required for day-to-day operations thereby eliminating
further lending from the Group's holding companies. Furthermore, we
repatriated £13 million by the end of November and are working to repatriate
further cash by the end of the financial year.
Our transaction to de-list and buy out minority shareholders in Nigeria will,
once complete, further simplify and strengthen our business in Nigeria. We
continue to target completion by the end of the financial year although this
is subject to a number of local approvals.
#2: Returning the UK to sustainable, profitable growth
Our UK Personal Care business, comprising primarily Carex, Imperial Leather,
Cussons Creations and Original Source, has seen a turnaround in performance in
H1 FY24, with increased market share, revenue and profitability. This is the
result of a strengthened leadership team and a more determined focus on
building back several core executional capabilities. Looking ahead, there
remains significant opportunity to regain previous levels of profitability in
UK Personal Care and, as described below, we see opportunity to improve
performance of our other UK brands which have previously been managed as part
of our Beauty organisation.
#3: Driving further expansion from the core
Childs Farm continues to grow strongly and we have recently gained further
distribution in key German retailers. Our US launch is on track with Amazon
sales increasing rapidly. We expect to secure new listings in premium regional
retailers before the end of this financial year.
Our recent launch of Imperial Leather in Thailand continues to go well
benefitting from significant local influencer coverage and broader social
media activity.
The launch of Morning Fresh into the Australian auto dishwash market has
contributed positively to our revenue in the period, as part of the brand's
longer-term ambition of growing 'beyond the sink'. The auto dishwash market is
broadly double the size of the hand dishwash market and is growing at
approximately twice the rate.
Following its launch in July 2023, Original Source in Spain continues to build
momentum in a highly competitive market. The launch campaign has been strong,
achieving good social media coverage and consumer engagement. We expect to
reach over 1,500 listing points over the coming months and have secured
listings with Carrefour amongst others. The sector in Spain is worth around
£300m ( 5 ) and is Europe's third largest bath and shower gel market,
signalling the strength and ambition of the brand to continue to grow.
( 5 Euromonitor)
#4: Continuing to transform capabilities
As part of our continued efforts to transform the capabilities of the Group,
we have made a fundamental change to our organisational structure as we
reorganise and simplify our UK business while strengthening our overall Group
brand-building and innovation capabilities. These measures are designed to
address the recent under-performance of our Beauty business and to accelerate
growth more widely around the Group.
Firstly, we have appointed one leader across the combined UK business compared
to the previously-separate Personal Care and Beauty approach. These business
units have historically had two leadership, two commercial and two support
teams, resulting in significant duplication of effort. The change will drive
significantly greater scale and faster decision-making, with one team and one
'face to the customer' as we share best practice and pool our understanding of
customers, consumers and the categories.'
Secondly, we are strengthening further our brand-building capabilities,
particularly behind our brands with the most growth potential. We have created
a dedicated team under Paul Yocum, previously Managing Director of Business
Development, in the new role of Chief Growth and Marketing Officer. Over the
coming months, we will increase our resourcing of brand strategy and planning,
consumer insights, innovation and marketing capability. In doing so, we will
continue to look to drive the leverage benefits from centralising certain
activities while retaining the local insights our multi-local portfolio
footprint can provide. The team will also be responsible for overseeing our
growth markets including the US business.
Separately, we continue to invest behind the tools employed by our teams.
During the period we have brought much of our Revenue Growth Management (RGM)
activity in-house, using latest Microsoft cloud applications to drive
analytics and generate insights. Currently live in the UK, this will
ultimately be extended internationally and is expected to result in a more
cost-effective, faster and more effective RGM capability.
Summary
I would like to thank my PZ Cussons colleagues across the world for their hard
work in recent months. We are focused on creating further value from our
portfolio of brands and continuing to execute our FY24 priorities. We remain
optimistic about the longer-term potential for PZ Cussons as we build a higher
growth, higher margin, simpler and more sustainable business.
FINANCIAL REVIEW
Overview of Group financial performance
Our reported financial performance has been materially impacted by the
devaluation of the Naira, with the currency having halved in value since June
2023 (see table on page 11 for historic rates used in financial statements).
Revenue has declined by 17.8% (£59.8 million) of which £52.9 million relates
to the reduction in the value of the Naira. We are reporting a statutory
operating loss of £89.7 million primarily due to the £88.2m foreign exchange
loss primarily caused by an increase in the value of USD denominated
liabilities in our Nigerian subsidiaries and FX losses on the settlement of
these liabilities. This compares to an operating profit of £39.2 million in
the comparative period.
However, if we look at the financial performance on a constant currency basis,
adjusted operating profit grew by 17.2%. The 110bps increase in adjusted
operating profit margin reflects growth in each of our regions and is driven
primarily by an improved gross profit margin.
There was a 24.3% decline in profit before tax, however adjusted earnings per
share (EPS) declined by a smaller amount (16.3%) due to a lower effective tax
rate of 20.3%, reflecting a statutory loss in our Nigerian business and a
reduction in the Sterling value of the non-controlling interests in
Nigeria. On a statutory basis, EPS was (10.84)p (H1 FY23: 5.90p).
Our net debt as at the end of H1 FY24 of £96.7 million is equivalent to 1.1x
last twelve months (LTM) EBITDA. This compares to a net cash position of £5.7
million as at 31 May 2023. This results from the significant reduction in the
value of our large Naira denominated cash balance when translated into
Sterling. The Board considers it prudent to reduce the interim dividend to
1.50p in response to the adverse impact of the Naira devaluation on our
ongoing earnings and its effect on our balance sheet.
Performance by geography
Europe and the Americas
£m unless otherwise stated H1 FY24 H1 FY23 Growth/ (decline)
Revenue 97.2 99.5 (2.3)%
LFL revenue growth (%) (1.9)% (6.0)% -
Adjusted operating profit 12.4 9.5 30.5%
Margin (%) 12.8% 9.5% 330bps
Operating (loss)/profit (16.6) 4.1 n.m.
Margin (%) (17.1)% 4.1% n.m.
Revenue declined 1.9% on a LFL basis, with strong growth in our UK Personal
Care business and Childs Farm offset by a decline in a number of our Beauty
brands particularly Sanctuary Spa.
Our UK Personal Care business - primarily Carex, Original Source, Imperial
Leather and Cussons Creations - has delivered a significant improvement in
performance. We have seen market share gains for the portfolio as a whole for
the first time in a number of years. Original Source and Cussons Creations
have been particularly successful. Having launched less than two years ago to
address the UK's cost of living crisis, Cussons Creations has rapidly
established itself as a notable brand in the washing and bathing category,
while Original Source continues to benefit from strong marketing activity
behind its unique proposition. Carex returned to revenue growth in the second
quarter of FY24 and we expect positive momentum to be maintained in the second
half of the year. Childs Farm continues to grow strongly benefitting from
previous distribution gains, new listings announced in Germany and strong
momentum in the US with Amazon.
Sanctuary Spa was the primary driver of the overall decline in LFL revenue.
This was partly a result of a smaller but more profitable Christmas gifting
product portfolio and compares to a strong performance in the comparative
period. Nevertheless, the performance fell below our expectations due to
insufficient innovation and unsatisfactory execution. St.Tropez declined
slightly, primarily in one key US customer, although we expect improving
trends in H2 - the seasonally more important period - with stronger
innovation and a refreshed campaign with our brand ambassador, Ashley
Graham.
Adjusted operating profit margin increased by 330bps to 12.8%. This
improvement was driven by the annualisation of price increases taken in the
second half of FY23 and successful RGM activity resulting in an improved gross
profit margin. On a statutory basis, operating loss was £16.6 million
principally reflecting the £24.4 million impairment of the book value of
Sanctuary Spa.
Asia Pacific
£m unless otherwise stated H1 FY24 H1 FY23 Growth / (decline)
Revenue 88.8 102.2 (13.1)%
LFL revenue growth (%)( 6 ) (6.0)% 7.5% -
Adjusted operating profit 15.7 15.4 1.9%
Margin (%) 17.7% 15.1% 260bps
Operating profit 14.8 15.1 (2.0)%
Margin (%) 16.7% 14.8% 190bps
Revenue declined 13.1% due to a decline in LFL revenue and unfavourable FX
driven by a depreciation in the Indonesian Rupiah and Australian Dollar. On a
LFL basis, revenue declined 6.0% with continued growth in ANZ offset by a
decline in Indonesia.
Cussons Baby Indonesia declined in the first half of the year due to ongoing
category softness and a reduction in distributor stock levels which had
increased during FY23. Reflecting the long-term attractiveness of the market,
competition has remained strong, with increasing promotional intensity,
particularly in the wipes category. Our focus remains on growing higher margin
segments such as oils, lotions and creams. We have also recently launched
Cussons Baby into the warming oil segment. The segment is estimated to be used
by over 80% of Indonesian mothers offering a significant opportunity for
Cussons Baby to strengthen its leading market position in baby toiletries.
Growth in ANZ was led by Radiant, a portfolio brand, which grew double-digits.
Radiant is now the third largest brand in the laundry market, with improved
margins driven by the successful launch of laundry capsules alongside the
existing powder and liquid products. Morning Fresh has continued to grow
strongly, maintaining its nearly 50% market share and benefitting during the
period from the contribution of the auto dishwash range which launched in the
second half of FY23. Rafferty's Garden declined slightly which was principally
due to the exiting of some legacy SKUs.
Adjusted operating margin grew by 260bps due to strong growth in the ANZ gross
profit margin and reduced costs in Indonesia. On a statutory basis, operating
profit was £14.8 million with £0.9 million adjusting items related to
simplification and transformation projects as we transform our supply chain
footprint.
6 Like for like revenue growth definition has been updated in H1 FY24 to
exclude revenue related to unbranded sales which represented approximately 1%
of FY23 revenue. H1 FY23 LFL revenue growth has not been re-presented but
would have been 9.1% under the revised definition.
Africa
£m unless otherwise stated H1 FY24 H1 FY23 Growth / (decline)
Revenue 90.8 133.2 (31.8)%
LFL revenue growth (%) 17.4% 15.6% -
Adjusted operating profit 13.7 15.8 (13.3)%
Margin (%) 15.1% 11.9% 320bps
Operating (loss)/profit (62.7) 27.5 n.m.
Margin (%) (69.1)% 20.6% n.m.
LFL revenue growth of 17.4% was driven by further price/mix improvements with
twelve rounds of price increases in Nigeria since the beginning of FY24. On a
reported basis, revenue declined by 31.8% due to the Naira being approximately
44% lower on average during H1 FY24 compared to the prior year.
In Nigeria, Premier and Morning Fresh revenue grew very strongly as consumers
continued to maintain spending in non-discretionary segments such as soaps and
home care. Cussons Baby and Stella also grew very strongly, despite being more
discretionary, as we used a combination of distribution and marketing to drive
growth in both price and volume. In Cussons Baby, we have seen significant
volume growth due to our hospital educational programmes for new mothers. At
the same time, Stella - a long-lasting moisturising jelly - has benefitted
from ongoing work to extend the typical purchase period beyond the dry season,
known as Harmattan season, which occurs between November and January.
Across the Nigerian business, we have increased prices significantly in
response to the devaluation of the Naira and corresponding increase in input
costs. Although these increases have increased the premium at which our brands
are priced compared to competitors, market positions have so far been largely
maintained given the strength of our brands.
Against this inflationary backdrop, we have sought to mitigate the decline in
volumes, ensuring our products are front of mind for consumers at the point of
purchase. This has been achieved through the continued increase in the number
of stores served directly - to around 120,000 today from 97,000 as at the
end of FY23 - as well as increasing the number of 'priority' stores which
attract greater commercial focus and a wider range of products.
Electricals revenue was £34.3 million and grew 17% on a constant currency
basis as we continue to prioritise growth in price and mix, focusing on higher
margin product segments and SKUs.
Adjusted operating margin grew by 320bps. Alongside successive price
increases, improving product mix and good overall cost control, this increase
also represents an improvement in profitability of our PZ Wilmar Joint
Venture, where adjusted operating profit increased by £4.1 million to £7.8
million due to strong growth in volume and pricing. On a statutory basis, the
operating loss was £62.7 million primarily reflecting the increase in the
value of USD denominated liabilities in our Nigerian subsidiaries and FX
losses on the settlement of these liabilities.
Other financial items
Adjusted operating profit
Adjusted operating profit for the Group was £30.6 million which compares to
£33.2 million in the prior period. Adjusted operating profit margins
increased by 110bps to 11.0%. Each of our three regions contributed to the
growth in margin, primarily driven by higher gross profit margins and a strong
performance in our PZ Wilmar Joint Venture. This was partly offset by
increased central costs due to continued investment in central capabilities,
and an unfavourable FX impact.
Adjusting items
Adjusting items in the period totalled £120.3 million before tax. This
related primarily to a £88.2 million foreign exchange loss arising from the
devaluation of the Nigerian Naira. A charge of £24.4 million was incurred due
to the impairment of Sanctuary Spa, while a charge of £5.5 million relates to
costs associated with the ongoing transformation of the business including
simplification activity in Nigeria.
After accounting for these adjusting items, the operating loss for the Group
was £(89.7) million compared to an operating profit of £39.2 million in the
prior period.
Net finance expense/(income)
Net finance expense in the period was £4.5 million compared to a net finance
income of £1.3 million in the prior period. This was driven mainly by lower
interest income due to the reduction in the Sterling value of our Naira cash
balances. It was also modestly impacted by an increased interest charge due to
higher levels of Group gross debt and a higher borrowing rate compared to the
prior year.
Statutory loss before tax was £(94.2) million, £134.7 million lower than the
prior period while adjusted profit before tax was £26.1 million which was
£8.4 million lower than the prior period.
Taxation
The tax credit in the period for continuing operations was £27.2 million
compared to a tax charge of £9.2 million in the prior period. The effective
tax rate (ETR) on adjusted profit before tax decreased to 20.3% (26.6% in the
prior period) primarily due to statutory losses on our Nigeria business.
Loss for the period
Loss for the period from continuing operations was £(67.0) million which
compared to a profit of £31.3 million in the prior period. Basic
(loss)/earnings per share was (10.84)p compared to 5.90p in the prior period.
Adjusted basic earnings per share was 4.32p which compares to 5.16p in the
prior period.
Balance sheet and cash flow
Net debt as at 2 December 2023 was £96.7 million compared to net cash of
£5.7 million at 31 May 2023. The increase in net debt is wholly attributable
to the devaluation of the Naira which significantly reduced the Sterling value
of our Naira cash balance. As shown in the table below, the impact of exchange
rate changes had there been no change in Group cash or gross debt during the
half year would have changed our balance sheet from net cash of £5.7 million
to net debt of £100.2 million. During the half year, both gross debt and cash
showed reductions leaving the net debt position £3.5 million better as a
result of management actions.
£m 31 May 2023 2 December 2023
As reported in FY23 financial statements Current rates ( 7 )
Total cash 256.4 150.5 128.1
of which Naira 201.1 98.5 77.4
Gross debt (251.2) (251.2) (225.3)
Other 0.5 0.5 0.5
Net cash/(debt) 5.7 (100.2) (96.7)
Balance sheet NGN/GBP rates: 577 1,176 1,176
( 7 Rates as of 2 December 2023)
Total free cash flow was £20.0 million (H1 FY23: £4.2 million). The increase
reflects primarily an improvement in net working capital as a result of the
devaluation.
Net assets were £271.5 million compared to £422.1 million at 31 May 2023.
The reduction was mainly due to the devaluation of the Naira and represented
the FX losses on the translation of Naira denominated assets and liabilities
which went through either operating loss or equity.
During the year ended 31 May 2023 in the normal course of business, the Group
agreed a new £325 million committed credit facility which is available for
general corporate purposes. The credit facility incorporates both a term loan
and revolving credit facility (RCF) structure, with maturity dates of up to
November 2028. As at 2 December 2023, headroom on this facility was £105.0
million compared to £73.0 million as at 31 May 2023 and £93.0 million as at
3 December 2022.
Foreign exchange
The general appreciation of Sterling against our other currencies resulted in
a £64.3 million reduction to FY23 revenue as set out below.
% of FY23 Average FX rates Revenue impact
revenue H1 FY24 H1 FY23 % change (£m)
GBP 27% 1.00 1.00 - -
NGN (Nigeria) 35% 915 509 (44)% (52.9)
AUD (Australia) 14% 1.92 1.74 (9)% (4.3)
IDR (Indonesia) 11% 19,161 17,780 (7)% (3.1)
USD (USA) 7% 1.25 1.18 (6)% (0.9)
Other 6% - - - (3.1)
Total( 8 ) 100% - - - (64.3)
( 8 ) Table shows the impact of translating H1 FY23 revenue at H1 FY24 foreign
exchange rates.
Given the materiality of the movement in the Nigerian Naira in recent periods,
the rates used in recent reporting periods are summarised below.
NGN/GBP FY22 H1 FY23 FY23 H1 FY24 As at 31
January 2024
Rate used for P&L 558 509 536 915 n/a
Rate used for balance sheet 530 546 577 1,176 1,852
Glossary
Term Definition
APM Alternative performance measure.
Brand Investment An operating cost related to brand marketing (previously 'Media &
Consumer').
EBITDA Earnings before interest, taxes, depreciation and amortisation.
Employee well-being % score based upon a set of questions within our annual survey of employees.
ETR Effective tax rate.
Free cash flow Cash generated from operations less capital expenditure.
Free cash flow conversion Free cash flow as a % of adjusted EBITDA from continuing operations.
Like for like (LFL) revenue growth Growth on the prior year at constant currency, excluding unbranded sales and
the impact of disposals and acquisitions, and adjusting for the number of
reporting days in the period.
Must Win Brands The brands in which we place greater investment and focus. They comprise:
Carex, Childs Farm (acquired in March 2022), Cussons Baby, Joy, Morning Fresh,
Original Source, Premier, Sanctuary Spa and St.Tropez.
Net debt Cash, short-term deposits and current asset investments, less bank overdrafts
and borrowings. Excludes IFRS 16 lease liabilities.
Portfolio Brands The brands we operate which are not Must Win Brands.
PZ Cussons Growth Wheel Our 'repeatable model' for driving commercial execution, comprising
'Consumability', 'Attractiveness', 'Shopability' and 'Memorability'.
Revenue Growth Management (RGM) Maximising revenue through ensuring optimised price points across customers
and channels and across different product sizes.
SKUs Stock keeping unit.
Through the Line Marketing campaign incorporating both mass reach and targeted activity.
Alternative Performance Measures
The Group's business performance is assessed using a number of Alternative
Performance Measures (APMs). These APMs include adjusted profitability
measures where results are presented excluding separately disclosed items
(referred to as adjusting items) as we believe this provides both management
and investors with useful additional information about the Group's performance
and supports a more effective comparison of the Group's trading performance
from one period to the next.
Adjusted Consolidated Income Statement
Unaudited Unaudited
Half year to Half year to
2 December 2023 3 December 2022
Business performance excluding adjusting items Statutory results for the half year Business performance excluding adjusting items Statutory results for the half year
Adjusting Adjusting
items items
£m £m £m £m £m £m
Revenue 277.1 - 277.1 336.9 - 336.9
Cost of sales (167.8) (72.2) (240.0) (215.6) - (215.6)
Gross profit 109.3 (72.2) 37.1 121.3 - 121.3
Selling and distribution expense (44.5) - (44.5) (55.1) - (55.1)
Administrative expense (42.0) (45.9) (87.9) (36.7) 6.0 (30.7)
Share of results of joint venture 7.8 (2.2) 5.6 3.7 - 3.7
Operating profit/(loss) 30.6 (120.3) (89.7) 33.2 6.0 39.2
Finance income 8.3 - 8.3 4.9 - 4.9
Finance expense (12.8) - (12.8) (3.6) - (3.6)
Net finance income/(expense) (4.5) - (4.5) 1.3 - 1.3
Profit/(loss) before taxation 26.1 (120.3) (94.2) 34.5 6.0 40.5
Taxation (5.3) 32.5 27.2 (9.1) (0.1) (9.2)
Profit/(loss) for the period 20.8 (87.8) (67.0) 25.4 5.9 31.3
Attributable to:
Owners of the Parent 18.1 (63.5) (45.4) 21.6 3.1 24.7
Non-controlling interests 2.7 (24.3) (21.6) 3.8 2.8 6.6
20.8 (87.8) (67.0) 25.4 5.9 31.3
Details of adjusting items are provided in Note 4 to the condensed
consolidated interim financial statements. Reconciliations from IFRS reported
results to APMs are set out below.
Alternative Performance Measures (continued)
Adjusted operating profit and adjusted operating margin
Half year to
2 December 2023 Half year to
3 December 2022
£m £m
Group
Operating (loss)/profit from continuing operations (89.7) 39.2
exclude: adjusting items 120.3 (6.0)
Adjusted operating profit 30.6 33.2
Revenue 277.1 336.9
Operating margin (32.4)% 11.6%
Adjusted operating margin 11.0% 9.9%
By segment
Europe & the Americas:
Operating (loss)/profit from continuing operations (16.6) 4.1
exclude: adjusting items 29.0 5.4
Adjusted operating profit 12.4 9.5
Revenue 97.2 99.5
Operating margin (17.1)% 4.1%
Adjusted operating margin 12.8% 9.5%
Asia Pacific:
Operating profit from continuing operations 14.8 15.1
exclude: adjusting items 0.9 0.3
Adjusted operating profit 15.7 15.4
Revenue 88.8 102.2
Operating margin 16.7% 14.8%
Adjusted operating margin 17.7% 15.1%
Africa:
Operating (loss)/profit from continuing operations (62.7) 27.5
exclude: adjusting items 76.4 (11.7)
Adjusted operating profit 13.7 15.8
Revenue 90.8 133.2
Operating margin (69.1)% 20.6%
Adjusted operating margin 15.1% 11.9%
Central:
Operating loss from continuing operations (25.2) (7.5)
exclude: adjusting items 14.0 -
Adjusted operating loss (11.2) (7.5)
Alternative Performance Measures (continued)
Adjusted share of results of joint venture
Half year to Half year to
2 December 2023 3 December 2022
£m £m
Share of results of joint venture 5.6 3.7
Exclude: adjusting items 2.2 -
Adjusted share of results of joint venture 7.8 3.7
Adjusted profit before taxation
Half year to Half year to
2 December 2023 3 December 2022
£m £m
(Loss)/profit before taxation from continuing operations (94.2) 40.5
Exclude: adjusting items 120.3 (6.0)
Adjusted profit before taxation 26.1 34.5
Adjusted Earnings Before Interest Depreciation and Amortisation (Adjusted
EBITDA)
Half year to Half year to
2 December 2023 3 December 2022
£m £m
(Loss)/profit before taxation from continuing operations (94.2) 40.5
Add back/(deduct): net finance expense/(income) 4.5 (1.3)
Add back: depreciation 5.5 5.2
Add back: amortisation 3.6 3.1
Add back: impairment and impairment reversal 24.4 0.1
(56.2) 47.6
Exclude: adjusting items* 95.9 (6.1)
Adjusted EBITDA 39.7 41.5
* Excludes adjusting items relating to impairment.
Alternative Performance Measures (continued)
Adjusted earnings per share
Half year to Half year to
2 December 2023 3 December
pence 2022
pence
Basic (loss)/earnings per share (10.84) 5.90
Exclude: adjusting items 15.16 (0.74)
Adjusted basic earnings per share 4.32 5.16
Free cash flow
Half year to Half year to
2 December 2023 3 December 2022
£m £m
Cash generated from operations 22.4 7.0
Deduct: purchase of property, plant and equipment and software (2.4) (2.8)
Free cash flow 20.0 4.2
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
2023
Notes £m £m £m
Revenue 3 277.1 336.9 656.3
Cost of sales (240.0) (215.6) (399.0)
Gross profit 37.1 121.3 257.3
Selling and distribution expense (44.5) (55.1) (105.3)
Administrative expense (87.9) (30.7) (99.8)
Share of results of joint venture 5.6 3.7 7.5
Operating (loss)/profit 3 (89.7) 39.2 59.7
Finance income 8.3 4.9 15.4
Finance expense (12.8) (3.6) (13.3)
Net finance (expense)/income (4.5) 1.3 2.1
(Loss)/profit before taxation (94.2) 40.5 61.8
Taxation 7 27.2 (9.2) (15.4)
(Loss)/profit for the period/year(1) (67.0) 31.3 46.4
Attributable to:
Owners of the Parent (45.4) 24.7 36.4
Non-controlling interests (21.6) 6.6 10.0
(67.0) 31.3 46.4
(Loss)/earnings per ordinary share(1)
Basic (p) (10.84) 5.90 8.70
Diluted (p)(2) (10.84) 5.84 8.67
(1) Wholly derived from continuing operations.
( 2) In the half year ended 2 December 2023, the basic and diluted loss
per share are equal as a result of the Group incurring a loss for the period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 31 May
2022 2023
Notes £m £m £m
(Loss)/profit for the period/year (67.0) 31.3 46.4
Other comprehensive (expense)/income:
Items that will not be reclassified to income statement:
Re-measurement loss on net retirement benefit obligations (5.2) (33.2) (32.8)
Taxation on other comprehensive income 1.3 8.1 7.4
Total items that will not be reclassified to income statement (3.9) (25.1) (25.4)
Items that may be subsequently reclassified to income statement:
Exchange differences on translation of foreign operations (64.1) (10.6) (21.7)
Cash flow hedges - fair value movements net of amounts reclassified 12 (0.9) 0.3 0.4
Total items that may be subsequently reclassified to income statement (65.0) (10.3) (21.3)
Other comprehensive expense for the period/year (68.9) (35.4) (46.7)
Total comprehensive expense for the period/year (135.9) (4.1) (0.3)
Attributable to:
Owners of the Parent (100.3) (9.7) (6.9)
Non-controlling interests (35.6) 5.6 6.6
(135.9) (4.1) (0.3)
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
2 December 2023 3 December 2022* 31 May
2023
Notes £m £m £m
Assets
Non-current assets
Goodwill and other intangible assets 5 284.7 331.2 312.7
Property, plant and equipment 55.1 77.0 74.3
Right-of-use assets 11.6 14.2 12.5
Net investments in joint venture 44.5 49.0 52.0
Deferred taxation assets 26.0 4.0 7.5
Retirement benefit surplus 34.2 36.4 38.5
456.1 511.8 497.5
Current assets
Inventories 91.5 130.9 112.9
Trade and other receivables 96.5 127.5 119.1
Derivative financial assets 12 1.7 3.9 1.0
Current tax receivable 1.5 2.5 1.0
Current asset investments 10 0.5 0.5 0.5
Cash and cash equivalents 10 128.1 195.8 256.4
319.8 461.1 490.9
Assets held for sale 1.2 1.6 -
321.0 462.7 490.9
Total assets 777.1 974.5 988.4
Equity and liabilities
Equity
Share capital 4.3 4.3 4.3
Own shares (35.0) (40.0) (36.9)
Capital redemption reserve 0.7 0.7 0.7
Hedging reserve (0.7) 0.1 0.2
Currency translation reserve (139.1) (78.8) (89.0)
Retained earnings 444.9 512.5 511.7
Other reserves 5.5 4.1 4.6
Attributable to owners of the Parent 280.6 402.9 395.6
Non-controlling interests (9.1) 27.5 26.5
Total equity 271.5 430.4 422.1
Liabilities
Non-current liabilities
Borrowings 10 219.0 232.0 251.2
Other payables 3.5 5.2 4.1
Lease liabilities 10.6 11.9 11.3
Deferred taxation liabilities 56.4 82.6 76.9
Retirement and other long-term employee benefit obligations 12.0 11.9 12.4
301.5 343.6 355.9
Current liabilities
Borrowings 10 6.3 - -
Trade and other payables 178.4 175.2 182.2
Lease liabilities 10 2.5 2.1 1.7
Derivative financial liabilities 12 0.4 0.5 0.5
Current taxation payable 15.8 21.2 25.6
Provisions 0.7 1.5 0.4
204.1 200.5 210.4
Total liabilities 505.6 544.1 566.3
Total equity and liabilities 777.1 974.5 988.4
* 3 December 2022 has been restated in line with the restatements disclosed in
the 2023 Annual Report and Accounts. See Note 1 for details.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the Parent
Capital Currency Non-
Share Own redemption Hedging translation Retained Other controlling Total
capital shares reserve reserve reserve Earnings reserves interests equity
£m £m £m £m £m £m £m £m £m
At 1 June 2022 - as previously reported 4.3 (40.0) 0.7 (0.2) (69.2) 525.6 2.9 25.2 449.3
Effect of prior year adjustments - - - - - 2.9 - (3.3) (0.4)
As at 1 June 2022 - as restated* 4.3 (40.0) 0.7 (0.2) (69.2) 528.5 2.9 21.9 448.9
Profit for the period - - - - - 24.7 - 6.6 31.3
Other comprehensive (expense)/income for the period - - - 0.3 (9.6) (25.1) - (1.0) (35.4)
Total comprehensive (expense)/income for the period - - - 0.3 (9.6) (0.4) - 5.6 (4.1)
Transactions with owners:
Ordinary dividends - - - - - (15.6) - - (15.6)
Share-based payments - - - - - - 1.2 - 1.2
Total transactions with owners recognised directly in equity - - - - - (15.6) 1.2 - (14.4)
At 3 December 2022 4.3 (40.0) 0.7 0.1 (78.8) 512.5 4.1 27.5 430.4
At 1 June 2022 4.3 (40.0) 0.7 (0.2) (69.2) 528.5 2.9 21.9 448.9
Profit for the year - - - - - 36.4 - 10.0 46.4
Transfers between reserves - - - - (1.5) 1.5 - - -
Other comprehensive (expense)/income for the period - - - 0.4 (18.3) (25.4) - (3.4) (46.7)
Total comprehensive (expense)/income for the period - - - 0.4 (19.8) 12.5 - 6.6 (0.3)
Transactions with owners:
Ordinary dividends - - - - - (26.8) - - (26.8)
Share-based payments - - - - - - 1.7 - 1.7
Shares issued from ESOT - 3.1 - - - (2.5) - - 0.6
Dividends relating to non-controlling interests, net of forfeitures - - - - - - - (2.0) (2.0)
Total transactions with owners recognised directly in equity - 3.1 - - - (29.3) 1.7 (2.0) (26.5)
At 31 May 2023 4.3 (36.9) 0.7 0.2 (89.0) 511.7 4.6 26.5 422.1
At 1 June 2023 4.3 (36.9) 0.7 0.2 (89.0) 511.7 4.6 26.5 422.1
Loss for the period - - - - - (45.4) - (21.6) (67.0)
Other comprehensive expense for the period - - - (0.9) (50.1) (3.9) - (14.0) (68.9)
Total comprehensive expense for the period - - - (0.9) (50.1) (49.3) - (35.6) (135.9)
Transactions with owners:
Ordinary dividends - - - - - (15.6) - - (15.6)
Share-based payments - - - - - - 0.9 - 0.9
Shares issued from ESOT - 1.9 - - - (1.9) - - -
Total transactions with owners recognised directly in equity - 1.9 - - - (17.5) 0.9 - (14.7)
At 2 December 2023 4.3 (35.0) 0.7 (0.7) (139.1) 444.9 5.5 (9.1) 271.5
* 1 June 2022 has been restated in line with the restatements disclosed in the
2023 Annual Report and Accounts. See Note 1 for details
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Half year to Unaudited Year to
2 December 2023 Half year to 31 May
3 December 2022 2023
Notes £m £m £m
Cash flows from operating activities
Cash generated from operations 9 22.4 7.0 76.6
Interest paid (11.4) (3.4) (11.8)
Taxation paid (10.1) (8.4) (15.6)
Net cash generated from/(used in) operating activities 0.9 (4.8) 49.2
Cash flows from investing activities
Interest received 8.3 4.9 11.8
Purchase of property, plant and equipment and software (2.4) (2.8) (6.7)
Proceeds from disposal of property, plant and equipment 0.3 13.5 14.4
Loans (advanced to)/repaid by joint ventures 4.8 (11.4) -
Net cash generated from investing activities 11.0 4.2 19.5
Cash flows from financing activities
Dividends paid to owners of the parent 8 (15.6) (15.6) (26.8)
Dividends paid to non-controlling interests - (0.2) (2.6)
Repayment of lease liabilities (1.1) (1.6) (2.5)
Repayment of borrowings 10 (91.9) (205.0) (205.0)
Proceeds from borrowings 10 66.3 263.0 283.0
Financing fees paid on committed credit facility - - (2.8)
Net cash (used in)/generated from financing activities (42.3) 40.6 43.3
Net increase in cash and cash equivalents 10 (30.4) 40.0 112.0
Effect of foreign exchange rates 10 (97.9) (7.9) (19.3)
Cash and cash equivalents at the beginning of the period/year 10 256.4 163.7 163.7
Cash and cash equivalents at the end of the period/year 10 128.1 195.8 256.4
1. Basis of preparation
PZ Cussons plc (the Company) is a public limited company incorporated in
England and Wales. In these condensed consolidated interim financial
statements (interim financial statements), 'Group' means the Company and all
its subsidiaries.
These interim financial statements for the half year ended 2 December 2023,
which have been reviewed, not audited, have been prepared in accordance with
the Disclosure Guidance and Transparency Rules (DTR) of the Financial Conduct
Authority and in accordance with IAS 34 Interim Financial Reporting as adopted
by the UK. The interim financial statements should be read in conjunction with
the annual financial statements for the year ended 31 May 2023 which have been
prepared in accordance with UK-adopted International Accounting Standards
(IAS).
The Group's business activities, together with the factors likely to affect
its future development, performance and position are set out in the Group
Review. The financial position of the Group and liquidity position are
described within the Financial Review section. After taking into consideration
a number of factors including the future impact of the devaluation of the
Nigerian Naira on the financial performance and cash flows of the Group, the
Directors consider it appropriate to continue to adopt the going concern basis
in preparing the interim financial statements.
The Group's risk management framework is explained on page 58 of our 2023
Annual Report and Accounts. The identified principal risks are considered
unchanged from those outlined on pages 62 to 68 of our 2023 Annual Report and
Accounts. These are: IT and information security; talent development and
retention; financial controls (foreign exchange, treasury and tax); consumer
and customer trends; legal and regulatory compliance; business transformation;
market and economic disruption, including emerging markets; health and safety;
sustainability and the environment; and supply chain and logistics. All these
cover matters in Nigeria.
Certain business units have a degree of seasonality with the biggest factors
being the weather and Christmas. However, no individual reporting segment is
seasonal as a whole and therefore no further analysis is provided.
The interim financial statements for the half year ended 2 December 2023 do
not constitute statutory accounts within the meaning of section 434 and 435 of
the Companies Act 2006. The financial information set out in this document
relating to the year ended 31 May 2023 does not constitute statutory accounts
for that year. Full audited statutory accounts of the Group in respect of that
financial year were approved by the Board of Directors on 26 September 2023
and have been delivered to the Registrar of Companies. The report of the
auditors on these statutory accounts was unqualified and did not contain a
statement under section 498 of the Companies Act 2006.
Judgements and estimates
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these interim financial statements, the significant judgements
made by management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those that applied to the
annual consolidated financial statements for the year ended 31 May 2023 which
are described in note 1(d) of the 2023 Annual Report and Accounts with the
addition of deferred taxation assets:
Deferred taxation assets
Deferred taxation is provided on temporary differences between the carrying
amounts of assets and liabilities recognised for financial reporting purposes
and the amounts used for taxation purposes, on an undiscounted basis. The
amount of deferred taxation provided is based on the expected manner of
realisation or settlement of the carrying amounts of assets and liabilities,
using tax rates enacted or substantively enacted at the financial year-end
date.
A deferred taxation asset is recognised only to the extent that it is probable
that future taxable profits will be available against which the asset can be
utilised.
Deferred tax assets are recognised for unused tax losses to the extent that it
is probable that future taxable profits will be available against which they
can be used. At 2 December 2023, the Group recorded a deferred tax asset of
£31.0 million (31 May 2023: £3.6 million) on recognised but unused tax
losses; the increase being largely due to FX losses arising as a result of the
Nigerian Naira devaluation. The Group has concluded that the deferred tax
assets will be recoverable as it is probable that the related tax benefit will
be realised in the foreseeable future.
2. Accounting policies
The accounting policies are consistent with those of the Annual Report and
Accounts for the year ended 31 May 2023. Taxes on income in the interim
periods are accrued using the tax rate that would be applicable to the
expected total annual profit or loss before taxation.
In the reporting period commencing 1 June 2023 the Group has applied the
exception allowed by the amendment to IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities relating to
top-up income taxes. Refer to note 7 for further details. The impact of other
new standards and amendments applied in the reporting period commencing 1 June
2023 is not material.
Restatements
As set out in the 2023 Annual Report and Accounts, during the year ended 31
May 2023 management identified a number of errors relating to prior periods.
Accordingly, prior year adjustments were made which are summarised below
(further details are provided in note 1(c) of the 2023 Annual Report and
Accounts). Further, in these condensed consolidated interim financial
statements, there has been a change in accounting policy presentation of Own
Shares for the half year ended 3 December 2022 in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors to bring the
presentation in line with the 2023 Annual Report and Accounts. Own Shares are
presented in a separate reserve rather than being included in the other
reserves.
Intangible asset impairment - in the year ended 31 May 2020 a number of
businesses were disposed of by the Group, resulting in the recognition of a
£6.3 million impairment charge in relation to capitalised software. The
accounting treatment of these impairments has subsequently been reviewed and
determined to be not in accordance with IAS 36 Impairment of Assets. The
effects of correcting for this error are to increase the previously reported
carrying value of intangible assets on the consolidated balance sheet by £3.9
million as at 1 June 2022 with a corresponding increase in the deferred tax
liability of £1.0 million. The impact on the previously reported consolidated
income statement for the half year ended 3 December 2022 is not material.
Childs Farm business combination - in March 2022, the Group acquired Childs
Farm. The non-controlling interest of £3.3 million recognised on the business
combination has subsequently been reviewed and determined to be not in
accordance with IFRS 3 Business Combinations. The effect of correcting for
this error is to reduce each of the previously reported carrying values of
goodwill and non-controlling interests on the consolidated balance sheet by
£3.3 million as at 1 June 2022. There is no impact on the previously reported
consolidated income statement for the half year ended 3 December 2022.
The impact of restating the 1 June 2022 consolidated balance sheet (in line
with the restatements in the 2023 Annual Report and Acounts) is set out in the
table below:
Relating to prior to 1 June 2022
As previously reported Intangible asset Childs Farm As restated
impairment
business
combination
£m £m £m £m
Consolidated balance sheet
Goodwill and other intangible assets 330.6 3.9 (3.3) 331.2
Total assets 973.9 3.9 (3.3) 974.5
Retained earnings (509.6) (2.9) - (512.5)
Non-controlling interests (30.8) - 3.3 (27.5)
Deferred taxation liabilities (81.6) (1.0) - (82.6)
Total equity and liabilities (973.9) (3.9) 3.3 (974.5)
3. Segmental analysis
The segmental information presented in this note is consistent with management
reporting provided to the Executive Leadership Team (ELT), which is the Chief
Operating Decision Maker (CODM). The CODM reviews the Group's internal
reporting in order to assess performance and allocate resources and has
determined the operating segments based on these reports. The CODM considers
the business from a geographic perspective, with Europe & the Americas,
Asia Pacific and Africa being the operating segments. In accordance with IFRS
8 Operating Segments, the ELT has identified these as the reportable segments.
The CODM assesses the performance based on operating profit before any
adjusting items. Revenues and operating profit of the Europe & the
Americas and Asia Pacific segments arise from the sale of Hygiene, Beauty and
Baby products. Revenue and operating profit from the Africa segment also arise
from the sale of Hygiene, Beauty and Baby products as well as Electrical
products. The prices between Group companies for intra-group sales of
materials, manufactured goods, and charges for franchise fees and royalties
are on an arm's length basis.
Central includes in terms of revenue our in-house fragrance house, and in
terms of cost, expenditure associated with the global headquarters and above
market functions net of recharges to our regions.
Reporting used by the CODM to assess performance does contain information
about brand specific performance, however global segmentation between the
portfolio of brands is not part of the regular internally reported financial
information.
Business segments
Half year to 2 December 2023 (unaudited) Europe Asia
& the Americas Pacific Africa Central Elimin-ations Total
£m £m £m £m £m £m
Gross segment revenue 99.2 92.1 90.8 22.0 (27.0) 277.1
Inter segment revenue (2.0) (3.3) - (21.7) 27.0 -
Revenue 97.2 88.8 90.8 0.3 - 277.1
Segmental operating profit/(loss) before adjusting items and share of results 12.4 15.7 5.9 (11.2) - 22.8
of joint ventures
Share of results of joint ventures - - 7.8 - - 7.8
Segmental operating profit/(loss) before adjusting items 12.4 15.7 13.7 (11.2) - 30.6
Adjusting Items (29.0) (0.9) (76.4) (14.0) - (120.3)
Segmental operating (loss)/profit (16.6) 14.8 (62.7) (25.2) - (89.7)
Finance income 8.3
Finance expense (12.8)
Loss before taxation (94.2)
Half year to 3 December 2022 (unaudited) Europe Asia
& the Americas Pacific Africa Central Elimin-ations Total
£m £m £m £m £m £m
Gross segment revenue 101.9 105.7 133.2 44.9 (48.8) 336.9
Inter segment revenue (2.4) (3.5) - (42.9) 48.8 -
Revenue 99.5 102.2 133.2 2.0 - 336.9
Segmental operating profit before adjusting items and share of results of 9.5 15.4 12.1 - 29.5
joint ventures
(7.5)
Share of results of joint ventures - - 3.7 - - 3.7
Segmental operating profit/(loss) before adjusting items 9.5 15.4 15.8 - 33.2
(7.5)
Adjusting Items (5.4) (0.3) 11.7 - - 6.0
Segmental operating profit/(loss) 4.1 15.1 27.5 (7.5) - 39.2
Finance income 4.9
Finance expense (3.6)
Profit before taxation 40.5
3. Segmental analysis (continued)
Year to 31 May 2023 (audited) Europe Asia
& the Americas Pacific Africa Central Elimin-ations Total
£m £m £m £m £m £m
Gross segment revenue 210.2 197.8 256.3 74.0 (82.0) 656.3
Inter segment revenue (4.4) (7.1) - (70.5) 82.0 -
Revenue 205.8 190.7 256.3 3.5 - 656.3
Segmental operating profit before adjusting items and share of results of 29.3 27.5 29.7 (20.7) - 65.8
joint venture
Share of results of joint venture - - 7.5 - - 7.5
Segmental operating profit/(loss) before adjusting items 29.3 27.5 37.2 (20.7) - 73.3
Adjusting Items (28.9) 2.1 11.1 2.1 - (13.6)
Segmental operating profit/(loss) 0.4 29.6 48.3 (18.6) - 59.7
Finance income 15.4
Finance expense (13.3)
Profit before taxation 61.8
The Group analyses its net revenue by the following categories:
Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
2023
£m £m £m
Hygiene 153.0 174.0 334.8
Baby 55.6 66.1 123.1
Beauty 32.1 40.2 85.3
Electricals 34.3 52.7 105.4
Other 2.1 3.9 7.7
277.1 336.9 656.3
4. Adjusting items
Adjusting items expense/(income), all of which are within continuing
operations, comprise:
Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
£m £m 2023
£m
Simplification and transformation 5.5 6.2 (2.9)
Acquisition and disposal-related items - (0.2) 0.7
Impairment charge (net of impairment reversal) 24.4 - (10.1)
Foreign exchange losses arising on Nigerian Naira devaluation 88.2 - -
Foreign exchange losses arising on Naira devaluation on joint venture 2.2 - -
Adjusting items before taxation 120.3 6.0 (12.3)
Taxation (32.5) (0.1) 4.7
Adjusting items after taxation 87.8 5.9 (7.6)
Adjusting items relating to simplification and transformation and impairment
charges are included in administration expense, and foreign exchange losses
arising on the Nigerian Naira devaluation are included in cost of sales
(£72.2 million) and administration expense (£16.0 million).
A description of the principal adjusting items is provided below.
4. Adjusting items (continued)
Simplification and transformation
For the half year ended 2 December 2023, these costs primarily relate to the
following projects which commenced in FY22: three-year finance transformation
project, HR simplification project and supply chain transformation project.
For the half year ended 3 December 2022, the profit on disposal of properties
in Nigeria was partially offset by costs relating to the three-year finance
transformation project, the HR simplification project and supply chain
transformation project.
Acquisition and disposal-related items
For the half year ended 2 December 2023, these costs were £nil. For the half
year ended 3 December 2022, these costs relate to the Childs Farm acquisition.
Impairment charge (net of impairment reversals)
For the half year ended 2 December 2023, this charge relates to the impairment
of the Sanctuary Spa brand. See Note 5. For the half year ended 3 December
2022, the impairment charge was £nil.
Foreign exchange losses arising on Nigerian Naira devaluation
For the half year ended 2 December 2023, this primarily relates to realised
and unrealised foreign exchange losses resulting from the Nigerian Naira
devaluation on USD denominated liabilities which existed at 31 May 2023. The
closing NGN/GBP rate at 2 December 2023 was 1,176 (3 December 2022: 546; 31
May 2023: 577), and the average NGN/GBP for the half year ended 2 December
2023 was 915 (half year ended 3 December 2022: 509; year ended 31 May 2023:
536).
5. Intangible assets
In the half year ended 2 December 2023, there was an impairment charge of
£24.4 million relating to the Sanctuary Spa brand. The recoverable amount of
the brand was determined to be £38.6 million based on a value in use
calculation, which when compared to a carrying value of £63.0 million (of
which the brand represented £58.9 million) resulted in an impairment charge
of £24.4 million. The long-term growth rate and discount rate used in the
value in use calculations were 2% and 9.0% respectively.
In the 2023 Annual Report and Accounts, a sensitivity analysis of a reasonably
possible change in gross margin was disclosed. In the half year ended 2
December 2023, the performance of the Sanctuary Spa brand was below
expectations, and the aforementioned reasonably possible change, due to events
and circumstances in the period (primarily related to unsatisfactory
commercial execution) which could not have been reasonably foreseen at 31 May
2023. Accordingly, management has adopted a more cautious future outlook for
the brand. Sensitivity analysis has been carried out in the half year ended 2
December 2023 and a reasonably possible change where gross margin was to
decline by 100bps within the five-year forecast period would increase the
impairment charge by £2.6 million and where the discount rate were to
increase by 100bps would increase the impairment charge by £4.9 million.
A review of impairment indicators was undertaken for the other brands with
impairment assessments performed on St.Tropez, Charles Worthington and Childs
Farm with no impairments noted. There was only £0.1 million of headroom on
the impairment testing for the Charles Worthington brand. Sensitivity analysis
has been carried out in the half year ended 2 December 2023 and a reasonably
possible change where gross margin was to decline by 100bps within the
five-year forecast period would result in an impairment charge of £0.6
million and where the discount rate were to increase by 100bps would result in
an impairment charge of £1.4 million.
In the half year ended 3 December 2022, the impairment charge was £nil.
6. Capital commitments
At 2 December 2023, the Group had entered into commitments for the acquisition
of property, plant and equipment amounting to £0.4 million (3 December 2022:
£0.9 million). At 2 December 2023, the Group's share in the capital
commitments of joint ventures was £nil (3 December 2022: £nil).
7. Taxation
Income tax expense is recognised on management's best estimate of the annual
tax rate expected for the full financial year. The estimated average annual
tax rate used for the half year ended 2 December 2023, before adjusting items,
is 28.9% (half year ended 3 December 2022: 22.7%) and the effective tax rate
to be used on adjusted profit before taxation is 20.3% (half year ended 3
December 2022: 26.6%).
The calculation of the Group's total tax charge necessarily involves a degree
of estimation and judgement in respect of certain items whose tax treatment
cannot be finally determined until resolution has been reached with the
relevant tax authority or, as appropriate, through a formal legal process. At
2 December 2023, the Group had a provision of £23.7 million, contingent
liabilities of £7.4 million and contingent assets of £2.3 million in respect
of such uncertain tax positions (31 May 2023: provision of £25.2 million,
contingent liabilities of £7.8 million and contingent assets of £2.2
million). The Group is subject to routine tax audits in all of its operating
jurisdictions and certain assessments take place in overseas markets where
there is a history of large claims being received, albeit which are considered
to have little or no basis. Contingent liabilities are those uncertain tax
risks that the Group considers to have a possible risk of crystallisation.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK,
introducing a global minimum effective tax rate of 15%. The legislation
implements a domestic top-up tax and a multi-national top-up tax effective for
accounting periods on or after 31 December 2023. The Group is assessing the
impact of the new legislation which will be effective for the Group from 1
June 2024. The Group has applied the exception allowed by an amendment to IAS
12 Income Taxes to recognising and disclosing information about deferred tax
assets and liabilities relating to top-up income taxes.
8. Dividends
An interim dividend of 1.50p per share for the half year to 2 December 2023 (3
December 2022: 2.67p) has been declared totalling £6.3 million (3 December
2022: £11.2 million) and is payable on 4 April 2024 to shareholders on the
register at the close of business on 8 March 2024.
The final dividend for the year ended 31 May 2023 of 3.73p per share,
totalling £15.6 million, was approved by shareholders at the Annual General
Meeting of the Company and paid on 30 November 2023.
9. Reconciliation of (loss)/profit before taxation to cash generated from
operations
Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
2023
£m £m £m
(Loss)/profit before taxation (94.2) 40.5 61.8
Net finance expense/(income) 4.5 (1.3) (2.1)
Operating (loss)/profit (89.7) 39.2 59.7
Depreciation 5.5 5.2 12.1
Amortisation 3.6 3.1 7.0
Impairment of tangible and intangible assets 24.4 0.1 16.5
Impairment reversal on intangible assets reclassified as held for sale - - (4.2)
Profit on sale of assets - (11.7) (11.1)
Impairment reversal of net investments in joint ventures - - (2.2)
Difference between pension charge and cash contributions (0.3) (0.3) 0.5
Share-based payment expense 0.9 1.2 1.7
Share of results of joint venture (5.6) (3.7) (7.5)
Operating cash flows before movements in working capital (61.2) 33.1 72.5
Movements in working capital:
Inventories (8.8) (23.5) (8.4)
Trade and other receivables 24.1 (13.9) (13.4)
Trade and other payables 68.3 15.8 30.3
Provisions - (4.5) (4.4)
Cash generated from operations 22.4 7.0 76.6
10. Net debt reconciliation
Group net debt, which is an alternative performance measure, comprises the
following:
Audited Unaudited Unaudited Unaudited Unaudited
At 1 June 2023 Cash flow Foreign exchange Other* At 2 December 2023
movements
£m £m £m £m £m
Cash at bank and in hand 127.4 (18.9) (37.8) - 70.7
Short term deposits 129.0 (11.5) (60.1) - 57.4
Cash and cash equivalents 256.4 (30.4) (97.9) - 128.1
Current asset investments 0.5 - - - 0.5
Current borrowings - (6.4) 0.1 - (6.3)
Non-current borrowings (251.2) 32.0 - 0.2 (219.0)
Net cash/(debt) 5.7 (4.8) (97.8) 0.2 (96.7)
Lease liabilities (13.0) 1.3 0.1 (1.5) (13.1)
Net debt including lease liabilities (7.3) (3.5) (97.7) (1.3) (109.8)
* Other includes lease additions, an increase in the lease liability arising
from the unwinding of interest element and unamortised fees on borrowings.
During the year ended 31 May 2023, the Group agreed a new £325 million
committed credit facility which is available for general corporate purposes.
The credit facility incorporates both a term loan and revolving credit
facility (RCF) structure, with maturity dates of up to November 2028.
Non-current borrowings as at 2 December 2023 are presented net of £1.0
million (31 May 2023: £0.8 million) of unamortised financing fees. As at 2
December 2023, this facility was £220 million drawn (31 May 2023: £252
million).
In addition, the Group retains other unsecured and uncommitted facilities that
are primarily used for trade-related activities. As at 2 December 2023, these
amounted to £128.7 million (31 May 2023: £199.8 million) of which £54.4
million, or 42.0% were utilised (31 May 2023: £93.3 million or 47%).
Overdrafts do not form part of the Group's main borrowing facility and only
arise as part of the Group's banking arrangements with key banking partners.
As at 2 December 2023, there were no bank overdrafts (31 May 2023: £nil)
11. Retirement benefits
The key financial assumptions (applicable to all UK schemes) applied in the
actuarial review of the pension schemes have been reviewed in the preparation
of these interim financial statements and amended to reflect changes in market
conditions where appropriate from those applied at 31 May 2023. The key
assumptions applied were:
Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
2023
Rate of increase in retirement benefits in payment 3.00% 2.80% 2.90%
Discount rate 5.30% 4.45% 5.40%
Inflation assumption (RPI) 3.20% 2.95% 3.10%
12. Financial instruments
The carrying amounts of each class of financial instruments were:
Financial assets Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
£m £m 2023
£m
Derivatives designated as hedging instruments
Forward foreign exchange contracts 0.1 0.6 0.8
Derivatives not designated as hedging instruments
Forward foreign exchange contracts 0.1 3.6 0.2
Equity instruments at fair value through profit or loss
Current asset investments 0.5 0.5 0.5
Debt instruments at amortised cost
Cash and cash equivalents 128.1 195.8 256.4
Net trade receivables and other receivables 87.8 106.7 110.3
Amounts owed by joint ventures 0.9 12.3 2.2
Long-term loans owed by joint ventures 34.6 40.6 40.3
252.1 360.1 410.7
Financial liabilities Unaudited Unaudited Audited
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
£m £m 2023
£m
Non-current interest-bearing loans and borrowings at amortised cost
Bank loans and borrowings 219.0 232.0 251.2
Current interest-bearing loans and borrowings at amortised cost
Bank loans and borrowings 6.3 - -
Derivatives designated as hedging instruments
Forward foreign exchange contracts 0.3 0.4 0.1
Derivatives not designated as hedging instruments
Forward foreign exchange contracts 0.1 0.1 0.4
Other financial liabilities at fair value through profit or loss
Other payables 5.9 5.9 5.9
Other financial liabilities at amortised cost
Trade and other payables 161.4 177.0 175.5
Lease liabilities 13.1 14.0 13.0
406.1 429.4 446.1
There were no transfers between Level 1, 2 and 3 during the half year ended 2
December 2023 and the year ended 31 May 2023.
At the end of the reporting period, the Group held the following financial
assets and liabilities at fair value:
Unaudited Unaudited Audited Fair value level
Half year to Half year to Year to
2 December 2023 3 December 2022 31 May
£m £m 2023
£m
£m £m £m
Assets held at fair value
Current asset investments 0.5 0.5 0.5 Level 3
Derivative financial assets 0.2 4.2 1.0 Level 2
Liabilities held at fair value
Derivative financial liabilities 0.4 0.5 0.5 Level 2
Other payables 5.9 5.9 5.9 Level 3
12. Financial instruments (continued)
Current asset investments comprise non-listed equity investments. A discounted
cash flow methodology is used to estimate the present value of the expected
future economic benefits to be derived from the ownership of these
investments. Derivative financial instruments comprise forward foreign
exchange contracts. Fair value is calculated using observable market data
where it is available and includes spot rate and observable market forward
points as discounted to reflect the time value of money. Counterparty credit
is monitored. No adjustment to the fair value for credit risk is made due to
materiality. Other payables held at fair value relate to deferred purchase
consideration on the acquisition of Childs Farm which was estimated by
applying an appropriate discount rate to the expected future payments. The key
assumptions take into consideration the probability of meeting each
performance target and the discount factor. Should the target not be met, no
consideration would be payable, and should the discount rate applied be
changed, the fair value of the deferred purchase consideration would change,
however the amount of consideration that would ultimately be paid would not
necessarily change.
The movements in the half year ended 2 December 2023 and the year ended 31 May
2023 for financial instruments measured using Level 3 valuation methods are
presented below:
Unaudited Audited
Half year to Year to
2 December 2023 31 May
£m 2023
£m
£m £m
Current asset investments
At 1 June 0.5 0.5
Remeasurement - -
0.5 0.5
Other payables
At 1 June 5.9 7.2
Remeasurement - (1.3)
5.9 5.9
Current asset investments comprise non-listed equity investments. A discounted
cash flow methodology is used to estimate the present value of the expected
future economic benefits to be derived from the ownership of these
investments.
Other payables relate to deferred purchase consideration on the acquisition of
Childs Farm, which was estimated by applying an appropriate discount rate to
the expected future payments. The key assumptions take into consideration the
probability of meeting each performance target and the discount factor. Should
the target not be met, no consideration would be payable, and should the
discount rate applied be changed, the fair value of the deferred purchase
consideration would change, but the amount of consideration that would
ultimately be paid would not necessarily change. At 2 December 2023, there was
no change in the key assumptions.
For the financial assets and liabilities not held at fair value, there was no
material difference between their carrying values and their fair values,
except for non-current borrowings which are presented net of unamortised
issuance costs of £1.0 million.
13. Post balance sheet events
Subsequent to 2 December 2023, the Nigerian Naira exchange rate has continued
to depreciate. The NGN/GBP closing exchange rate on 31 January 2024 was 1,852
compared to a closing rate of 1,176 on 2 December 2023.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that these condensed consolidated interim financial
statements have been prepared in accordance with UK adopted International
Accounting Standard 34 Interim Financial Reporting and the Disclosure Guidance
and Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority and that the interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the
first six months and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
· material related party transactions in the first six months and any
material changes in the related party transactions described in the last
annual report and accounts.
The Directors of PZ Cussons plc are listed on page 33. A list of current
Directors is maintained on the PZ Cussons plc website.
By order of the Board
Mr K Massie
Company Secretary
6 February 2024
Independent review report to PZ Cussons plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed PZ Cussons plc's condensed consolidated interim financial
statements (the "interim financial statements") in the 2024 interim results of
PZ Cussons plc for the 6 month period ended 2 December 2023 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the condensed consolidated balance sheet as at 2 December 2023;
· the condensed consolidated income statement and the condensed
consolidated statement of comprehensive income for the period then ended;
· the condensed consolidated cash flow statement for the period then
ended;
· the condensed consolidated statement of changes in equity for the
period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the 2024 interim results of PZ
Cussons plc have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the 2024 interim results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The 2024 interim results, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the 2024 interim results in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. In preparing the 2024 interim results, including
the interim financial statements, the directors are responsible for assessing
the group's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the 2024 interim results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Manchester
6 February 2024
Directors
Chair
D Tyler *
Chief Executive
J Myers
Chief Financial Officer
S Pollard
K Bashforth *
V Juarez *
J Nicolson *
J Sodha *
J Townsend *
* Non-Executive
Company Secretary
K Massie
Registered Office
Manchester Business Park
3500 Aviator Way
Manchester
M22 5TG
Registered number
Company registered number 00019457
Registrars
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
Website
www.pzcussons.com
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