REG - PZ CUSSONS PLC - Trading update

PZ CussonsAnnouncement

27/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220627:nRSa2115Qa&default-theme=true

RNS Number : 2115Q  PZ CUSSONS PLC  27 June 2022

27 June 2022

 

Trading update

 

Continued strategic progress and performance in line with expectations

 

PZ Cussons plc today issues a trading update for the year ended 31 May 2022.

 

Trading in the fourth quarter has continued to be in line with expectations.
As such, we anticipate reporting Group revenue for the year of approximately
£590 million, with full year like for like (LFL) revenue growth of 3% and Q4
LFL growth of 7%. Growth continues to be driven primarily by improvements in
price/mix, with limited impact on volumes. Our expectations for FY22 Adjusted
Profit Before Tax are unchanged.

 

We continue to see good revenue momentum on our Must Win Brands, which grew 4%
in Q4. This sequential improvement reflects the ongoing benefit of marketing
and executional focus, a normalising of the supply challenges for US Beauty,
and a significantly lower rate of decline in Carex, as the demand for the Hand
Hygiene category in the UK normalises following the COVID pandemic.

 

Childs Farm, which was acquired in March, has performed in line with
expectations and our plans to develop the brand are progressing well.

 

Jonathan Myers, Chief Executive Officer, said:

 

"As we close our first full financial year under our new strategy, 'Building
brands for life. Today and for future generations', I am pleased with the
significant progress made in returning the business to sustainable, profitable
revenue growth. With a new team in place, we have re-focused on the core job
of building brands and have started to unlock value through dramatically
reducing complexity in our business.

 

The trading environment continues to be challenging, with high input cost
inflation and pressures on household budgets. We have plans in place to
mitigate the impact of this, as we continue to deliver great value for
consumers, whilst also investing behind more premium innovations. The recent
introduction of our new portfolio brand, Cussons Creations, for the
value-conscious consumer, alongside the re-launches of Sanctuary Spa and
Imperial Leather, are good examples of such initiatives. They have been well
received by customers and have allowed us to secure significant distribution
gains.

We have great brands and great people and, whilst there is more to be done to
deliver against our strategy, we remain excited by the long-term opportunities
ahead of us."

 

PZ Cussons will report FY22 results and provide a FY23 outlook, along with its
Q1 trading update, on 22(nd) September.

 

Contact details

 

 Investors  Simon Whittington - IR and Corporate Development Director  +44 (0) 7711 372 928
 Media      Tim Linacre / Guy Scarborough - Instinctif                 +44 (0) 20 7457 2020

 

Notes to Editors

 

Unless otherwise stated, all references to revenue growth are on a like for
like ('LFL') basis which adjusts for constant currency and excludes the impact
of disposals (five:am) and acquisitions (Childs Farm).

 

Figures are unaudited and are still subject to review by the Group's auditors.

 

About PZ Cussons

 

PZ Cussons is a FTSE250 listed consumer goods business, headquartered in
Manchester, UK. We employ over 3,000 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, Imperial Leather, Original Source, Cussons Baby, Sanctuary Spa,
St.Tropez, Morning Fresh and Premier. 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
macro-economic, 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 at the date of this
announcement, actual outcomes may vary significantly owing to factors outside
the control of the 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 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTPPUQWQUPPPPQ