Trading Statement
Q4 trading in line with expectations; FY24 revenue £528m and adjusted operating profit £55-60m guided despite 23% Naira devaluation.
vs expectations: in line
- FY24 Revenue £528m
- Adjusted Operating Profit £55-60m
- Gross Debt within £160-180m range (prior £160-180m guided range)
- NGN/GBP Rate (P&L) 1,257 (prior 536)
- NGN/GBP Rate (Balance Sheet) 1,893 (prior 577)
Select text to share a quote on X · sign in to keep highlights & notes in your PZC notes
PZ Cussons plc ("PZ Cussons" or the "Group") announces that trading in the final quarter of the financial year, which ended on 31 May, was in line with management expectations.
The Group expects to report FY24 revenue of approximately £528 million. Despite a 23% adverse movement in the value of the Nigerian Naira since our Q3 trading update in April [1], the Group expects to report adjusted operating profit in the region of £55-60 million, in line with previous guidance. Gross debt as at 31 May 2024 is also expected to be comfortably within the guided range of £160-180 million. Surplus cash in Nigeria is minimal as a result of prioritising the continued repatriation of cash.
On 24 April 2024 the Group announced its plan to maximise shareholder value from a portfolio transformation, following a strategic review of brands and geographies. An update will be provided when appropriate.
The Group will report full year results on 18 September.
[1] NGN/GBP rate of 1,893 as at 31 May compared to a rate of approximately 1,450 on 24 April
| NGN/GBP | FY23 | FY24 |
|---|---|---|
| Rate used for P&L | 536 | 1,257 |
| Rate used for balance sheet | 577 | 1,893 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.