AGM Trading Statement
H1 FY25 like-for-like revenue growth of approximately 5%, in line with guidance. Gross debt below £160m.
vs expectations: in line
- H1 FY25 like-for-like revenue growth approximately 5%
- Gross debt expected less than £160 million (prior £167 million (31 May 2024))
- Gross debt as at 31 May 2024 £167 million
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Ahead of its Annual General Meeting which takes place today, PZ Cussons plc ("PZ Cussons" or the "Group") issues the following update on current trading.
Trading has been in line with expectations and consistent with the FY25 outlook and guidance provided at our FY24 full year results on 18 September.
The Group expects to report approximately 5% like-for-like revenue growth for H1 FY25. This reflects a continuation of the favourable Q1 trends led by growth in the UK, as part of our Europe and Americas region, and continued pricing in Africa given the further FX-driven inflation. APAC declined slightly, with continued improvement in Indonesia offset by some category softness in ANZ.
Gross debt is expected to be less than £160 million at the end of November 2024, compared to £167 million as at 31 May 2024. We are also taking action to reduce the impact of currency volatility in relation to intercompany loans to Nigeria.
The Group is progressing with the sale of St.Tropez and discussions with interested parties which could lead to the partial or full sale of its African business. Further updates will be provided in due course.
The Group will report its FY25 interim results on Tuesday 11 February 2025.
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