PZ Cussons

PZC · Main Market · Personal Care, Drug and Grocery Stores · mcap £399m · 96.5p

PZ Cussons owns personal care and hygiene brands such as Imperial Leather, Carex, Original Source, Childs Farm and St. Tropez. It sells mainly in the UK, Australia, Nigeria and other African markets.

Target	Promise	Said	Status
2024
FY24	Repatriate £30-50m of Naira cash from Nigeria by the end of FY24	23 Nov 2023	✓ Kept
	“we repatriated £13 million by the end of November and are working to repatriate further cash by the end of the financial year” Result £35m repatriated in first 10 months of FY24, with a further £15-20m expected by end May. “Furthermore, we repatriated £13 million by the end of November and are working to repatriate further cash by the end of the financial year.”7 Feb 2024 · 2024 Interim Results “In the first ten months of this financial year, the Group has repatriated approximately £35 million of cash from Nigeria and expects to repatriate a further £15-20 million before the end of May.”24 Apr 2024 · Q3 Trading and update on strategic actions
FY24	Gross debt of £160-180m at end FY24	26 Jun 2024	✓ Kept
	Result Gross debt was £167m at 31 May 2024. “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.”21 Nov 2024 · AGM Trading Statement
31 May 2024	Complete de-listing and buyout of PZ Cussons Nigeria minority shareholders before 31 May 2024	23 Nov 2023	… In progress
	“expects the transaction to complete before 31 May 2024.” Result Not yet due.
2025
FY25	Sell the St. Tropez brand	24 Apr 2024	✗ Missed · target changed
	“Plans to dispose of the St. Tropez business are progressing and we are now considering a partial or full sale of our African business” Also stated 18 Sep 2024 Result In June 2025 the brand was retained with a US partnership with Emerson instead of a sale. “the Board has decided to retain St. Tropez and set a new strategic direction for the brand.”26 Jun 2025 · Update on St. Tropez “A critical component of the plan includes the formation of a strategic partnership with The Emerson Group ('Emerson').”26 Jun 2025 · Update on St. Tropez
FY25	Deliver FY25 operating profit of £47-53m assuming current FX rates hold	18 Sep 2024	✓ Kept
	“the Group expects to deliver operating profit in the range of £47-53 million” Result FY25 adjusted operating profit was £54.9m, above the range. 17 Sep 2025 · Final Results
31 Dec 2025	Complete sale of 50% PZ Wilmar stake by end of calendar 2025	18 Jun 2025	✓ Kept
	“The transaction to sell the Group's 50% stake in PZ Wilmar remains on track to complete by the end of the calendar year.” Also stated 20 Nov 2025 Result Dec 2025 card cites $70m consideration, and FY26 results show the sale excluded from profit. “The transaction to sell the Group's 50% stake in PZ Wilmar remains on track to complete by the end of the calendar year.”20 Nov 2025 · AGM Trading Statement
2026
11 Feb 2026	Evaluate strategic options for Africa and announce the outcome by FY26 interim results	24 Apr 2024	✓ Kept
	“Growing the core business in Nigeria, Kenya and Ghana through consistently delivering best-in-class fundamentals of brand-building, distribution expansion, Revenue Growth Management, in-store execution and use of digital.” Also stated 11 Dec 2025 Result Review concluded 11 December 2025, with Africa retained and the PZ Wilmar stake sold. “The Group has identified several guardrails in order to achieve this growth with reduced risk and volatility”11 Dec 2025 · Conclusion of Strategic Review of Africa
FY26	Adjusted operating profit of £48-53m in FY26 excluding PZ Wilmar	17 Sep 2025	✗ Missed · target changed
	“the Group now expects to report FY26 adjusted Operating Profit at, or slightly above, the upper end of the previously guided range of £53-57 million” Also stated 17 Jun 2026 Result Guidance was raised to £50-55m, then £53-57m. Actual was £59.5m. “the Group is today increasing its guidance for FY26 adjusted operating profit to a range of £50 to £55 million, compared to a range of £48 to 53 million previously.”20 Nov 2025 · AGM Trading Statement “Adjusted operating profit: £53-57 million (£50-55 million previously)”11 Feb 2026 · Half-year Results
FY26	Deliver £5-10m cost savings in FY26	17 Sep 2025	… In progress
	“we expect to deliver approximately £5-10 million of gross savings in FY26” Also stated 11 Feb 2026 Status so far Not yet due.
FY26	Significantly reduce net debt from £112.0m in FY26	17 Sep 2025	✓ Kept
	“Net debt: expected to reduce significantly from the £112.0 million reported for FY25.” Result Net debt was £25.0m at FY26. “Net debt reduction of £87.0 million to £25.0 million, driven primarily by proceeds from the sale of the PZ Wilmar joint venture.”6 Aug 2026 · Final Results
FY26	Realise proceeds from c.£7m non-core Africa assets in FY26	11 Dec 2025	… In progress
	“the Group has identified c.£7 million of further non-core assets in Africa, proceeds from which are expected to be realised during the current financial year.” Status so far Not yet due.
Today · 11 Oct 2026
2027
FY27	Deliver FY27 adjusted operating profit in line with market expectations	6 Aug 2026	… In progress
	“the Board expects to deliver adjusted operating profit in line with current market expectations” Status so far Not yet due.