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
2025
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	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