PZ Cussons anticipates higher product prices will boost its revenues and offset economic challenges
PZ Cussons is on course to post a rebound in revenues amid higher prices for its products.
The consumer goods company has posted a trading update, showing trading in the fourth quarter continues to be in line with expectations.
It now anticipates group revenue for the year will climb to £590m – like-for-like sales growth of three per cent, and like-for-like sales growth of seven per cent for the fourth quarter.
PZ Cussons singled out Must Win Brands as particularly successful, enjoying “good revenue momentum” with a four per cent revenue boost.
The group argued this reflected the focus of its marketing, 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 in the UK normalises following the pandemic.
The group’s expectations for adjusted profit before tax for the full-year are unchanged.
Childs Farm, which was acquired in March, has performed in line with expectations and PZ Cussons has revealed its plans to develop the brand are progressing well.
Chief Executive Jonathan Myers said: “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.”
“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 its full year results and provide a 2023 outlook on 22 September.
It will also unveil its first quarter trading update.