PZ Cussons cleans up in the recession with strong sales
ORIGINAL Source shower gel maker PZ Cussons yesterday said it remains “cautiously optimistic” for the full year, after the group was boosted by strong sales of new product lines.
The firm, which also owns the Charles Worthington and The Sanctuary brands, said profits across the group were up on the same period a year ago.
The group reported a 16 per cent rise in pre-tax profits to £88.8m for the year to May 31, boosted by a 27 per cent rise in revenues.
“Overall, we remain cautiously optimistic for the full year outturn despite the global economic picture remaining uncertain,” it said in a statement.
The company – which operates mainly in Britain, Nigeria, Australia and Indonesia – said its performance in Nigeria in the four months to 4 October had been strong, thanks to a more stable political environment and economic growth.
The firm also said new product launches helped its British business deliver strong growth and that its other units had performed well during the period.
PZ Cussons also enjoyed a surge in sales earlier in the year as health-conscious consumers rushed to buy the group’s antibacterial hand gel in a bid to avoid the swine flu pandemic.
The firm moved back to a net cash position at the end of the last financial year and said cash generation during the current financial year remained strong with a continuing focus on minimising working capital levels across the business.