PZ Cussons FY22 Pre-tax Profit Down, Lifts Dividend; Q1 LFL Revenue Up; Sees FY23 Inline With Market

PZ Cussons FY22 Pre-tax Profit Down, Lifts Dividend; Q1 LFL Revenue Up; Sees FY23 Inline With Market

September 22, 2022

PZ Cussons Plc (PZC.L), a British maker of personal healthcare products, reported Thursday that fiscal 2022 profit before tax declined 8.7 percent to 65.3 million pounds from last year’s 71.5 million pounds.

Basic earnings per share, however, grew 19.1 percent to 12.02 pence from prior year’s 10.09 pence.

Adjusted profit before tax was 66.6 million pounds, compared to 68.6 million pounds a year ago. Adjusted basic earnings per share were 12.71 pence, compared to 13.12 pence last year.

Revenue dropped 1.7 percent to 592.8 million pounds from 603.3 million pounds a year ago.

Like-for-like or LFL revenue growth was 2.9 percent.

Further, the company proposed full year dividend of 6.40p per share, representing growth of 5.1 percent.

Regarding the first quarter trading update, the company said LFL revenue growth was 6.7 percent driven primarily by continued price/mix improvements.

For fiscal 2023, the company expects to deliver results in line with current consensus estimates, amid the significant challenges related to cost inflation and consumer spending, which will remain uncertain over the coming months.

Over the long term, the company projects LFL revenue growth of mid-single digits, compared to low-mid single digits expected previously. Adjusted operating profit margins would be in the mid-teens, compared to 11.5 percent in fiscal 2022.

Looking ahead, Jonathan Myers, Chief Executive Officer, said, “While there is plenty more to do and the external environment remains challenging, we have made a good start to the current financial year and continue to see significant long term opportunities ahead as we build towards a higher growth, higher margin, simpler and more sustainable business.”

PZ Cussons further announced that Caroline Silver, Non-Executive Chair of the Company, has been appointed a Non-Executive Director of Tesco plc.

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