PZ Cussons PLC

Latest Results (26.01.2026):

PZ Cussons PLC — results for the first half (H1) of FY25 (six months ended 30 November 2024): trading was broadly in line with management expectations, driven by solid like‑for‑like (LFL) growth in the UK, Indonesia and ANZ, while reported results were materially affected by foreign‑exchange translation (principally a c.55% depreciation of the Nigerian Naira). The Group reported revenue of £249.3m (down 10.0% at actual FX), adjusted operating profit of £27.0m (down 11.8%), adjusted EPS 3.89p (down 10.0%), declared a 1.50p dividend, reduced gross debt and remains on track to meet FY25 guidance (adjusted operating profit guidance revised to £52–58m).

Headline numbers

Revenue £249.3m (H1 FY24: £277.1m, -10.0% at actual FX); adjusted operating profit £27.0m (H1 FY24: £30.6m, -11.8%); adjusted operating margin 10.8% (down 20bps); adjusted EPS 3.89p (H1 FY24: 4.32p, -10.0%); statutory profit before tax £6.4m (H1 FY24: loss £94.2m).

Like‑for‑like vs reported impact

LFL revenue growth was +7.1% (driven by pricing in Africa and growth in UK & Indonesia). Reported revenue fell 10.0% primarily because translating Nigerian results at much weaker NGN/GBP rates reduced reported revenue by c.£42.7m.

Regional performance

UK, Indonesia and ANZ delivered the strongest LFL performance (UK particularly strong at Christmas with Sanctuary Spa gifting and new listings for haircare brands). Asia Pacific LFL down 1.1% overall but Indonesia grew; ANZ gained share despite softer category demand. Africa LFL +28.0% (pricing-driven) but reported Africa revenue fell c.33% due to NGN depreciation; Nigeria Family Care saw double-digit brand growth in local currency but volumes down.

Cash, debt and balance sheet

Gross debt reduced to £152.5m (from £166.6m at May 2024); net debt £106.1m (May 2024: £115.3m). Free cash flow £22.7m (H1 FY24: £20.0m). The Group has repatriated Naira cash to the UK and reports committed facility headroom of c.£172m.

Dividend and capital allocation

The Board declared a 1.50p per share interim dividend (in line with prior year). Dividend policy will remain under review pending portfolio transformation and continued leverage reduction.

Guidance and outlook

Management says trading into January was in line with expectations and reiterated it is on track to meet FY25 profit expectations. Adjusted operating profit guidance was increased by £5m to £52–58m after reclassifying certain non‑cash FX costs as adjusting items.

Strategy and structural actions

PZ Cussons continues portfolio transformation actions (processes underway for its Africa business and the St. Tropez brand) to reduce complexity and unlock value, alongside centralised brand‑building, cost savings (c.£3m annualised from UK integration) and step‑ups in innovation pipeline.