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PZ Cussons First-Half Profit Rises As Pandemic-Led Demand Continues

PZ Cussons, the maker of Imperial Leather soap and Carex handwash, reported higher first-half adjusted pretax profit on Tuesday from a pandemic-led demand for handwash and sanitisers, though it faced Brexit-led disruption in its supplies.

Adjusted profit before tax jumped 18.7% to £34.9 million (€39.2 million) for the six months ended 30 November, the British company said, adding that it expects to perform in line with the current range of market expectations for the fiscal year.

The company reported adjusted profit before tax of £30 million (€33.7 million) in the year-ago period.

Cussons also said it was seeing some delays in material supply due to Britain's exit from the European Union last month, but added that the initial effects of Brexit have been managed with only a small adverse impact.

'Fast Start'

"Our focus in the first half of this year has been to deliver a fast start for the business, with emphasis on profitable revenue growth as well as maintaining our strong balance sheet discipline," said Jonathan Myers, chief executive. "We saw this as essential to reset both in terms of organisational pace and agility to adapt to changing consumer and shopper habits.

"In parallel, we completed our review of the strategy to become a brand-led and consumer-focused organisation, delivering sustainable profitable growth with hygiene, baby and beauty at our core."

The company will host a capital markets day on 25 March, 2021.

News by Reuters edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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