Cussons cleans up
1 min read
It became apparent today (27 July) that the UK is washing its face despite a squeeze on consumer spending. Reporting on its performance for the year ended 31 May, upmarket Imperial Leather soap manufacturer PZ Cussons said it had enjoyed strong growth in UK profitability despite economic uncertainties.
The leading international consumer products group said its strong trading performance, including "strong growth in UK profitability delivered through an effective brand renovation programme and despite an uncertain consumer outlook" resulted in an 11.9% increase in operating profit to £101.4 million.
Its major capital investment programme including a £39 million investment in Nigeria was now complete; continued progress was being made in Poland through a particular focus on the company's Personal Wash product and Greece had enjoyed a strong start to the year although trading in the second half became more difficult due to the deteriorating economic environment.
Commenting today, chairman Richard Harvey said: "The Group has delivered a strong performance with profitable growth in all three regions of Africa, Asia and Europe.
"A clear focus on the strategy of selected markets, leading brands, a world class supply chain and a great team of people has enabled continued sustainable profitable growth through a challenging trading environment."
The group was looking ahead with cautious optimism and an entrepreneurial spirit despite an uncertain consumer outlook in a number of markets, he added.
Overall, revenue was down a marginal 1.3% to £771.6 million (2009: £781.8m) while pre-tax profit rose 14.6% to £101.8 million (£88.8m).
