Positive outlook for Cussons
In an update on its first half trading today (9 December), Imperial Leather soap maker PZ Cussons said it had seen improvements in both sales and profitability compared to the same period last year.
In the UK, Cussons said the new product launches had ensured continued good growth, despite a worsening economic environment and increasingly challenging trading conditions.
In Nigeria, the company’s other major market, the performance of personal care, home care and electrical product categories had been strong. Cussons’ nutrition business there, which had experienced a significant rise in milk costs during the last 12 months, was anticipated to move into profitability in the second half.
Nigeria remained less affected by the global credit crunch, with the high oil price during the past year allowing the accumulation of significant foreign exchange reserves.
Cussons said the outlook for the full year remained positive despite the uncertain and volatile wider economic picture both in the UK and globally.
