PZ Cussons PLC (LSE:PZC) has reported higher sales in its latest half-year as overseas demand and higher prices countered a drop in UK revenues.
The Imperial Leather, Carex and Original Source owner said pricing and a better sales mix helped revenues rise by almost 19% to £337mln in the six months to December 2022, with like-for-like growth at 6.1%.
Post-Covid normalisation again hit sales of handwashing and hygiene products but Jonathan Myers, the company's chief executive, said Cussons was adapting.
“In the UK, our new brand Cussons Creations is serving cost-conscious shoppers and the re-launched Sanctuary Spa is for consumers looking to treat themselves at home.," he noted in the 2023 interim results statement.
Cussons saw its adjusted interim profits rise by almost 8% to £34.5mln and it is to pay an unchanged dividend of 2.67p.
Margins fell by 1.7% but Cussons said this was down to the geographic mix of its sales with ‘revenue growth management’ largely offsetting inflation and a recovery forecast for the remainder of the year.
Myers said the last three months had been another quarter of revenue growth in difficult conditions and the outlook for the full year remains unchanged with a boost expected to come from the margin improvement.