PZ Cussons (LSE:PZC) PLC slashed its dividend after revenue and profit was dented by the devaluation of the Nigerian naira.
The owner of Carex reported an 18% fall in revenue to £277.1 million from £336.9 million in the six months to 31 December 2023 and a pretax loss of £94.2 million compared to a profit of £40.5 million.
The devaluation of the naira saw the firm post a foreign exchange loss in the period of £88.2 million.
Around £53 million of the decline in revenue was attributed to the devaluation.
As a result, the company slashed the interim dividend by 44% to 1.50p.
The company said a further depreciation in the naira means it now expects annual adjusted operating profit between £55-60 million, down from previous guidance of £61.5-68.2 million given in September.