Imperial Leather manufacturer PZ Cussons (LSE:PZC) PLC was flung 19% lower on Wednesday in response to a slashed dividend and an 18% year-on-year fall in revenue to £277.1 million in the six months to 31 December 2023.
Around £53 million of the decline in revenue was attributed to the devaluation of the Nigerian naira.
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.
Shares were swapping for 104p as of 9.30am.