Shares in PZ Cussons (LSE:PZC) fell to a new two-decade low and then picked up as the Imperial Leather, Carex and St Tropez maker expressed confidence in its full-year outlook.
The FTSE 250-listed group said trading has been in line with expectations and consistent with the guidance provided at results in September, with progress being made on the potential sale of St Tropez.
Revenues are expected to have grown 5% on a like-for-like basis in the first half of the year to end-November, the beauty, hygiene and baby products manufacturers said in a statement ahead of its annual shareholder meeting.
Favourable trends in the first quarter had continued into the second, led by growth in the UK, as well as continued pricing benefits in Africa given the further currency-driven inflation, offset by a "slight" decline in Asia Pacific led by the Antipodes.
In the spring, Cussons has announced a review of its Africa operations could lead to them being sold off, amid a plummeting Nigerian naira and wider macroeconomic uncertainty.
Today, the group said it is "taking action to reduce the impact of currency volatility in relation to intercompany loans to Nigeria", while discussions on the sale of St Tropez "could lead to the partial or full sale of its African business".